Marketing – is a group of activities designed to facilitate and expedite the selling of goods and services.

The Product – includes the tangible (or intangible) item and it capacity to satisfy a specific need.

The Price – refers to “the  money or other considerations exchanged for the purchase or use of the product, idea, or service”

The Place – It is very important for companies to locate in place where they can be easily reached by their customers. Not every place is the right location for any company.

The Promotion – “communicating information between seller and potential buyer to influence attitudes and behavior.” (McCarthy & Perreault)

Advertising – “a paid message that appears in the mass media for the purpose of informing or persuading people about particular products, services, beliefs, or action. (Nylen)

Mass Media – includes television, radio, magazines, and newspapers.

Publicity – the promotional tool that publishes news or information about a product, service, or idea on behalf of a sponsor but it is not paid for by the sponsor.

Personal Selling – “oral presentation in a conversation with one or more prospective purchasers for the purpose of making a sale”

Sales Promotion – any paid attempt to communicate with the customers other than advertising, publicity, and personal selling.

Strategic Marketing for Engineers

1.     Selecting a Target Market

Factors Used in Selecting a Target Market

a.      The size of the market

b.     The number of competitors serving the market

2.     Developing a Marketing Mix