51 terms

Four P's of Marketing

Marketing Mix
STUDY
PLAY
Marketing
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
The process of planning and executing the _____________, ________, _________, and __________ of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
conception
pricing
promotion
distribution
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy ________________ and ______________objectives.
individual
organizational
Marketing links ______________ to the ____________ who buy their goods and services
produces
consumers
Marketing Activities are known as the __ ___ or the _____________ _______.
4 Ps
Marketing Mix
The basis for marketing goals and actions
Planning/Product
Planning/Product analyzes....
Who the customers are and what goods or services they need
Planning/Product determines...
Which goods or services to produce, provide, or sell
Setting a dollar amount to a product/service, keeping in mind customer's perception of value.
Pricing
What must be balanced when setting price for a product?
Perception of value and business or selling firm's objectives
What is the ultimate goal of pricing?
Strike the right balance
Communicating with customers and capturing their attention about a good/service
Promoting
What are the three key words of promotion?
Informing
Persuading
Reminding
Place/Distribution determines...
Which steps to take to ensure a proper and timely delivery
Tangible products that are bought are known as...
Goods
Intangible deeds people do for you are known as...
Services
What are the six types of marketed entities?
Goods
Services
Organizations
Places
Ideas
People
Based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals
Marketing Concept
The most important person in any business is...
The consumer
Find what customers want, and....
Do it their way
Make and price your product better than the ________________ __________.
Competition's model
Do everything with ________ in mind!
Success
Free enterprise is an economic system in which individuals and groups, not the government, ___________________________________________________-the human resources and capital goods used to produce goods and services. In other words- the right to own and operate your own business.
own and control means of production
Free enterprise creates _____________, increasing product quality and business efficiency
competition
Free enterprise promotes the use of natural resources, encouraging __________________ _________.
International trade
If marketing didn't exist, society would have difficulty linking __________ and _____________.
Producers, consumers
If marketing didn't exist, ____________, ____________ and ___________ would not exist.
competition, substitutes, alternatives
If marketing didn't exist, we would be forced to be _______-___________.
Self sufficient
Marketing promotes responsible use of _____________ _________________.
Natural resources
Marketing encourages _________ between nations.
trade
The process by which marketers ensure that products are distributed to customers efficiently and effectively.
Channel Management
How can Channel Management be described in one word?
Distribution
Why is Channel Management important?
Gets products from producer to consumer and allows adequate supplies of product in the right place at the right time.
A function that involves gathering, accessing, synthesizing, evaluating, and disseminating information to aid in business decisions.
Marketing Information Management
What are the five aspects of MIM (Marketing Information Management)?
Gathering
Accessing
Synthesizing
Evaluating
Disseminating
How can MIM ((Marketing Information Management) be described in a word?
Data
Why is MIM (Marketing Information Management) important?
Gives businesses the ability to make informed decisions
A function that involves the determining and adjusting of prices to maximize return and meet customers' ____________________________.
Perception of value
In a word, Pricing can be described as...
Price
A function that involves the determining and adjusting of prices to maximize return and meet customers' perception of value.
Pricing
Marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Product Service Management
What does 4 aspects does Product Service Management include?
Obtaining
Developing
Maintaining
Improving
How can Product Service Management be described in two words?
Life Cycle
Why is Product Service Management important?
Involves deciding on products a business will produce and offer
Why is Price important?
Affects how much a product will sell or profit
Communicate information about goods, services, images, and or ideas to achieve a desired outcome.
Promotion
How can Promotion be described in a word?
Communication
Involves determining client needs and wants and responding through planned personalized communication that influences purchase decisions and enhances future business opportunities.
Selling
Involves determining client needs and wants and responding through planned ______________ __________________ that influences purchase decisions and enhances future business opportunities.
Personalized communication
Selling can be described in a word as...
Personal
In Marketing, you can't forget these three essential things...
Advertise
Have a sufficient product supply
Set competitive prices to attract customers.
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