The Marketing Mix

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What is the marketing mix?
The combination of elements through which a firm achieves its marketing objectives
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What is Product?
The goods and services that the firm provides
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What is Promotion?
Promotion is the activities designed to communicate with the market thereby increasing visibility and sales of a product
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What is Price?
The amount of money a customer has to pay to recieve the good or service
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What is Place?
The physical location where a product is available and also the distribution channel it has travelled
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Can a online store have the "Place" in their marketing mix?
Yes, it can be both physical market or a virtual location
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What is People?
People are the employees involved in dealing with customers before, during and after a sale
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What is Process?
The steps a customer goes through to complete a transaction
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What is Physical environment?
The design and features of the actual place where a transaction takes place
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What influences the marketing mix for a business?
The market (B2B, B2C), Nature of the consumer market (Convenience products, Shopping products, Speciality products), Market research, Target market, Internal constraints, External influences
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What is a convenience product?
One where the ease of which a consumer can get the product is a priority
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What is a Shopping product?
One where the consumer does not rush into a purchase but compares different options
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What is a Speciality product?
One a customer will spend time thinking and researching about before buying
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Other cards in this set

Card 2

Front

What is Product?

Back

The goods and services that the firm provides

Card 3

Front

What is Promotion?

Back

Preview of the front of card 3

Card 4

Front

What is Price?

Back

Preview of the front of card 4

Card 5

Front

What is Place?

Back

Preview of the front of card 5
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