E OBJ 3.01 Vocab

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Advertising

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Any paid, non-personal presentation of ideas, images, goods, or services.

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Goal

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An objective or want that you plan to fulfill.

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Marketing concept

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A philosophy that all business activities should satisfy consumer wants and needs while achieving company goals.

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Marketing mix

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Combination of the four marketing elements: product, place, promotion, price.

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Place: Marketing element for getting a product in the right place at the right time.

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Marketing element for getting a product in the right place at the right time.

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Price: Marketing element determining the money asked for products.

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Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products.

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Profit

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Monetary reward for taking investment risks.

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Promotion: Marketing element for communications to inform, persuade, or remind customers.

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Marketing element for communications to inform, persuade, or remind customers.

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Strategies: Plans of action for achieving goals and objectives.

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Plans of action for achieving goals and objectives.

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Tactics

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Specific actions to carry out strategies.