Marketing Concepts

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Goals

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An objective or desire that you plan to fulfill; a statement that clearly describes a task to be accomplished.

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Marketing Mix

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The combination of the four elements of marketing—product, place, promotion, and price.

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Strategies

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Plans of action for achieving goals and objectives.

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Tactics

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Specific actions that will be used to carry out strategies.

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Place

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Marketing element focusing on considerations for getting a selected product in the right place at the right time.

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Price

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

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Product

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Marketing element referring to the goods or services a business may create, purchase, or sell.

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Promotion

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Marketing element referring to the various types of communication that marketers use to inform, persuade, or remind customers about their products.

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Competitive Advantage

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Factors that allow a company to produce goods or services better or more cheaply than its rivals.

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Unique Selling Proposition

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A one-of-a-kind attribute of a product or brand that separates it from the competition.