Marketing Basics

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Marketing

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the creation and maintenance of satisfying exchange relationships

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Marketing Mix

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describes how a business blends the four marketing elements of product, distribution, price, and promotion

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Product

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is what a business offers customers to satisfy needs

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Distribution

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involves the locations and methods used to make products available to customers

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Price

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The amount of money exchanged for a good or service

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Promotion

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describes ways to make customers aware of products and encourage them to buy

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Discretionary Income

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the amount of money individuals have available to spend after paying for the necessities of life and other fixed expenses, such as housing and car payments.