Marketing Review

What is the Marketing Mix?

• A milkshake that gives you smart ideas
• Its the right product at the right price in the right place with the right promotion
• A mix where you get your product out
• why...

to draw attention to a product/service in a public medium in order to promote sales

• marketing
• experiments
• Price
• Advertising

person who buys products or services for their own use

• Selling
• Observation
• Final Consumer
• Marketing mix

reasons that consumers choose to buy a product

• Heterogeneous
• Services
• Buying Motives
• Promotion

a reduction from the original selling price

• Idea Development
• Markdown
• Markup
• Focus Groups

amount added to the cost of a product to set the selling price

• Limited Production and Test Marketing
• Mass Personalization Promotion
• Markup
• Buying Motives

specific group of consumers who have similar wants and needs

• Target Market
• Markup
• Intangible
• Idea Development

product costs + operating expenses + profit

• Selling Price
• Pricing
• Focus Groups
• Markdown

coming up with new ideas for products

• Idea Development
• Product and Service Management
• Pricing
• Two steps of a marketing strategy

determine and study target market to make sure there is a need for the product

• Most important element of the marketing mix
• Distribution
• Strategy Development
• Idea Screening