Marketing Mix Vocabulary

Front

Market

Back

All potential customers who share common needs, wants, and who have the ability and willingness to buy a product.

Front

Target Market

Back

Focusing all marketing decisions on a very specific group of people.

Front

Marketing Mix

Back

Comprises of four basic marketing strategies known as the 4 P's - product, price, place, and promotion.

Front

Product

Back

Decisions include what products to make, how to package them, what brand names to use, and what image to project.

Front

Place

Back

Decisions include how and where a product will be distributed.

Front

Price

Back

Decisions should reflect what customers are willing and able to pay for a product.

Front

Promotion

Back

Deals with how potential customers will be told about the new product, what the message will be, when and where the message will be delivered.

Front

Promotion mix

Back

A combination of promotional methods used to promote a specific product.