Marketing Mix Vocabulary

Market

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

• A place where goods and services are exchanged for money.

• A group of people who are interested in a specific product or service.

• The total number of products available for sale in a given area.

Place

• Decisions include how and where a product will be distributed.

• Decisions about the product's design and features.

• Decisions regarding the pricing strategy of the product.

• Decisions about the promotional activities for the product.

Promotion mix

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

• A strategy to reduce the price of a product.

• A method to increase the production of goods.

• A plan to improve customer service.

Promotion

• 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.

• Focuses on the pricing strategy for the new product.

• Involves the distribution channels for the new product.

• Concerns the design and features of the new product.

Product

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

• Decisions include how to market products, what prices to set, and how to distribute them.

• Decisions include what colors to use for packaging, what fonts to use in advertising, and what music to play in commercials.

• Decisions include how to conduct market research, what sales strategies to implement, and how to manage customer relationships.

Price

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

• Prices should be set based on production costs alone.

• Discounts should be offered regardless of customer demand.

• Prices should be the same for all customers regardless of their willingness to pay.

Target Market

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

• Targeting a broad audience to maximize reach.

• Creating a product for every demographic.

• Using social media to reach potential customers.

Marketing Mix

• Product, Price, Place, Promotion

• People, Process, Physical Evidence, Performance

• Planning, Pricing, Placement, Promotion

• Product, Price, Positioning, Promotion