Marketing Mix Vocabulary

Physical Evidence

• Result of physical elements associated with a service.

• A type of marketing strategy used to promote services.

• The emotional response of customers to a service.

• The physical location where a service is provided.

Tactic

• A specific procedure or action used to support strategy, in order to achieve goals and objectives.

• A long-term plan designed to achieve a major goal.

• A random decision made without any planning.

• A method of evaluating the effectiveness of a strategy.

Place

• Where a company's target customers can buy its product, and how the company gets the product to that place/s.

• The physical location of the company's headquarters.

• The marketing strategy used to promote the product.

• The price at which the product is sold.

Marketing Mix

• A strategy to increase social media presence

• A combination of components used together to strengthen a product’s brand and help sell the product or service; commonly includes the 4P's – Product, Price, Place, and Promotion.

• A method for analyzing customer feedback

• A financial plan for advertising campaigns

Product

• The physical item/good or service a company sells.

• A marketing strategy used to promote a product.

• The price at which a product is sold.

• The target audience for a product.

Commodity

• A good or material bought and sold freely, reasonably interchangeable among multiple suppliers, with a price highly correlated to perceived supply; an everyday type of product readily available, like green beans or milk at a grocery store.

• A unique product that is not interchangeable with others and has a fixed price set by the manufacturer.

• A luxury item that is rarely available and has a high price due to its exclusivity.

• A service provided by a professional that cannot be physically touched or owned.

Promotion

• Letting customers know that a product or service exists with an expected result of using it.

• Offering discounts to customers to increase sales.

• Creating advertisements to mislead customers about a product.

• Providing free samples to customers without any conditions.

Price

• The amount of money a business thinks it should charge for its product or service.

• The total cost of production including materials and labor.

• The price at which a product is sold in the market.

• The value assigned to a product based on consumer demand.

Objective

• A goal that is vague and open-ended.

• A specific result to be achieved within a time frame and with available resources.

• An aspiration that lacks a defined timeline.

• A general intention without measurable outcomes.

Marketing Strategy

• A plan for reaching a target market and converting it to customers.

• A method for increasing product prices.

• A strategy for reducing marketing costs.

• A technique for improving employee performance.