Marketing Mix Vocabulary

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 logos to design, and what slogans to create.

• Decisions include how to conduct market research, what demographics to target, and what sales strategies to implement.

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.

Marketing Mix

• Product, Price, Place, Promotion

• People, Process, Physical Evidence, Performance

• Planning, Pricing, Placement, Promotion

• Product, Price, Place, Partnership

Price

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

• Price should always be the lowest in the market.

• Prices should be set based on production costs only.

• Discounts should be offered regardless of customer demand.

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.

Place

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

• Decisions about the pricing strategy of a product.

• Decisions regarding the product's design and features.

• Decisions on the promotional activities for a product.

Target Market

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

• Targeting a broad audience to maximize reach.

• Creating a product for the general public.

• Marketing to competitors to gain insights.

Market

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

• A place where goods are bought and sold.

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

• The total number of products available for sale.