4: Marketing Mix Flashcards
combination of factors that can be controlled by a company to influence consumers to purchase its products
Marketing Mix
set of factors or actions, or tactics, that a company uses to promote its brand or product in the market
Marketing Mix
How many were the original components of the marketing mix?
4 (4P’s)
Essential pillars of the traditional components of marketing mix (4P’s)
Product
Price
Place
Promotion
3 other variables added to 4P’s to address the continuing concerns in the marketing industry
People
Packaging
Positioning
7P’s
Product Price Place Promotion People Packaging Positioning
Refers to the competitive advantage of products in the market that is a vital aspect in establishing any business
Unique Selling Proposition
6 Stages in the Development of a Product
- Generation of Ideas
- Screening and Evaluation
- Business Analysis
- Product Development
- Market Testing
- Commercialization
Stage in development where ideas or concepts of products are forming and may come from various sources
Generation of Ideas
Stage where all ideas generated must go through proper evaluation where their feasibility is determined and should resonate well with the core objectives of the business
Screening and Evaluation
Phase where ideas thrown in become subjected to more rigorous analysis where factors such as profit projection, risks, consumer feedback, are taken into consideration
Business Analysis
During this stage, the product is introduced to the market where the production department and the marketing department work hand in hand for a successful product launch
Product Development
Tasked to produce and deliver the product to various intermediaries
Production Department
Tasked to take care of the branding of the product
Marketing Development
Stage where the business adopts different approaches to testing the new product, usually introducing it to small market before exposing to a larger market size if successful
Market Testing
