LESSON 4 Flashcards
MARKETING MIX
IT IS A SET OF CONTROLLABLE AND INTERRELATED VARIABLES COMPOSED OF PRODUCT, PLACE, PRICE AND PROMOTIONS.
PRODUCT
this refers to any goods or services that are produced to consumer’s preferences
PRICE
WHAT CUSTOMERS PAYS FOR A PRODUCT OR SERVICE, TAKE INTO ACCOUNT THE COST OF PRODUCTION
PROMOTION
INCLUDES ADVERTISING, PUBLIC RELATIONS, AND PROMOTIONAL CHANGES. HOW U GET UR BUSINESS TO TARGET CUSTOMERS
PEOPLE
IMPORTANT ELEMENT OF MARKETING MIX, SELL AND PUSHES PRODUCT
PLACE
WHERE THE BUYER AND SELLER EXCHANGE SERVICES, ALSO CALLED THE DISTRIBUTION CHANNEL.
POSITIONING
A PROCESS TO CREATE AN IMAGE IN THE MINDS OF A TARGET MARKET
PACKAGING
A SILENT HERO IN THE MARKETING WORLD
(DEVELOP A BRAND NAME)
THE THREE STEPS IN BRANDING
- BRAND NAME
- BRAND
- BRAND STRATEGY
BRANDING
A MARKETING STRATEGY TO CREATE/INFLUENCE A BRAND
BRANDINg STRATEGY
FOR THE DEVELOPMENT OF A BRAND IN ORDER TO ACHIEVE GOALS AND OBJECTIVES.
BRAND
THE GREATEST ASSETS AND CUSTOMERS OVER-ALL EXPERIENCE OF YOUR BUSINESS
BRAND NAME
A SYMBOL THAT DISTINGUISHES A SELLERS GOODS OR SERVICES IN THE MARKETPLACE
COMMONLY USED BRANDING STRATEGY
- PURPOSE
- CONSISTENCY
- EMOTION
- FLEXIBILITY
- EMPLOYEE INVOLVEMENT
- LOYALTY
- COMPETITIVE AWARENESS
WHAT IS LOYALTY?
AN IMPORTANT PART OF BRAND STRATEGY
