marketing mix Flashcards
Set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
marketing mix
the 7ps
(Product, Price, Place, Promotion, People, Process/Packaging, Physical evidence/Positioning
is defined as a set of actions, tactics, strategies, and tools that a company uses to promote its brand and products within their market.
marketing mix
It helps you to define your marketing options in terms of price, product, promotion,
and place so that your offering meets a specific customer need or demand.
marketing mix
Develop a product as a business opportunity and provide strategy.
objective
“To any entrepreneur: If you want to do it, do it now. If you
don’t, you’re going to regret it.”
-Catherine Cook, co-founder of My Yearbook
it include the quality, features, benefits, style, design, branding, packaging, services, warranties, guarantees, life cycles, investments and returns.
Product decisions
customer’s need and want. Anything that can be offered for satisfaction. It may be an idea, a
physical entity (a good), a service, or any combination of the three.In the form of good, service or idea consisting of a bundle of
tangible and intangible attributes that can be offered to a market that might satisfy a want or need and is received in exchange for
money or something of value. It includes the physical good or service itself
The goods and/or services
product
3 product levels
core product
actual product
augmented product
the fundamental need that the customer satisfies when
they buy the product. …
core benefit
the product’s benefit to the consumer.
core benefit/product
is the product features and its design.
actual product
any non-physical parts of the product.
augmented product
marketers engage in
market segmentation/targeting/positioning
Divide the total market into smaller, relatively homogeneous groups or segments
market segmentation
marketing strategy that breaks a market into segments and then concentrates your marketing efforts on one or a few key segments consisting of the customers whose needs and desires most closely match your product or service offering
market targeting
ability to influence consumer perception regarding a
brand or product relative to competitors.
market positioning
3 product strategies
breadth/depth/tailored strategy
is reaching multiple segments with a single
product.
breadth strategy
is serving one segment with multiple products.
-Product depth is the number of variations or
subcategories of a product that a retailer offers.
depth strategy
is customizing products for each segment. when companies specifically target and tailor their
promotions to a specific type of customer based on their
age, gender, or other demographic information
tailored strategy
3 Ways to Identify Market Opportunities
Introduce new products
Redesign existing products.
Eliminate non-performing products.
Products not yet available in the market.
introduce new products
the process of reinventing and rebuilding your existing product. It’s not about minor tweaks but significant changes to the user experience – the way it looks, works and makes the user feel.
Redesign existing products
