MARKETING MIX PS Flashcards
What is MARKETING?
the defination of putting the right product —> in right place–> right price and right time
define marketing mix
marketing mix consists of the concept 4 basic pillars that form marketing strategy
define PRICE
PRODUCT
PLACE
PROMOTION
PRODUCT–>what you sell –>can be physical + service+consulting
PRICE–> How much you charge –. and how that affect cusotmer view towards your brand
PLACE–>where you promote/service +
ideal place where customers go to find info about your industrry
PROMOTION–> how do customers find about you (internet advertising+radio postal etc)
what strategies do u use
how to reach trget audience
how are the 4ps of marketing used
1) start by indetifying the product/serive you want to analyze
2) the answer the 4ps qs
3) try asking what if + why qs to challange your offer (rely on PR or advertisment)
4) once have a well defined marketing mix –. try overall testing from customer perspective
(does it meet their needs)
5) keep asking questions + making changes to your marketing mix–> until satisfied that you have optimized your marketing mix
6) review market mix regularly as some elememts –> need t change as prioduct grow + mature + adapt in everchanging compettive environment
what is the difference btw SERVICE and PRODUCT/GOOD
product —> tangable item –> put on market for attention + consumption
Service –> intangible item –. arrises from output of one or more induviduals
what does the term PRODUCT ATTRIBUTES mean
are features + characteristics of a product that impact purchasing behaviors of consumers
these features may be
tangible or intagible
define tangible and intangible product
A product may be classified as TANGIBLE or INTANGIBLE
TANGIBLE PRODUCT –> is an object in physical form –.
most products purchased are tangible items –> Include products stocked on shelves of store (food items+clothes + supplies electronics
INTANGIBLE PRODUCT–> object not in physical form
cannot be scanned out at a retail store -such as SPA SERVICE + consultation
what are the Tangible attributes of product?
attributes of a product can be categorized as Tangible + intangible
TANGIBLE ATTREIBUTES —features of the product that are in physical form
features that enable customers to see + touch + taste + smell the product
for eg (SIZE, QUANTITY MATERIAL + other physical characteristics of the product)
what are the intangible attributes of the product
INTANGIBLE ATTRIBUTES–> refer to other features that are not physical in form
such as beauty + quality + style
eg laptop
tangible–> weight size design
intangible–> style + overall working quality
what are the 7 reasons for NEW PRODUCT DEVELOPMENT
1) changing customer
2) increased competition
3)tech advancement
4) new opps
5) risk diversification
6) increase company + brand reputation
7) utilize excess capacity
what is USP
unique selling point –> is that distinguishing feature that differentiates
