Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
6 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
1. PRODUCT |
1. Product - The attributes and features that are tangible and intangible - Physical Product: Packaging, warranty, and colours - Emotional component: brand loyalty, status, slef- esteem, security and convenience |
- Product - Price - Place - Promotion - Process - Physical Evidence - Participants |
|
|
2. PRICE |
2. Price
- total value assigned to the product bybthe seller and the buyer - price has different meaning for sellers and buyers - Seller: Cost component and profit - Buyer Historical price of the product, competitive price and expected price, financial risk
|
- Product - Price - Place - Promotion - Process - Physical Evidence - Participants |
|
|
3. PLACE |
3. Place (distribution)
- the marketing mechanism used to present, deliver, and service the product for customers. - process of ensuring the product is available to target consumer in the right place, at the right time and the right quantities, right condition and right competitive cost. - distribution: institutions, processes, relationships that facilitate the products journey. From manufacturer to buyer |
- Product - Price- Place - Promotion - Process - Physical Evidence - Participants |
|
|
4. PROMOTION |
4. Promotion (marketing communication)
- component of Marketing mix which is used to inform and persyade the target audience to buy or use the products - communicates the key messages |
- Product - Price - Place - Promotion - Process - Physical Evidence - Participants |
|
|
The 4 Cs of Marketing Mix |
1. Product becomes CUSTOMER needs and wants 2. Price becomes COST to satisfy need 3. Place becomes CONVENIENCE 4. Promotion becomes COMMUNICATION
|
|
|
|
The Steps in the Marketing Plan |
Step 1: SITUATION ANALYSIS Step 2: MARKETING OPPORTUNITIES Step 3: MARKETING OBJECTIVES Step 4: STRATEGIES & ACTION PLANS Step 5: FINANCIAL CONTROL & BUDGET |
S M M S F |
