MM51 1.04 The Marketing Mix
Goal
An objective or want that you plan to fulfill
Resource
Any item that is used to produce goods and services
Publicity
Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it
Advertising
Any paid form of nonpersonal presentation of ideas, images, goods, or services
Benefit
An advantage consumers receive from using a product
Discount
A deduction from the price of goods
Feature
A fact or characteristic of the product
Public relations
A function of business designed to establish good relations between the business and the public.
Marketing concept
A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying consumer wants and needs while achieving company goals
Warranty
A promise made by the seller to the consumer that the seller will repair or replace a product that does not perform as expected
Place
Marketing element focusing on considerations in getting a selected product in the right place at the right time
Promotion
Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products
Price
Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
Profit
Monetary reward a business owner receives for taking the risk involved in investing in a business
Strategies
Plans of action for achieving goals and objectives
Sales promotion
Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases
Tactics
Specific actions that will be used to carry out strategies
Value
The amount of satisfaction a good or service will provide a customer
Credit
The arrangement by which businesses or individuals can purchase now and pay later
Marketing mix
The combination of the four elements of marketing—product, place, promotion, and price.
Quality
The degree of excellence of a good or service—how good it is
Personal selling
The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities
Media
The message channels used by a seller to promote a good, service, or idea; e.g., radio, television, newspapers, magazines, Internet
Income
The money received by resource owners and by producers for supplying goods and services to consumers
Expenses
The money that a business spends
Cost (of production)
The total amount of money spent on costs of materials, labor, taxes, etc. to manufacture economic goods and services