The 4 P's The Marketing Mix CH1

promotion

A means of communication between the seller and buyer *not just includes marketing *communicating of your product, advertisement, word of mouth, flyer, etc.

How does marketing satisfy customer needs?

Marketing seeks first to discover consumer needs It then seeks to satisfy those needs by successfully implementing a marketing program possessing the right combination of the marketing mix—the four Ps.

The Four P'S

Product, Price, Place, Promotion *What the firm has TOTAL control over * Helps the firm have benefits for customers need * Can be used by the manager to solve problems

product

a good, service, or idea to satisfy the customers needs *can be a unique product, they have to HAVE a unique product*

Place

a means of getting the product to the consumer *how/where you're going to sell to customers *put your store where there is a lot of foot traffic

marketing program

a plan that integrates the marketing mix to provide a good, service, or idea to prospective buyers

multicultural marketing

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races

Price

what is exchanged for the product *people always see the PRICE. price too high is expensive. price too low no profit.

market segments

which are relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action