Marketing mix and Marketing environment
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| Marketing | the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”4
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| Marketing concept | business philosophy that holds that long-term profitability is best achieved satisfying the needs of a particular target customer, or market segment(s).
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| Marketing Mix | four components are called the “Four Ps” of marketing- Product, Price, Place ,Promotion
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| 4 Product Life Cycle stages | Introduction, Growth, Maturity, Decline
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| Product Mix | The complete range of products offered for sale by a company throughout its product lines, also known as the product assortment
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| Product Lines | Series of similar products focused on a sector that a company creates under a single brand
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| Product Depth | Number of versions offered for each product in the product line
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| Good | Physical product offering manufactured by a business
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| Services | Intangible product offering by a business
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| Customer satisfaction | A measure of how products or services delivered by a company meet or exceed customer expectations
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| Profit | The amount gained by a company, calculated by the difference between the amount earned from the sale of products and the total cost to produce them and sell them in the market
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| Revenue | Income a company receives from the sale of goods or services
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| Price skimming | Pricing a new product high to increase profits
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| Leader pricing | Pricing products below normal markup or at cost to attract customers to a store where they would not normally shop
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| Penetration pricing | Pricing a new product lower than the perceived market price to attract market share
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| Bundling | Grouping related products together to encourage customers to buy both
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| Prestige pricing |
Raising the price of a product to increase the perception of its value
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| Competitive pricing | Setting the price of a product according to the price of competitive products
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| Social media | Websites and applications where users can create, share, and communicate with others in social networks
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| Digital media | All of a company’s marketing efforts that use an electronic device or the Internet
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| Promotion | Element of the marketing mix involving methods for informing and influencing customers to buy a product, including traditional advertising, sales promotion, public relations, personal selling, and digital marketing
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| Personal selling | A type of selling that uses person-to-person interaction to sell products and services
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| sales promotion | Marketing activities such as coupons that provide a direct incentive for the customer to make an immediate purchase of the product
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| Public relations | The practice of creating and maintaining public goodwill through publicity and nonpaid forms of communication
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| Content marketing | Promotion through the creation and sharing of messages and materials designed to stimulate interest in a product
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| Guerilla marketing | Innovative, unconventional promotional tactics that engage customers through unique experiences
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| Integrated marketing communication | Immersive and targeted communication with customers to help move them through the various stages of the buying process
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| Place | Element of the marketing mix involved with getting the product from the producer to the customer
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| Distribution | Process of acquiring raw materials and moving materials and finished products from the producer to customers
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| Supply chain | System a company uses to acquire raw material, produce products, and deliver the products and services to customers
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| Direct distribution | Sale of products from the producer to the end user without an intermediary
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| Indirect distribution | Sale of products where intermediaries assist in moving goods and services from producers to end users
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| Vertical marketing system | Cooperation between multiple levels of a distribution channel
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| Corporate vertical marketing | Ownership by a single company of all levels of production and distribution
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| Administered vertical system | Cooperation between levels of a distribution channel where one member sets the terms due to its size and influence
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| Contractual vertical system | Cooperation between levels of a distribution channel as described by a formal agreement
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| Channel conflict | When a company sells products directly to consumers, in competition with the company’s own channel partners
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| Omnichannel | Content strategy used by organizations to improve customer experience through creating seamless, consistent engagement across all channels
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| PEST analysis | Form of analysis used to isolate opportunities and threats in the marketing environment
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| Business cycle | Expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend
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| Generation gaps | Differences in outlook, opinions, values, and cultural norms between people of different generations
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| Price fixing (collusion) | When two or more competing companies agree (or collude) on how much to charge for a product or service
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| Price discrimination | When a company charges different prices to buyers of the same product in order to maximize profit
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| Predatory pricing (undercutting) | When a company prices a product or service extremely low to drive out competition
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| Bait and switch |
When a company advertises a product for a low price and “switches” a customer to a higher-priced product
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| Price gouging | When a company has a monopoly on the market and prices products or services overly high to drive profit
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Created by:
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