Marketing Management 522

In: Business and Management

Submitted By jean1969
Words 6944
Pages 28
Mm522 Study Guide
1. The marketing mix: what is it, what elements/tools are parts of this concept; examples of how used to support marketing planning. Philosophies toward the marketplace, as in Selling, Marketing, Product, Societal; differences among these approaches, how success is measured; examples. (TCO A)
The marketing mix is probably the most famous marketing term. Its elements are the basic, tactical components of a marketing plan. Marketing mix elements are the 4 P’s: price, place, product, and promotion (sometimes a 5th P: people). The 4 C’s: customer solution, customer cost, convenience, and communication. The offer you make to you customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Needs vs. Demands. Product: refers to tangible, physical products as well as services. Product decisions including: product variety, quality, design, features, brand name, packaging, sizes, services, warranties, and returns. Price decisions including: pricing strategy, suggested retail price (list price), volume discounts and wholesale pricing, cash and early payment discounts, seasonal pricing, bundling, price flexibility, credited items. Place (distribution) decisions including: distribution channels, marketing coverage (inclusive, exclusive, or selective), specific channel members, inventory management, warehousing, distribution centers, order processing, transportation, inventory, and locations. Promotion decisions including: promotional strategies, advertising, personal selling and sales force, sales promotions, public relations and publicity, marketing communications budget. Goal of promotion is to represent various aspects of marketing communication. AKA the communication of information about the product with the goal of generating a positive customer response.…...

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