Introduction to the Marketing Mix Flashcards

All 6 cards in this deck

What are the four elements of the marketing mix?

Price, product, promotion and place.

In the marketing mix, what does 'product' mean?

The good or service itself, with the features and qualities that customers need and want.

In the marketing mix, what does 'price' mean?

The amount customers are charged, which should match the value they believe the product gives them.

In the marketing mix, what does 'place' mean?

How and where the product or service is distributed to customers, e.g. in a shop, online or at the customer's home.

In the marketing mix, what does 'promotion' mean?

The methods used to make customers aware of the product and persuade them to buy, e.g. advertising or social media.

What is the marketing mix?

The combination of product, price, place and promotion a business uses to market a product.