What are the 4 P’s of the marketing mix?
- Product
- Price
- Place
- Promotion
What does the Promotion ‘P’ focus on
communicates features and benefits to the customers
What does the Product ‘P’ focus on
creating value by providing features and benefits that customers want/need
What can products include
goods, services, or ideas
The process by which businesses sell to customers is called __________ marketing
B2C marketing
How do marketers base the price of their good/service
they look at customers’ potential beliefs about the product’s value
What does ‘value’ reflect
the relationship between benefits and costs
what do value-oriented marketers measure?
they measure the benefits the customers perceive against the cost of their offerings
what is the key to a long-term financial performance
establishing a sustainable competitive advantage
what is a sustainable competitive advantage
something that can be maintained for a long time without being copied easily
What does a mission statement do?
defines the scope of activities a firm plans to undertake
In a SWOT analysis what does the S stand for and refer to
Strength - refers to the positive internal attributes of the firm
What is a metric
a measuring system that quantifies a trend, dynamic, or characteristic
