jean foda
MARKETING MIX
PART A
1.- IN YOUR OWN WORDS EXPLAIN WHAT EACH OF THE 4 COMPONENTS OF THE MARKETING MIX 4PS MEAN.
Product.- (Product and Services) in marketing a product is anything (tangible or intangible) that is offered to a market for purchase, use and/or consumption and that can satisfy a need or a desire. Product can be called material objects or goods, services, people, places, organizations and ideas. Decisions on this point include the formulation and presentation of the product, specific brand development, and characteristics of the packaging, labeling and packaging, among others. The product is the result of a creative effort that has a set of tangible and intangible attributes (packaging, color, price, quality, brand, service and reputation of the seller) which are perceived by their customers (actual and potential) as capable to meet their needs or desires. Therefore, a product can be a good (a guitar), a service (medical examination), an idea (the steps to quit smoking), a person (a politician) or a place (beautiful beaches for vacation), and exists to 1) exchange purposes, 2) satisfaction of needs or wants and 3) to contribute to the achievement of objectives of an organization (profit or nonprofit).
Price.- It is mainly the exchange monetary amount associated with the transaction. The price represented a major role in consumer choice and these are set through a negotiation process between buyers and sellers, today process occurs even in the poorest countries and among lower income groups. The sellers were asking a higher price than expected actually perceive and offered buyers a lower price than they were willing to pay through bargaining and it came at a price more or less acceptable to both parties. However, certain non-price factors have become determining factors in explaining the choice of the buyer in the last decades. However, the price is still considered one of the most important elements that determines the market share of the
PART A
1.- IN YOUR OWN WORDS EXPLAIN WHAT EACH OF THE 4 COMPONENTS OF THE MARKETING MIX 4PS MEAN.
Product.- (Product and Services) in marketing a product is anything (tangible or intangible) that is offered to a market for purchase, use and/or consumption and that can satisfy a need or a desire. Product can be called material objects or goods, services, people, places, organizations and ideas. Decisions on this point include the formulation and presentation of the product, specific brand development, and characteristics of the packaging, labeling and packaging, among others. The product is the result of a creative effort that has a set of tangible and intangible attributes (packaging, color, price, quality, brand, service and reputation of the seller) which are perceived by their customers (actual and potential) as capable to meet their needs or desires. Therefore, a product can be a good (a guitar), a service (medical examination), an idea (the steps to quit smoking), a person (a politician) or a place (beautiful beaches for vacation), and exists to 1) exchange purposes, 2) satisfaction of needs or wants and 3) to contribute to the achievement of objectives of an organization (profit or nonprofit).
Price.- It is mainly the exchange monetary amount associated with the transaction. The price represented a major role in consumer choice and these are set through a negotiation process between buyers and sellers, today process occurs even in the poorest countries and among lower income groups. The sellers were asking a higher price than expected actually perceive and offered buyers a lower price than they were willing to pay through bargaining and it came at a price more or less acceptable to both parties. However, certain non-price factors have become determining factors in explaining the choice of the buyer in the last decades. However, the price is still considered one of the most important elements that determines the market share of the