BUSI 2208 Lecture Notes - Lecture 1: Marketing Mix, Marketing Strategy, Sales Promotion
Document Summary
The marketing mix is the set of controllable, tactical marketing tools that a company uses to produce a desired response from its target market. It consists of everything that a company can do to influence demand for its product. It is also a tool to help marketing planning and execution. The four ps of marketing: product, price, place and promotion. An effective marketing strategy combines the 4 ps of the marketing mix. It is designed to meet the company"s marketing objectives by providing its customers with value. The 4 ps of the marketing mix are related, and combine to establish the product"s position within its target markets. The four ps of the marketing mix have a number of weaknesses in that they omit or underemphasize some important marketing activities. For example, services are not explicitly mentioned, although they can be categorized as products (that is, service products).
