MKTG13-302 Chapter Notes - Chapter 3: Marketing Mix, Order Processing, Inventory Control
Document Summary
A marketing mix is the set of those factors which a company can leverage to make the consumer purchase its products. marketing mix usually refers to the set of 4ps, product, price, promotion, place. But theoretically, the marketing mix is a much broader term. Ps- process, people, physical evidence is also added and called 7ps of marketing. Product: a product is the heart of the marketing mix. The product is not a physical entity alone; it captures the whole tangible and intangible aspects like services, personality, organization, and ideas. For example: apple an authority in electronic brand commands loyalty as a pioneer of mobile technology and e-devices. Suppose, apple decides to expand its product line with a new apple sports shoes. Price: price is the monetary value that has to be paid by a customer to acquire or own the product of a company. It is the critical revenue-generating component of the firm. pricing decisions should be taken with great care.
