ADMS 2200 Lecture Notes - Lecture 7: Quality Management, Total Quality Management, Brand Management

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: Alexander Rusetski

Document Summary

The marketing mix: blending of 4 strategy elements (product, distribution, promotion, and price) to fit the needs and preferences of a specific target market. Other variables of the marketing mix distribution channels, promotional plans, and pricing decisions must accommodate the product strategy selected. Marketers develop strategies to promote both tangible goods and intangible services. Any strategy begins with investigation, analysis, and selection of a particular target market. It continues with the creation of a marketing mix designed to satisfy that segment. Strategies to promote goods are often quite different from those designed to promote services. Product: bundle of physical, service, and symbolic attributes designed to satisfy customer"s wants and needs. Marketers now recognize that people buy want satisfaction rather than objects. Marketers think of a product as a compilation of package design and labeling, brand name, price, availability, warranty, reputation, image, and customer-service activities. Consumer (b2c) product product destined for use by ultimate consumers.