ADMS 2200 Lecture Notes - Lecture 9: Marketing Mix, Retail, Product Management

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Marketing mix blending of the four strategy elements: product, distribution, promotion and price; to fit the needs and preferences of a specific target market. Product bu(cid:374)dle of ph(cid:455)si(cid:272)al, ser(cid:448)i(cid:272)e, a(cid:374)d s(cid:455)(cid:373)(cid:271)oli(cid:272) attri(cid:271)utes desig(cid:374)ed to satisf(cid:455) a (cid:272)usto(cid:373)er(cid:859)s wants and needs + people buy want satisfaction, not objects. Goods tangible products that customers can see, hear, smell, taste, or touch. Services intangible tasks that satisfy the needs of consumer and business users. Inseparable: perishable, cannot easily be standardized, buyers often play a role in the creation and distribution of services, wide variations in service standards. Importance of the service sector - the service sector makes up roughly 75% of the canadian economy. Consumer (b2c) product product destined for use by ultimate consumers. Business (b2b) product product that contributes directly or indirectly to the output of other products for resale. Unsought product product marketed to consumers who may not yet recognize any need for them.

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