MKT 453 Lecture Notes - Lecture 18: Marketing Mix, Externality
Document Summary
The passing of information, especially product recommendations, by verbal communication. Print or broadcast media that reach very large audiences. An organizational function and a set of processes for creating, communicating, and delivering value to customers. For managing customer relationships in ways that benefit the organization and its stakeholders. Four elements (4ps) --> product, price, place, and promotion. Every company has the option of adding, subtracting, or modifying in order to create a desired marketing strategy. The statement of how the company is going to accomplish its marketing objectives. Strategy is the total directional thrust of the company - the how-to of the marketing plan. Determined by the particular blend of the marketing mix elements (the 4ps) which the company can control. The advertising objective declares what the advertiser wants to achieve with respect to consumer awareness, attitude, and preference. The advertising strategy describes how to get there.
