BUS-101 Lecture Notes - Lecture 35: Marketing Mix, Intangibility, New Product Development
2 May 2016
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The function of marketing in an organization is to satisfy customers by providing the goods and services they want, at the time, and in the place where they want them. Marketing mix = 4p"s // product, price, promotion, place. Must develop a marketing strategy that delivers value to a strategically selected target market in order to remain successful. Pull = promotion directed to the end consumer // companies that advertise nationally branded products directly to the consumer // attempt to influence consumer. Define product tangible vs. non tangible. Product = a broad term that describes physical goods, services, and ideas. Tangible products = physical goods (things you can physically hold) Non tangible products = services (cannot physically hold) Ideas = don"t drink and drive, say no to drugs e. t. c . Business products: installations = major equipment or processes that are complex and expensive, accessory equipment = less expensive, less complex equipment purchased more frequently.
