COMMERCE 2MA3 Study Guide - Quality Management, Total Quality Management, Malcolm Baldrige National Quality Award
7 Dec 2013
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Document Summary
Blending of the four strategy elements product, distribution, promotion, and price to fit the needs and preferences of a specific target market. Other variables: distribution channels, promotional plans, and pricing decisions must accommodate the product strategy selected. Marketers develop strategies to promote tangible & intangible services. Strategy begins with investigation, analysis, and selection of a particular target market. 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. Bundle of physical, service, and symbolic attributes designed to satisfy a customer"s wants and needs. Services are intangible tasks actually intangible products that satisfy the needs of customers and business users. Most service providers can"t transport or store their products, but instead customers simultaneously buy and consume them. Goods are tangible products or items that customers can see, hear, smell, taste, or touch. The two types can be distinguished through the goods-services continuum.
