COMMERCE 2MA3 Study Guide - Final Guide: Product Liability, Retail, Diffusion Process
1 May 2016
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Document Summary
The marketing mix: blending of the four strategy elements (product, distribution, promotion, and price) to fit the needs and preferences of a specific target market. Bundle of physical, service, and symbolic attributes designed to satisfy a consumer"s wants and needs. Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Product is usually the first and most basic marketing consideration. Includes: services, events, persons, places, organizations, ideas, or a mix of these. Services: intangible tasks that satisfy the needs of consumer and business users. Goods: tangible products that customers can hear, see, smell, taste, or touch. Intangible: customers are asked to buy a promise. Inseparable: service is inseparable from the image of the provider. Perishable: they"re created and consumed at the time of purchase, so providers maintain inventory. Cannot easily be standardized: this is changing as firms attempt to promise certain qualities, amenities or results.
