MGT 3111 Chapter Notes - Chapter 11, 12: Patent Attorney
Document Summary
The four p"s of marketi(cid:374)g i(cid:374)(cid:272)lude produ(cid:272)t, pri(cid:272)e, pro(cid:373)otio(cid:374) a(cid:374)d pu(cid:271)li(cid:272) relatio(cid:374)s. a fir(cid:373)"s produ(cid:272)t is the good or ser(cid:448)i(cid:272)e it offers to its target (cid:373)arket. A fir(cid:373)"s pri(cid:272)e is the a(cid:373)ou(cid:374)t of (cid:373)o(cid:374)ey consumers pay to but the product. These prices include cost-based pricing (adding a markup percentage to a produ(cid:272)t"s (cid:272)ost) a(cid:374)d (cid:448)alue-based pricing (estimating what consumers are willing to pay for the product and then backing off to provide cushion). Promotion refers to the activities the firm takes to communicate the merits of its product to its target market. Promotion is just persuading people to buy the product. This is where major advertising comes into play. Public relations refers to efforts to esta(cid:271)lish a(cid:374)d (cid:373)ai(cid:374)tai(cid:374) a (cid:272)o(cid:373)pa(cid:374)y"s i(cid:373)age (cid:449)ith the pu(cid:271)li(cid:272). The (cid:373)ai(cid:374) difference between advertising and public relations is that public relations is not paid for directly.
