Marketing Mix : Fundamental Marketing Terms & Concepts

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This video explains

"The key terms and concepts a person needs to know to feel competent in a marketing meeting ..."

Marketing decisions generally fall into the following 4 controllable categories:

* 4 P's of Marketing

     Product      :  Product design, Branding, Functionality, Styling,Packing, safety,Services,Warranty

     Place         :   Media,Distribution channel, Market coverage, Warehousing, Distribution centers, Transportation,    Reverse logistics

     Price          :   Pricing strategy, Suggested retail price, Discounts & wholesale price, Cash and payment distcounts,   Seasonal pricing, bundling, Price flexibility, Price discrimination

     Promotion  :   Promotional Strategy,Ads,Personal selling, Public relation, Marketing communication budget.

     

Limitations :

   Marketing 4 p's was useful in early days of marketing concepts . Since today marketing is  more integrated with the organization and with wider variety of products and market , some experts feel to include another " P"

 which is  people, packing , process . Despite its limitation, it is universally accepted because of its simplicity.