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Section 10.1 Introduction to Marketing
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The audience is everyone watching rather
than a chosen segmented market. The larger
group will likely include people who are not
interested in the product. Media advertising,
in some situations, can be a good use of
marketing dollars.
Identify the Marketing Mix
The next step in developing a strategy is to
identify the marketing mix. The marketing mix
is the strategy for using the elements of product,
price, place, and promotion. It consists of the
decisions made about each of the four Ps for that
product, shown in Figure 10-6. A marketing mix
can also be developed for a group of products or
an entire business.
The marketing mix strategy adapts when
needed for marketing a good versus a service.
Goods are tangible and can be touched,
whereas services are intangible and cannot
be touched. A good can be photographed for
an advertisement, but a service may not lend
itself to a picture. A good can often be sampled,
but a service cannot always be experienced
before purchasing. A dissatisfied customer
can return a good, but cannot return a service
with which he or she is unhappy. Because of
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An example of mass marketing is when a bank sends a direct mailing about banking services to all high school
graduates in the hopes that some will open an account.
Marketing
Mix
Product Promotion
Price Place
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Figure 10-6 The marketing mix for a product must be
carefully identified in order for a business to achieve
success.