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Copyright Goodheart-Willcox Co., Inc.
Chapter 10 Marketing
• Promotion can be changed to appeal more
to the target market. Promotion strategies
include all of the decisions made about how
to promote the product. It includes decisions
about advertising, personal selling, customer
service, publicity, promotional events, and
store design and layout.
One marketing mix usually does not meet
the needs of all customers. The key to finding a
successful mix is to:
• choose the right product
• sell it at the right price
• make it available at the right place
• promote it in a way that will reach the target
audience
An effective marketing mix is a balance of
each of the four Ps. Not all of the elements must be
used at one time. Each marketing mix should be
unique to the product for a given target market.
these differences, the four Ps must recognize
if the product is a good or service and adapt
appropriately.
• Product can be changed by adding new
features. Product includes goods and
services. Product strategies include
decisions about quality, quantity, size, color,
features, technical support, packaging,
warranties, brand name, and image.
• Price can be changed to match new features.
Price strategies include decisions about the
desired profit, discounts, and selling prices.
Pricing can also have an impact on the image
of a product.
• Place can be changed based on where a product
is offered. Place strategies include all of the
decisions made about where the product will be
sold. It includes decisions about transporting,
warehousing, inventory controlling, and order
processing for the product.
Check Your Understanding
1. How is marketing related to the other
functions of business?
2. What are the three elements of the
marketing concept?
3. What are the seven functions of marketing?
4. Explain the concept of market identification.
5. List the four variables used to identify market
segments.
Build Your Vocabulary
As you progress through this course, develop a
personal glossary of key terms. This will help you
build your vocabulary and prepare you for a career.
Write a definition for each of the following terms and
add it to your personal glossary.
marketing
marketing concept
four Ps of marketing
product
price
place
promotion
target market
marketing strategy
marketing plan
market segmentation
geographic segmentation
demographic
segmentation
psychographic
segmentation
behavioral segmentation
customer profile
mass marketing
marketing mix
Section
10.1
Review