6 Questions
Product refers to any goods or services that are produced to meet the consumers’ ______, tastes and preferences.
wants
Place represents the location where the buyer and seller exchange goods or ______.
services
Price is the most critical element of a marketing plan because it shows a company’s ______ and profit.
survival
Promotion refers to the various strategies and ideas implemented by the marketers to make the end-users aware of their ______.
brand
Packaging is the concept of branding and using of Unique Selling Proposition ______.
(USP)
Positioning or Process refers to a process used by marketers to create an image in the minds of a target ______.
market
Study Notes
Market Plan
- A market plan outlines how a business will sell its product to its target consumers to make the business profitable.
- A market plan typically includes the marketing mix, which consists of:
Marketing Mix
-
Product: Goods or services produced to meet consumers' wants, tastes, and preferences.
- Two types of products:
- Tangible: Products that can be seen, touched, and felt.
- Intangible: Products with no physical presence, but can be felt indirectly.
- Two types of products:
- Place: The location where buyers and sellers exchange goods or services.
- Price: The amount a customer pays for a product, which is critical for a company's survival and profit.
- Promotion: Strategies implemented by marketers to make end-users aware of their brand.
- People: Individuals involved in the sale and purchase of products or services.
- Packaging: The concept of branding and using a Unique Selling Proposition (USP).
- Positioning (or Process): A process used by marketers to create an image in the minds of a target market.
Test your knowledge on the key components of a marketing plan, including the marketing mix elements such as product, place, price, promotion, people, packaging, and positioning. Learn how to effectively strategize and implement a marketing plan for a business.
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