business

• a product is anything that can be offered to a market for attention, acquisition, use or consumption
• the marketing mix consists of the four p's - product, price, place and promotion
• product refers to the goods or services being sold by an organisation
• place refers to where products will be available to consumers
• place refers to where the customer will buy the product from
• price refers to how much customers are willing to pay for a good/service
• promotion refers to all activities involved with making potential buyers aware of a product
• promotion refers to advertising and other promotional activities used to persuade potential customers to purchase products
• advertising is any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor
• advertising is paid messages designed to persuade people to take some form of action
• marketing research involves gathering information about target markets so businesses can make informed decisions on what they offer their customers
• public relations involves building relationships between organisations and their publics through communication
• a promotional campaign is designed to persuade people to purchase a particular product
• a market is made up of people who have similar needs, wants and desires
• market segmentation involves dividing a large market into smaller groups based on shared characteristics
• advertising is one way that businesses promote their products