Marketing is the process of planning and executing the pricing, promotion and distribution of ideas, goods, and services to create exchanges between buyers and sellers.

"Exchange" occurs when two parties each have something of value to the other:

Example A buyer buys food from a grocery store. The "value "acquired by the store is profit and value acquired by the customer is needed food. Both gained something to accomplish their goal.

What is the Marketing Mix?

The Marketing Mix.. or the 4 P’s of Marketing is the unique combination of pricing, promotion, product offerings and distribution system (place) to reach a specific group of consumers (the target market).

The Marketing Mix or 4 P’s of Marketing= Price+ Product+ Placement + Promotion

Price - price is determined by demand for the goods and the cost of the goods. Examples of various pricing strategies:  Introductory prices  sale prices: BOGO, 50% off  odd pricing ($9.99 vs. $10.00).  Credit terms: use/open our credit card get a % off (Kohls &Macy’s)  lawaway

Product - is the firm's goods or services they are selling. This includes not only physical unit, but also  variety  Quality  Design  Package  warranty

Place/Distribution: How a product flows from producer to customer. How does the consumer find your product & how does your product get to the consumer?  Location of business  Location of product within business  Delivery  Retail  Download

Promotion: different elements that help increase the sale of the product.  Examples  Advertising  s  Sales calls  brochures  Personal selling  public relations/sponsorships