Marketing Mix Vocabulary

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Commodity

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A good or material bought and sold freely, reasonably interchangeable among multiple suppliers, with a price highly correlated to perceived supply; an everyday type of product readily available, like green beans or milk at a grocery store.

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Elasticity

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A measure of the sensitivity or responsiveness of demand or supply of a good or service based on changes in its price.

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Goal

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A stated, observable and measurable end result to be achieved within a certain timeframe.

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Marketing Mix

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A combination of components used together to strengthen a product’s brand and help sell the product or service; commonly includes the 4P's – Product, Price, Place, and Promotion.

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Marketing Strategy

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A company’s game plan for reaching its target market, converting it to customers, and meeting company goals.

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Marketing Plan

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A specific written document outlining objectives, actions, and timelines to attract target market customers to the business.

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Objective

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More specific than a goal, an objective is a specific result to be achieved within a time frame and with available resources.

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Physical Evidence

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Result of physical elements associated with a service.

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Place

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Where a company's target customers can buy its product, and how the company gets the product to that place/s.

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Price

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The amount of money a business thinks it should charge for its product or service.