Author: Téo Civolani Giraldo

Table of contents:

4.1 The role of marketing

What is marketing?

the management process of identifying, anticipating, and satisfying consumer wants and needs profitably

Marketing mix components

to formulate a marketing campaign, a business organization must formulate its marketing mix components:

Marketing mix components for goods → the 4 Ps

Product → a good or a service offered to customers to satisfy their wants and needs

Price → the amount of money that customers pay to acquire a business’ products

Place → where the business locates its products, as in where the products are actually sold

Promotion → the communication channel that business organizations use to inform and persuade their customers to buy their products