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Chapter 10 Review

Chapter 10 Review. Four Elements of the Marketing Mix. Product-Most Important Distribution-How we get it from one place to the next Price-Best price to make the best profit and to give the consumer the best value Promotion-How do we get the word out to the consumer?.

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Chapter 10 Review

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  1. Chapter 10 Review

  2. Four Elements of the Marketing Mix Product-Most Important Distribution-How we get it from one place to the next Price-Best price to make the best profit and to give the consumer the best value Promotion-How do we get the word out to the consumer?

  3. Consumer Decision Making Process Recognize the need, If you do not know what you need there is no decision Gather Information-Many consumers use the Internet for this step Select and Evaluate alternatives Make a purchase decision Evaluate the effectiveness of the decision

  4. Selling Price Made up of all costs plus the profit we want to make Product Costs + Operating Expense + profit = Selling Price All costs associated with the product need to be determined before we determine the profit needed.

  5. Gross Margin • The difference between the selling price and the product costs • Gross margin is just the percentage of the selling price that is profit • Answers • 65% • 59% • 28.4%

  6. Advertising vs. Publicity Advertising Publicity Company pays for it Company controls its content Creativity is a factor When a customer sees it they know someone is trying to sell them something For a product that will make your teeth whiter, try……. Free The writer/publisher has the control The “news” is the factor Can be bad or good publicity Today in the news, BP has a oil spill off the gulf of New Orleans…..

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