Asked by Jalyn Lankford on Jun 28, 2024
Verified
Marketing managers use a combination of four tools in order to develop a complete marketing program to reach consumers. Briefly define these four tools.
Marketing Program
An organized, comprehensive plan that outlines the advertising, sales, and marketing efforts for a specific period of time, with the goal of achieving identified business objectives.
Marketing Tools
Various strategies or applications used by businesses to analyze, improve, and automate their marketing efforts.
- Explain the advantages of efficient marketing for varied participants within a free market economy.
Verified Answer
ZK
Zybrea KnightJul 03, 2024
Final Answer :
To reach consumers, marketing managers use four tools, often called, "the four Ps." These include: (1) product-a good, service, or idea to satisfy the consumers' needs; (2) price-what is exchanged for the product; (3) promotion-a means of communication between the seller and buyer; and (4) place (or distribution)-a means of getting the product to the consumer.
Learning Objectives
- Explain the advantages of efficient marketing for varied participants within a free market economy.