Definitions by Design - Business Management Glossary  
Business Management Definitions - M

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Marketing
The process of a product or service being priced, promoted, and distributed to customers. The advertising, promotion, selling, and publicizing of goods or services. The pushing of products to the consumer. A marketing strategy is a plan which outlines how a business intends to achieve its sales targets.

 

 

Marketing Mix
Known as the "4P's," this includes four sets of tools used to shape market demand and generate sales: 1) product (quality, appearance, brand, support, warranty, etc.); 2) price (list price, discounts, financing, etc.); 3) promotion (advertising, public relations, direct sales, media, etc.); and 4) place (market coverage, service levels, internet, logistics, locations, etc.).

 

 

Mission Statement
The formal declaration of an organization's objectives. A broadly defined, but enduring statement of purpose that differentiates a company from others in its category and identifies the scope of its product or services operations. Andrew Campbell's Ashridge Mission Model contains four elements: purpose; strategy; values; and policies and behavioral standards.






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