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Unit 4: Marketing - Coggle Diagram

- - - - Monogram: Stylized Writing
      - Visual Symbol: Represents something
      - Abstract symbol: Not representative of actual things
- - - - Research
        
        The process of determining the viability of a new service or product through research conducted directly with potential customers.
      - Development
        
        The stages involved in bringing a product from concept or idea through the market release
      - Sales
        
        Activities related to selling or the number of goods sold in a given targeted time period.
      - Advertising
        
        A promotional tool that can influence the buying behavior of customers.
      - Promotion
        
        The process of influencing the buying behavior of customers or clients with a persuasive selling message about products and/or services.
- - - - Price: One of the most critical elements contributing to the success or failure of a product or service.
        -Promotion: To convince the consumers that the good/service are superior to others.
        
        Place: There are direct channels, Indirect channels and specialty. Direct channels could be farmer's market. Indirect channels could be wholesalers, retailers, and importers. Specialty could be vending machines, telemarketing, e-commerce.
        
        Product/Service: A successful product or service must satisfy a consumer's need or want better than existing product or service.
    - - Competition: All the sellers of a specific product.
        
        Consumer: Business study and target potential users of a product or service to be competitive. Consumers can be identified by Demographics (age, gender, religion etc..) and Life Style (values, motivations and the way people live).