3.3.4 marketing mix (7 p's) Flashcards
7 P’s
product, price, place, promotion, process, people, physical environment
product
goods and services the firm produces, made up of core features and functions as well as additional aspects that can sawy consumer behaviour.
promotion
activities designed to communicate with the market thereby increasing visibility and sales of a product.
promotional mix meaning
the combination of promotional activities used by a business
the promotional mix
sales promotions, e.g special offers
sponsorship
branding
advertising (paid for communications)
public relations (unpaid communication)
price
amount of money consumer has to pay to receive good or service.
firms use different pricing strategies to price their products taking into account a number of factors like market research, competitors prices and state of economy.
place
defines both physical location where a product is available as well as the distribution channel it has travelled through to get from manufacturer to consumer.
can be physical market where buyers and sellers meet, e.g over the internet
E commerce- web browser
M commerce-apps
people
employees involved in dealing with customers before, during and after a sale
process
steps customer must take to complete a transaction.
physical environment
design and features of actual place where transaction takes place.
nature of consumer market
convenience products
shopping products
speciality products
influences on the marketing mix
-market research findings will inform elements of the marketing mix.
-Target market the products aimed at
-positioning relative to consumers
-internal constraints e.g budgets, expertise and capacity
-external influences including actions of competitors and state of the economy
