4.5 The 7 Ps of Marketing Flashcards
PLC model
shows the course that a product takes from its development to its decline in the market
What are the five stages
development, introduction, growth, maturity, and decline.
Two additional stages, saturation and extension, are also possible under the circumstances
A03s & A04s
- Extension strategies for a product
- BCG Matrix (Boston Consulting Group Matrix)
- Price: the appropriateness of pricing methods (Cost-plus/Mark-up, penetration pricing, price skimming, loss leader, predatory pricing, Premium Pricing)
- HL-Only Pricing Strategies: Competitive pricing, Dynamic Pricing, Contribution Pricing and HL-Only Tool Calculating Contribution.
Place: the importance of different types of distribution channels
People: the importance of employee-customer relationships in marketing a service and cultural variation in these relationships
Process: the importance of delivery process in marketing a service and changes in these processes
Physical Evidence: the importance of tangible physical evidence in marketing a service
appropriate Marketing Mixes for particular products or businesses
what are the 4ps of marketing
(Product, Price, Place and Promotion) are more strongly connected to the selling of Tangible Products/Goods (cars, books, phones, etc.).
Product Life Cycle
Sales/Time
1. introduction
2. Growth
3. Maturity
4. Decline –> product extension