4.5 The 7 Ps of Marketing Flashcards

1
Q

PLC model

A

shows the course that a product takes from its development to its decline in the market

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2
Q

What are the five stages

A

development, introduction, growth, maturity, and decline.
Two additional stages, saturation and extension, are also possible under the circumstances

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3
Q

A03s & A04s

A
  • 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

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4
Q

what are the 4ps of marketing

A

(Product, Price, Place and Promotion) are more strongly connected to the selling of Tangible Products/Goods (cars, books, phones, etc.).

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5
Q

Product Life Cycle

A

Sales/Time
1. introduction
2. Growth
3. Maturity
4. Decline –> product extension

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6
Q
A
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7
Q
A
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8
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9
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