7 Ps and Marketing objectives Flashcards
What are the 7 P’s of marketing?
Product Price Promotion Place People Process Physical evidence
What part does Product play in marketing?
What you are selling
All of the features
Advantages and benefits
What part does Price play in marketing?
Pricing strategy for your products and how it affects your customers
What part does Promotion play in marketing?
All of the marketing tactics used
Advertising
Sales tactics
Promotions
What part does Place play in marketing?
Where your products and services are seen, made, sold or distributed
What part do People play in marketing?
The staff and salespeople who work for your business
What part does Process play in marketing?
Processes involved in delivering products and services to the customer aka ‘easy to do business with’
What part does Physical evidence play in marketing?
Everything your customers see when interacting with your business
What are the three most common marketing objectives?
Increasing market share
Expanding the product range
Maximizing customer service
What does Increasing market share involve?
Refers to the business’s share of the total industry sales for a particular product
What does Expanding the product range involve?
The total range of products to increase profit long term as customers tastes change
What does Maximizing customer service involve?
Responding to the needs and problems of the customer aka ‘the customer is always right
