7Ps of marketing Flashcards
product
a good, service, experience, idea or information that can be offered in an exchange for the purpose of satisfying a need or want
product development
the creation of a product with new or different characteristics that offer new or additional benefits to customers
product positioning
the development of a product image compared with the image of competing products
product branding
a brand is a name, term, symbol, design or any combination of these that identifies a product
brand packaging
Well-designed packaging will give a positive impression of the product and encourage first-time customers to purchase
price
the amount of money the customer pays to be able to enjoy a product
factors influencing price
Quantity of product
Size of consumer demand
If a price is set to high could mean a loss of sales, a price to low could give customers the impression that the product is cheap
pricing stratgies
recommended retail price
percentage mark up
price leadership
what market will bear
quotes
price skimming
premium pricing
bundle pricing
psychological pricing
place
making the product available to the customer, wherever the customer chooses to purchase it
distribution channel
the routes taken to get the product from the factory to the customer
types of distribution channels
Producer to customer
Producer to retailer to customer
Producer to wholesaler to retailer to customer
Producer to agent to wholesaler to retailer to customer
promotion
the way a company communicates what it does and what it can offer customers. It includes branding, advertising, PR, corporate identity,
aims of a promotion campaign
attract new customers by raising awareness
increase brand loyalty by reinforcing the image of the product
encourage existing customers to purchase more
provide information so customers can make informed decisions
encourage new and existing customers to purchase new products
change individuals’ behaviour through information or persuasion.
promotion mix methods
Personal selling - the activities of a sales representative directed to a customer in an attempt to make a sale
Opinion leader - a person who influences others
Publicity and public
relations - s any free news story about a business’s products
Advertising - a paid, non-personal message communicated through a mass medium
people
everyone who is involved in the product of a business, whether they are in direct contact with customers or have an indirect connection
