Implementation strategies

Question 1

7 P’s of marketing

Answer 1

Goods:

• product
• promotion
• place
• price

Services:

• people
• processes
• physical evidence

Question 2

4 Cs of pricing

Answer 2

• cost
• competitors
• customers
• corporate objectives

Question 3

Pricing strategies

Answer 3

Penetration pricing - low initial price to gain a foothold

Price skimming - high prices initially to skim off customers who want the product sooner

Price discrimination - different prices charged to different groups

Perceived quality - price reflects value perceived by customer

Going rate - match competition/meet market conditions

Question 4

Types of benchmarking

Answer 4

Internal
Competitive (External)
Activity (Best in Class)
Generic

Question 5

Balanced scorecard

Answer 5

Ensures financial and non-financial measures are considered

Financial perspective
Customer perspective
Internal business perspective
Innovation and learning