Lesson 2 Flashcards
A set of controllable and interrelated variables composed of product, place, price and promotions that a company assembles to satisfy a target group better than it’s competitor.
Marketing Mix
The 7Ps model is an evolution upon the 4Ps model originally founded by ????
E. Jerome MacCarthy
The original marketing mix concept was created during a time when the majority of businesses sold physical products and it was updated in
1980
choosing and implementing the best possible course of action to attain the organization’s long-term objectives and gain competitive edge.
Marketing Mix Strategy
A good or service that satisfies a need.
Intangible or tangible as it can be in the form of services or goods.
Product
refers to the amount of money a consumer pays for the good or service.
Price
These include advertisements, press releases, email marketing, word-of-mouth, and more recently, social media marketing.
Promotion
refers to the methods of distribution of the product.
Place
The success of a business greatly relies on the competence of the people behind it.
People
involves the set of activities that facilitate the delivery of the product to the customer.
Process
refers to the physical elements that are part of or result from providing the product.
Physical Evidence
