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2. Entrepreneurship > Lesson 3: The Marketing Mix (7P's) In Relation To The Business Opportunity > Flashcards

Lesson 3: The Marketing Mix (7P's) In Relation To The Business Opportunity Flashcards

1
Q

Several important frameworks to utilize

A

Marketing mix or 7Ps

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2
Q

What are the 7Ps?

A
  1. Product
  2. Place
  3. Price
  4. Promotion
  5. People
  6. Packaging
  7. Positioning
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3
Q

Any goods or services produced to meet the customers wants needs and preferences

A

Product

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4
Q

Two types of products?

A
  1. Business goods
  2. Consumer goods
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5
Q
  • produced for other businesses
  • derived demand
A

Business goods

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6
Q
  • end users are consumers
  • direct
A

Consumer goods

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7
Q
  • location where exchange of products take place
  • distribution channel (physical, virtual, online, internet stores)
A

Place

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8
Q

Three stages for place

A
  1. Producer - wholesaler (bulk) - retailer - consumer
  2. Producer - retailer (limited) - consumer
  3. Producer - consumer
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9
Q

Value of money in exchange for product or service

A

Price

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10
Q

What are the 11 strategies for price?

A
  1. Penetration pricing
  2. Skimming pricing
  3. Competition pricing
  4. Product line pricing
  5. Bundle pricing
  6. Premium pricing
  7. Psychological pricing
  8. Optional pricing
  9. Cost plus pricing
  10. Cost based pricing
  11. Value based pricing
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11
Q

From low price to gain market share which eventually increases

A

Penetration pricing

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12
Q
  • from higher price then lowers the price for a wider market
  • advantage tends not to be sustainable
  • attracts new competitors, price falls due to increased supply
A

Skimming pricing

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13
Q
  • seller uses prices of competing products
  • price lowers, same, or higher than competitors
A

Competition pricing

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14
Q
  • setting prices for multiple products that a company offers in coordination with one another
  • products with complementary products
A

Product line pricing

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15
Q
  • placing several products together in a single package and selling in a lower price
A

Bundle pricing

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16
Q
  • setting the price of a product higher than similar products
  • higher price = higher quality
A

Premium pricing

17
Q
  • setting prices slightly lower than rounded number
A

Psychological pricing

18
Q
  • earns more through cross-selling products along with a basic core product
  • enhanced through optional/accessory products
A

Optional pricing

19
Q
  • adding mark up to the cost of goods
  • direct material cost, direct labor cost, and overhead costs, added to markup percentage
A

Cost plus pricing

20
Q
  • a fixed sum or a percentage of the total cost is added (as income) to the cost of product
A

Cost based pricing

21
Q
  • prices are set primarily on consumers’ perceived value of the product or service
A

Value based pricing

22
Q
  • set of activities which communicate the product
  • create awareness, attract and persuade comsumers
A

Promotion

23
Q

5 strategies under promotion

A
  1. Advertising
  2. Public relations or PR
  3. Personal selling
  4. Sales promotion
  5. Direct marketing
24
Q

Radio, television, print, electronic, word of mouth, generic

A

Advertising

25
Q
  • features your company is not paid for (PR package)
  • shape public perception of a business (review)
A

Public relations or PR

26
Q

longstand client relationships
- prospecting
- making first contact
- the sales call
- objection handling
- closing the sale

A

Personal selling

27
Q

free gifts, free samples, free trial
- customer contests - chance to win prizes
- special pricing - lower prices, 3 for 100, buy 1 take 1

A

Sales promotion

28
Q
  • presenting information
  • brochure, catalogues, fliers
A

Direct marketing

29
Q
  • they sell and push the product
  • team, staff, audience, people in organization
A

People

30
Q
  • outside appearance, and how it is presented
  • protection, containment, information, utility of use, and promotion
A

Packaging

31
Q
  • different from the competitors
  • create an image in the minds of the target market
A

Positioning

32
Q

Name or symbol distinguishing product/service

A

Brand name

33
Q

Greatest assets because it shows your customers’ overall experience of your business

A

Brand

34
Q

Long-term design for the development of a popular brand to achieve the goals and objectives

A

Brand strategy

35
Q
  • powerful high-level marketing strategy used to create or influence a brand
  • strategy to distinguish products and companies and to build economic value to both customers and to brand owners
A

Branding

2. Entrepreneurship (5 decks)

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