Lesson 5.5: 7P's of Marketing and Branding Flashcards
set of controllable and connected variables that a company gather to satisfy a customer better than its competitor
marketing mix
the marketing mix is also known as
“Ps” in marketing
the original 4Ps of marketing
product, place, price, promotion
the 7Ps of marketing
product, place, price, promotion, people, packaging, positioning
the marketing strategy typically starts with the
product
refers to any goods or services that are produced to meet the consumers’ wants, tastes, and preferences
product
goods can be categorized into
business goods and consumer goods
the buyer of these kinds of goods may not have thorough knowledge of the goods he buys and uses
consumer goods
services can be divided into
consumer and professional services
represents the location where the buyer and seller exchange goods or services
place
place is also known as
distribution channel
place can include
physical/virtual stores
channel 1 of the distribution channel
producer → wholesaler → retailer → consumer
channel 2 of the distribution channel
producer → retailer → consumer
channel 3 of the distribution channel
producer → consuemr
they typically buy and store large quantities of several producers’ goods and then breaks into bulk deliveries to supply retailers with smaller quantities
wholesaler
a company that buys products from a manufacturer or wholesaler and sells them to end users or customers
retailer
an intermediary or middleman that customers use to get products from the manufacturers
retailer
channel 3 of distribution channel is also known as
direct-marketing channel
since it has no intermediary levels
a serious component of the marketing mix
price
value of money in exchange for a product or service
price
the amount of value that a customer gives up to enjoy the benefits of having or using a product or service
price
examples of pricing strategy
penetration pricing
it is when the price charged for products and services is set artificially low in order to gain market share
penetration marketing
refers to the complete set of activities which communicate the product, brand, or service to the users.
promotion
the idea is to attract people to buy your products over others
promotion
examples of promotion
advertising, personal selling, sales promotion, direct marketing, social media
your team, a staff that makes it happen for you, your audience, and your advertisers are the ___ in marketing
people
the ultimate marketing strategy
people
why are people the ultimate marketing strategy
they sell and push the product
one of the most important elements of the marketing mix today
people
therefore, the ___ are essential in the marketing mix in the current marketing scenario
right people
a silent hero in the marketing world
packaging
refers to the outside appearance of a product and how it is presented to the customers
packaging
the best packaging should be
attractive enough and cost efficient for the customers
packaging is
highly functional
packaging is for
protection, containment, information, utility of use, promotion
when a company presents a product or service in a way that is different from the competitors
positioning
refers to the process used by marketers to create an image in the minds of the target market
positioning
it allows a single product to attract different customers for not the same reasons
solid positioning
