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
