Marketing Flashcards
What are the Marketing 7 Ps
Price
Promotion
Physical Environment
People
Product
Process
Place
What does Product refer to in marketing
Most successful businesses create products that fulfil a need
USPs
What does Unique selling point (USP) mean
A feature of a product that distinguishes it from others
What does Price refer to in marketing
Pricing should be reasonable (not too high nor low)
A product is only worth what a customer is willing to pay for it
What does promotion refer to in marketing
Use of advertising and social media exposure to allow a business to communicate with its customers
What does place refer to in marketing
The place where products are supplied should be convenient for customers
What does people refer to in marketing
Customer service, consistent & reliable
Staff interactions with customers
What does process refer to in marketing
Pre-purchase (expectations)
Purchase-use (consumption of product/service)
Post purchase (evaluation of customer experience)
What does physical environment refer to in marketing
It’s important that the facility, product and staff are well presented in order to create a good impression for customers
Define marketing
The activity of promoting and selling products
