Marketing Mix Flashcards
what are the 4 ps
product, price, place, promotion
additional 3 ps added in 2015
people
process
physical evidence
what is the problem with price and promotion
hard to separate
instead use VALUE - how to deliver an amaizng product
why are the 4ps not so relevant today
marketing today is about businesses listening to their customers and responding in a way that offers a meaningful solution
how are the 4ps still relevant toda
You can have the best communications in the world but if your price or product is wrong, it’s not going to work
reminds us that marketing is so much more than advertising
how is PLACE no longer relevant today
solved
Amazon, everything available online
how is price no longer relevant today
price comparison so easy online
how is promotion no longer relevant today
marketers can claim what they want in their ads
people look to reviews more than official ads
how is product no longer relevant today
R&D and marketing are different departments
they must work together to take on users’ feedback and provide the best product
what does USP stand for
unique selling point
define product
anything that can be offered to a market that will satisfy a want or a need including experiences, places
what is the core benefit of the product
not just the product being offered but what the product allows you to do eg a hotel is not just the room, its the ability to explore a new city,
which of the 4 ps is easiest to adjust
price
how come consumers are no longer passive price takers
competition lowers prices - always lower pruces
what is a key reference price
subconsciously how much we would be willing to pay for something
how can the Ps be extended for services
people - interaction with service providers can have huge impacts on our experience
process - easy and seamless, enjoyable
physical evidence - atmosphere
how to make the process as easy and seamless as possible before, during and after sale
before = helpful, well informed staff, availability of samples, trials, respond in timely fashion to queries
during = helpful staff, convenient payment, prompt deliveries
after = warranties, courtesy calls, re booking
when is the environment really important
when there is no physical product
eg pub, hairvut
what is the marketing 3.0 era
expectation that organisations wont cause harm
how do the 4ps change with this new marketing era
access to products rather than ownership
eg pre owned, second hand, air bnb, ride sharing
people may pay more for sustainability
