Marketing mix

Question 1

What are the 7 Ps?

Answer 1

People, process, physical environment, product, place, price, promotion

Question 2

Example of process

Answer 2

Restaurants often now offer the function to book reservations online

Question 3

List factors influencing the marketing mix

Answer 3

Availability, product information, luxury products,

Question 4

How does availability influence the marketing mix?

Answer 4

Convenience items, such as basic groceries, need to be accessed quickly by customers so businesses may focus on marketing mix factors related to speed and availability

Question 5

How does product information influence the marketing mix?

Answer 5

Shopping items, such as computer tablets and clothes may be considered for purchase by customers for a longer period so a business may focus on the customer service “people” factor so that customers can access product information easily

Question 6

How do luxury products influence the marketing mix?

Answer 6

Speciallity products e.g. cars, jewellery = luxury purchases
Customers buying luxury goods may expect sophisticated stores and customer service processes to support the transaction. Businesses operating in luxury or specialty goods is likely to focus on processes & physical evidence, whilst making sure the other Ps are consistent with their brand.