MARKETING MIX

Question 1

What is a marketing mix?

Answer 1

Marketing mix refers to the set of actions and tactics that a company uses to promote its product or brand. The 7 P’s make up the marketing mix. They are the key elements that ensure successful marketing.

Question 1

What are the 7 P’s

Answer 1

• People
• Processes
• Price
• Product
• Promotion
• Physical Evidence
• Place

Question 2

Product

Answer 2

The good or service that is offered in a market. Products should aim to satisfy the needs and wants of consumers. Before releasing a product, firms should focus on the intrests of consumers.

Question 3

Price

Answer 3

The amount that consumers are charged when they buy a product. It indicates the value consumers percieve the product to have.

It is very hard to find an appropriate price because of the sensitive nature of consumer purchasing behavior and other internal and external factors such as competition or costs.

Question 4

Promotion

Answer 4

The various ways consumers are informed about and persuaded to purchase a product. The communication methods used to attract the customer.

Question 5

Place

Answer 5

A product’s location or channels of distribution used to get the product to the customer.

Products can be purchased in store or online, here can also be intermediaries such as wholesalers, retailers and agents which help get the product where the consumers need them.

Question 6

People

Answer 6

Many businesses pay very little attention to this, when in reality they shouldn’t.

Successful businesses think in terms of getting the right people to carry out specific tasks and responsibilities.

It is crucial to have the ability to select, recruit, hire and retain the best people.

Question 7

Processes

Answer 7

The procedures and policies related to how an organization’s product is provided and delivered. The more intangible the product, the more important it is to get the process right.

Question 8

Physical Evidence

Answer 8

All the tangible or visible touch points that are observable to customers in a business. Businesses need to ensure that they are providing adequate evidence of quality throughout.

Example: Well-dressed staff

To crate a good customer expirince, tangible aspects must therefore be delivered with the service.