marketing mix Flashcards
7 parts of the marketing mix
product, price, promotion, place, people, process and physical.
what is the product
the thing the business offers to its customers, it can be tangible or intangible, and solve a customers wants or needs
key considerations - product
product variation, quality, design, branding, features and the lifecycle
what is product development
developing a product to make sure that it suits customers wants and needs as well as makin g sure it is functional.
what is the place
how the product or service is delivered to the consumer
key considerations - place
physical and digital presence
market coverage
supply chain management
what is the price
the amount customers are willing to pay for a product or service
key considerations - price
competitive pricing, premium pricing, discounting, psychological pricing, price skimming, penetration pricing
what is promotion
the tactics a business uses to communicate its products or service audience to its target audience.
key considerations - promotion
advertising, public relations, social media, sales promotions and direct marketing
what is people
everyone involved in the process of delivering the product or service.
key considerations - people
employee training, behaviour, communication skills
key considerations - process
Efficiency, standardisation, customer experience, ease of purchase, and operational agility. Managing online and offline processes smoothly
what is process
the workflows, procedures, and system businesses use to deliver their products or services to customers.
what is physical
tangible aspects of a service that help customers evaluate its quality before and during consumption.
