Marketing Mix, Segmentation, Product & Customer Lifecycle Flashcards
One of the 4p’s. It should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
Product
One of the 4p’s. The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.
Place
One of the 4p’s. The Product should always be seen as representing good value. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
Price
One of the 4p’s. Advertising, PR, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
Promotion
One of the 7p’s. All companies are reliant on the those who run them from front line Sales staff to the Managing Director. Having the right group is essential because they are as much a part of your business offering as the products/services you are offering.
People
One of the 7p’s. The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.
Process
One of the 7p’s. Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.
Physical evidence
What does B2B stand for?
Business to business
What does B2C stand for?
Business to consumers
Market Segmentation. A breakdown of Counties, Regions, Cities, Neighbourhoods, Post Codes etc.
Geographic
Market Segmentation. A breakdown of Age, Gender, Family Size, Income, Occupation, Education, Religion, Ethnicity and Nationality.
Demographic
Market Segmentation. A breakdown of Lifestyle, Personality, Attitudes and Social Class.
Psychographic
Market Segmentation. A breakdown of User status, Purchase Occasion, Loyalty, Readiness to Buy
Behavioural
Market Segmentation. Decision-Making Role (Purchaser, Influencer etc.)
Decision Maker
First stage of Product Lifestyle.
Introduction
