Narketing Flashcards
What are the 7ps
Product
Physical
Process
People
Place
Promotion
Price
Product
Good or services the customers buys
Eg proposition at hotel : “good nights sleep guaranteed”
Price
How much the customer pays
Eg dynamic pricing
Place
How the product is distributed to the customer
Eg predominantly sold direct
Promotion
How the customer is found and persuaded to buy
Eg tv advertising
Process
Systems and processes that deliver a product to a sustomer
Eg online booking
Physical
Elements of the physical environment the customer experience
Eg facilities
What is an effective marketing mix
Achieves marketing objectives
Meets customer needs
Is balanced and consistent
Creates a competitive advantage
Influences on marketing mix
The market
Consumer markets where businesses are selling to the public B2C
Internal influences on marketing mix
Promotion
Price
Credit
Building relationships
Time
Delivery conditions
External influences on marketing mix
Political factors
Economic
Social
Technology
Legal
Environmental
Competition
Types of consumer goods
Convenience products
Shopping products
Specialty products
Convenience products
Brought frequently and little planning or shopping efforts
Tended to be low price and widespread distribution such as crisps
Shopping products
Bought less frequently
Tends to be higher price with selective distribution usually promoted through adverting and resellers
Eg clothing or furniture
Speciality products
Unique characteristics
High price and exclusive distribution, limited outlets and the promotion is more carefully targeted
Eg cars