The Marketing Mix Flashcards
refers to a mode, means, or tool used by
an entrepreneur to position the product in
the target market segment to efficiently
and effectively deliver it to the consumers
and convince them about the benefits that
they will derive from buying the product.
marketing mix
4ps of marketing
product, price, promotion, place
7ps of marketing mix
product, price, place, promotion, people, physical evidence, process
What you offer to meet
customer needs.
It should meet customer
needs and have unique
features.
product
Selling the right price for
the profitability
The cost customers pay for the
product, which should be
competitive and aligned with its
value.
price
it refers to the amount spent by the manufacturer in vview of the expenses expected benefits
cost
cost
1 direct materials - forms a finished material
2 factory overhead - machinery
3 direct labor - wages
cost factors
1 - availability of the competing products
2-cost of making the product
3 types of product
4-presence of substitue products
5-stages of the product in the market
6-demographic profile of the target consumers
interproductive product:
1-intoductory stage
2-the growth stage
3-maturity stage
4-declined stage
5-demographic profile of the target consumers
channels and locations for product needs
where and how the product is distributed
place
communicating product value to the audience
strategies used to communicate and advertise the product
promotions
everyone involved in the business
people
The systems and procedures used to
deliver the product or service efficiently,
ensuring a smooth customer journey.
The steps taken to provide the
product/service efficiently.
process
The tangible aspects that
reinforce the brand’s
credibility, such as
packaging, store ambiance,
website design, and
customer testimonials.
Store design and ambiance, which
create a welcoming atmosphere for
families.
Consistent packaging with their
iconic red and yellow branding.
Digital presence, including their
website, app, and active social
media accounts.
Customer reviews and testimonials,
which reinforce their reputation for
goods and services.
The environment or proof that a service
exists
physical evidence
comprehensive framework for delivering and executing an effective marketing strategy
7ps of marketing
For emphasis, the two basic entrepreneurial tenets
relative to the product are as follows:
- For emphasis, the two basic entrepreneurial tenets
relative to the product are as follows:
The product is only produced once there is an existing need or
want. - The product must satisfy the need or want better than the
competing products.
