The Marketing Mix: The 7ps Flashcards
What is the marketing mix?
-the marketing mix is the combination of marketing that influences a customers decision to buy
-once the postponing of the product has been decided activities can be organised
What are the 7ps ?
-product
-price
-place
-promotion
-people
-process
-physical environment
What is product?
Product is the product itself including features, design, reliability, guarantees, after sales service
What is price?
-the price of all versions of the product and payment terms
What is place?
-not to do with location
-it is about distribution channels- how the product moves from the producer to the final customer- not about delivery
What is promotion?
Promotion is how the business communicated the product
What is people?
-people is the people (employees) involved in the transaction. Their skills and attitude affect customer perceptions of the product
What is physical environment?
-physical environment is the physical premises- how this looks affects your perception of the product
What are internal reasons why the marketing mix might have to change?
-if finance within the business changed it could improve promotion or environment
-changes in staff could affect people and product
-greater efficiencies, meaning price can be lowered
-changing objectives
What are external reasons why the marketing mix might have to change?
-political and legal- new always about product safety and labelling affect product
-economic- if economy booms price can rise
-social- trends towards social responsibility( change the product to be environmentally friendly)
-technological- add more features to make advanced
-competition- lower price to beat competition
How would the type of product affect the marketing mix?
-Consumer product- more interest in physical environment and people and branding
-Industrial product- less interested in packaging or branding and more interested in technical performance of the product
