The Marketing Mix: The 7Ps of Marketing Flashcards
A widely accepted strategic marketing tool that combines the original 4Ps with the additional 3Ps in formulating marketing tactics for a product/service
The 7Ps of Marketing
what is 4Ps?
product, place, price, promotion
what is 3Ps?
people, packaging, process
It is any physical good, service, or idea that is created by an entrepreneur
Product
3 Level Concept of products or services that summarizes the reasons that a customer decides to buy the product or avail the service
Level 1: core benefits of the product/service
Level 2: Physical Characteristic of Product/Service
Level 3: Augmented Benefits of a Product/Service
it is the location/medium of transaction
place
what are the things needed when researching about the location?
area’s population, traffic, people’s common paths, buying behavior, and preferences forda location
it is the peso value that the entrepreneur assigns to a certain product/service
Price
It is the only P in 7Ps that generates revenue for the business
Price
2 Classification of Costs
Variable/Controllable Costs, Fixed Costs/uncontrollable costs
This is directly proportional to the number of products manufactured/ services performed
Variable Costs/ Controllable Costs
These are not directly proportional to the manufacturing of a prodct/ to performance of the service. These are usually the cost of equipment, employee remuneration, rental cost and utilities
Fixed costs/ Uncontrollable costs
the business will still incur these costs whether or not they provide more or less.
Fixed costs/ Uncontrollable costs
examples of these are costs that the business have to pay yearly or monthly. (eg. maintenance, weekly allowance, salary)
Fixed costs/ Uncontrollable costs
This is a strategy wherein 2 or more products/services in one reduced price
Bundling
