U3- Marketing Mix Flashcards
What are the 7 P’s in the marketing mix?
Product
Promotion
People
Physical evidence
Process
Place
Price
How does product impact the marketing mix?
It must be one that the customers want, and that they are willing and able to buy
This is the most important element of the marketing mix as it determines price, promotion and where it will be sold
Whether or not the consumer thinks the product is desirable will depend on basic function and it’s features e.g. Design
The quality of the product will reflect the quality the consumer expects from the product
Other factors which can influence the consumer to buy the product are after sales service and manuals
How does price impact the marketing mix?
The price will impact the decisions of the customers so it is important to chose the right price at the right time for each group of customers
How does promotion impact the marketing mix?
Promotion is the method used to pass information to the consumer
It is an essential way of keeping customers and of attracting new ones
How does place impact the marketing mix?
This refers to how the product is made available to customers
It is largely about the channel of distribution and the use of wholesalers and retailers
What are the traditional 4 P’s?
Price
Product
Place
Promotion
How do people impact the marketing mix?
Customers are more likely to be loyal to organisations that serve them well
Anyone who comes into contact with customers will have an impact on the level of customer satisfaction
Name 4 ways that a high level of customer satisfaction can be achieved
Creating a culture of customer service so all employees understand the job they have to do
Looking at the way telephone calls are handled
Looking at the way customers are treated in face to face situations
Taking notice of customers view of price in relation to the quality they receive
How can an organisation improve their level of after sales service? (3 ways)
Develop a customer care strategy
Recruit and train good employees
Ensure there are enough employees to deal with customer service
How does process impact the marketing mix?
This is related to customer service and endeared that marketing is effective in an organisation
Name 6 ways of delivering the service (process)
Fair refund policy
Tracking of online orders
Offering customers targeted promotions
Using loyalty cards to maintain customer satisfaction
Processes for handling orders
Processes for identifying customer needs
Why have 3 new P’s been added to the marketing mix? And what are they?
People
Process
Physical evidence
They have been added because today marketing is far more customer orientated and because the tertiary sector of the economy now dominates economic activity in this country
How can physical evidence impact the marketing mix?
This is evidence that an organisation uses to verify that it keeps its promises to customers
What do consumers expect when shopping? (Physical evidence)
They typically come into contact with products in retail units and expect a high level of presentation in modern shops e.g.
Bright and modern premises
Easy to navigate around the store
Ample and convenient parking
Give 6 benefits of good customer service
Customer loyalty
Improved reputation
Higher sales/ profits
Can create a competitive edge
Fewer complaints (can be expensive to administer)
Easier to attract high quality employees
