Marketing mix

• The 7 P’s


  -Price

  -Product

  -Place

  -Promotion

  -People

  -Physical environment

  -Process
• Product


  Product or service that the customer buys
• price


  How much the customer pays for the product
• place


  How the product is distributed to the customer
• promotion


  How the customer is found and persuaded to buy
• People


  The people who make contact with customers in delivering the product
• Process 


  The systems and processes that deliver product to a customer
• Physical environment


  The elements of the physical environment the customer experiences
• Boston matrix 


  The Boston Matrix is a model which helps businesses analyse their portfolio of businesses and brands.
• What are the 4 components of the Boston matrix?

  Stars, cashcows, question marks, dogs
• Stars


  Rapid growth and expansion
• Cash cows


  Ability to fund the question marks and stars
• Question marks


  New ventures - risky - few become stars, other divested
• Dogs


  Low market share and growth consider divestment
• Product lifecycle 


  -introduction

  -growth

  -maturity

  -decline

  -extension
• The product lifecycle shows the sales of one product over time.
• Key uses of product lifecycle

  -forecasts future sales trends.

  -helps with market targeting and positioning.

  -help analyse and manage the product portfolio.