7P's and Marketing Mix
Cards (13)
- Marketing Mix - A special tool used in the implementation of any business, which is made up of seven distinct but interconnected variables.
- 7Ps - Product, Place, Pricing, Promotion, People, Packaging, and Position.
- Original 4P’s - Product, Place, Pricing, Promotion
- Product - Refers to any item that is produced to satisfy the needs and demands of a certain group of people.
- Two classifications of product:Tangible Products - items that have actual physical presence.Intangible Products - No physical presence
- Unique Selling Proposition - The unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors.
- PLACE - The means by which products and services get from producer to consumer and where they can be accessed by the consumer.
- PRODUCT PRICING - The only revenue-generating element in the marketing mix. That is why it is firmly linked with the revenue streams of any business. In pricing strategy, it is important to know the market, have elasticity, and to keep an eye on rivals.
- The 5 Common Pricing Strategies:
- Cost Plus Pricing
- Competitive Pricing
- Value-based Pricing
- Price Skimming
- Penetration Pricing
- PRODUCT PROMOTION
- Strategies to make the consumer aware of the existence of a product or service. Its primary aim is to attract the customers’ attention, as well as provide useful information about the product to build interest and loyalty. With the objective to: create brand/product awareness, generate demand, and differentiate a product from its competitors.
- 5 Main Components of Promotional Mix
- Advertising
- Personal Selling
- Sales Promotion
- Public Relations and Sponsorship
- Direct Marketing
- Promotional Marketing in the Digital Era
- Content Marketing
- Affiliate Marketing
- Email Marketing
- SEO or Search Engine Optimization
- PEOPLE
- Regarded as a primary key toward a successful implementation of marketing strategies of any business. People represent the business.