7 P'S

• Product - Any goods or services that is produced to meet the consumers' wants, tastes and preferences
• Goods


  • Consumer Goods
  • Business Goods
• Services


  • Consumer Services
  • Professional Services
• Place


  The location where the buyer and seller exchange goods or services, also called the distribution channel
• Price


  The amount or value that a customer gives up to enjoy the benefits of having or using a product or service
• Promotion


  The complete set of activities, which communicate the product, brand or service to the user
• People


  The ultimate marketing strategy, they sell and push the product
• Packaging


  The outside appearance of a product and how it is presented to the customers
• Positioning


  A process used by marketers to create an image in the minds of a target market
• Penetration Pricing - The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased 
• Skimming Pricing - A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage.  
• Competition Pricing - A pricing method in which a seller uses prices of competing products as a benchmark instead of considering own costs or the customer demand.  
• Product Line Pricing - The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another. Rather than looking at each product separately and setting its price, product-line pricing strategies aim to maximize the sales of different products by creating more complementary, rather than competitive, products. 
• Bundle Pricing - The act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately. 
• Premium Pricing - Setting the price of a product higher than similar products. The goal is to create the perception that the products must have a higher value than competing products because the prices are higher. 
• Psychological Pricing - the practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are. 
• Optional Pricing - The company earns more through cross-selling products along with a basic core product. The main product does not have many features (and is priced low) which can be enhanced through optional or accessory products which are sold at premium by the same company.
• Cost Based Pricing - A pricing method in which a fixed sum or a percentage of the total cost is added (as income or profit) to the cost of the product to arrive at its selling price. 
• Cost Plus Pricing - involves adding a markup to the cost of goods and services to arrive at a selling price. Under this approach, you add together the direct material cost, direct labor cost, and overhead costs for a product, and add to it a markup percentage in order to derive the price of the product. 
• Value Based Pricing- A price-setting strategy where prices are set primarily on consumers' perceived value of the product or service. 
• Protection - One of the major functions of packaging is to provide for the effects of time and environment for the natural and manufactured products. 
• Information - The packaging conveys necessary information to the consumers. 
• Containment - involves merging of unit loads for shipping. It starts with spots of adhesives on the individual shippers that stick them together, straps of steel and plastic, entire coverings of shrinkable or stretchable plastic films and paper or corrugated wraps that surround an entire pallet or product. 
• Promotion - Companies use attractive colors, logos, symbols and captions to promote the product that can influence customer purchase decision. 
• Utility of use - The convenience packaging has been devised for foods, household chemicals, drugs, adhesives, paints, cosmetics, paper goods and a host of other products. 
• Packaging concept: This defines what the package should be or do for the particular product in terms of size, shape, materials, color, text and brand mark and tamperproof ability. 
• Visual tests: This is to ensure that the script is legible and colors are harmonious 
• Engineering tests: This will ensure that the package stands up under normal conditions 
• Dealer tests: This is to ensure that the dealers find the packages attractive and easy to handle. 
• Consumer tests: This is to ensure favorable consumer response. 
• Functional Positions - deal with solving a problem, providing a benefits, and getting a favorable perception from investors, stockholders and consumers. 
• Symbolic Positions- deal with self-image enhancement, ego identification, belongingness, social meaningfulness and effective fulfilment. 
• Experiential Positions- deal with providing sensory or cognitive stimulation. 
• • Radio- Selecting the territory and audience, cheaper than TV advertising
• • Television - This is the latest and the fast-developing medium of advertising and is getting increased popularity these days. 
• • Print- carry their messages entirely through the visual mode.
• • Electronic- Advertise electronically through the company website and provide important and pertinent information to clients or customers.
• • Word of Mouth- Is important for every business, as each happy customer can steer dozens of new ones your way.
• Generic- The promotion of a particular commodity is without reference to a specific producer, brand name or manufacturer.
• Public Relations - The article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films