Marketing Mix 7ps and SWOT Analysis

• The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives?

  Marketing Mix
• what is the special tool used in the implementation of any business, which is made up of seven distinct but interconnected variables?

  Marketing Mix
• 7Ps – Product, Place, Product Pricing, Product Promotion, People, Product Packaging, Product Position.
• What refers to any item that is produced to satisfy the needs and demands of a certain group of people. It has a life cycle that revolves around its growth, maturity, and after-sales performance?

  Product
• A product refers to any item that is produced to satisfy the needs and demands of a certain group of people. It has a life cycle that revolves around its growth, maturity, and after-sales performance.
• Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantageExtension strategies

  
  

  - Specialised versions

  -New editions

  - Improvements

  -Changed packaging

  -Technology
• A unique selling proposition (USP) refers to the unique benefit exhibited by a company, service, product or brand that enables it to stand out from competitors. The unique selling proposition must be a feature that highlights product benefits that are meaningful to consumers.
• what do you call the means by which products and services get from producer to consumer and where they can be accessed by the consumer?

  Place
• It is the only revenue-generating element in the marketing mix. That is why it is firmly linked with the revenue streams of any business. What is this?

  Pricing (Product Pricing)
• Pricing Strategies

  • knowing the market
  • elasticity
  • keeping an eye on rivals
• Five Common Pricing Strategies

  • Cost Plus Pricing
  • Competitive Pricing
  • Value-Based Pricing
  • Price Skimming
  • Penetration Pricing
• What is also known as "mark-up strategy"?

  Cost Plus Pricing
• What Pricing Strategy focuses on the prices set by the competitors in the industry as its point of reference?

  Competitive Pricing
• This pricing strategy is used by businesses that focus on the consumers’ responses towards a product or service offered, What is this strategy?

  Value-based Pricing
• What strategy is executed by setting high prices for new products and services?

  Price Skimming
• What strategic pricing has the objective to obtain market share?

  Penetration Pricing
• What Marketing Mix has the aim to attract the customer's attention, as well as provide useful information about the product to build interest and loyalty?

  Product Promotion
• This is to make the consumer aware of the existence of a product or service, what marketing mix is this?

  Product Promotion
• Product Promotion has the objective to:

  1. To create brand or product awareness
  2. To generate demand
  3. To differentiate a product from its competitors
• 5 main components of Marketing Mix:

  • Advertising
  • Personal Selling
  • Sales Promotion
  • Public Relations and Sponsorship
  • Direct Marketing
• What is used to create awareness and deliver information to the target audience. Traditional forms of media include television, newspapers, magazines, and billboards?

  Advertising
• What is one of the effective ways to persuade potential customers?

  Personal Selling
• This marketing mix component include both media and non-media tactics used to increase the demand towards the products and/or services offered by any business, what is this?

  Sales Promotion
• What component states that it is to maintain a sustainable relationship between the business and its customers, public relations tactics are executed. This component of the promotional mix is used for attaining long-term effects?

  Public Relations and Sponsorship
• What marketing mix component allows any business to communicate freely with its customers?

  Direct Selling
• Promotional Marketing in Digital Era:

  • Content Marketing
  • Affiliate Marketing
  • Email Marketing
  • SEO or Search Engine Optimization
• This Promotional marketing in digital era aims to attract new and potential customers by creating and sharing valuable information. What is this?

  Content Marketing
• Affiliate Marketing takes into account the presence of third parties who are responsible for giving commissions or rewards to their affiliates.
• Email marketing is a relatively low-cost promotional strategy that aims to build brand and customer loyalty.
• What do you call the umbrella term for the different methods used in increasing the visibility of a website or blog online?

  Search Engine Optimization (SEO)
• What/Who is regarded as a primary key toward a successful implementation of marketing strategies of any business?

  People
• Blend of the mix depends upon:

  • Marketing objectives

  • Type of product

  • Target market

  • Market structure

  • Rivals’ behavior

  • Global issues

  • Marketing position

  • Product portfolio