Marketing Mix Flashcards
What are the 7Ps of the marketing mix?
• Price
• Process
• Product
• Place
• Promotion
• People
• Physical Environment
The decisions made about the 7Ps and the way the different elements of the marketing mix interrelate will affect the customer’s overall perception of the product.
What is Price in the marketing mix?
The price of the product.
Prices charged will change depending on the product or services other factors.
High quality = High price.
What is Product in the marketing mix?
The product itself.
This includes the physical features and specifications of the product.
What does it do?
What does it look like?
How reliable is it?
How durable is it?
Better product = Higher Price
What is place in the marketing mix?
The distribution of the product.
This refers to the distribution channel, that is how the ownership of a product moves from the producer of the product to the final customer.
What is a ‘0 level’ distribution channel?
When the customer buys directly from the producer. There is no intermediaries.
What is promotion in the marketing mix?
The promotion of the product.
This refers to the ways in which a business communicates about the product.
How can a business promote its product?
• Advertising
• Public relations - interviews
• Sponsorship deals - promote the PL
• Sales promotions - special offers
• Sales teams - contact clients
What is ‘People’ in the marketing mix?
The people involved in the transaction.
• The people who serve you in a shop
• People who change your tyre in a garage
• Person who cuts your hair at the hairdressers
Their skills and their attitudes affect your perception of the product.
What is ‘process’ in the marketing mix?
This refers to how you actually buy the product.
A customers satisfaction with a good service can be affected by the process that is involved in buying or paying for it. E.g. using mobile phone to pay for shopping.
Improving the buying process can therefore improve customer satisfaction.
What is the ‘physical environment’ in the marketing mix?
This refers to the physical premises of a business, and how carefully it’s been designed
(decor, cleanliness, design etc.)
E.g. If you go and buy a car, look around the car showroom
Marketing mix definition.
The marketing mix is the combination of marketing choices that can be used by a business to influence consumers to buy products.
Changes in the marketing mix
The positioning of a product is not fixed. It may need to change as internal or market conditions change.
E.g. Ryanair announced more emphasis on customer service, following a disappointing financial performance in 2014.
What are some internal influences that might affect the marketing mix?
• Changes to financial position
• Changes to staff bringing about new marketing opportunities
• Changes to operations - low LCPU
• Changes to objectives
What are some external factors that may affect the marketing mix?
• Political and legal factors
• Economic factor - 💪 economy, high price
• Social factors - environmental concerns
• Technological factors - online promotion
• Competition
What is the difference between targeting consumers and industrial customers in the marketing mix?
Consumers:
• Affected by brand image
• Rational & Logical
• Like aesthetic looks
Industrial:
• Less bothered by packaging and branding and more interested in evidence of the technical performance of the product
• Want to understand how the product represents value for money, and how it improves competitiveness.
