Lesson 3: The Marketing Mix (7P's) In Relation To The Business Opportunity Flashcards
(35 cards)
1
Q
Several important frameworks to utilize
A
Marketing mix or 7Ps
2
Q
What are the 7Ps?
A
- Product
- Place
- Price
- Promotion
- People
- Packaging
- Positioning
3
Q
Any goods or services produced to meet the customers wants needs and preferences
A
Product
4
Q
Two types of products?
A
- Business goods
- Consumer goods
5
Q
- produced for other businesses
- derived demand
A
Business goods
6
Q
- end users are consumers
- direct
A
Consumer goods
7
Q
- location where exchange of products take place
- distribution channel (physical, virtual, online, internet stores)
A
Place
8
Q
Three stages for place
A
- Producer - wholesaler (bulk) - retailer - consumer
- Producer - retailer (limited) - consumer
- Producer - consumer
9
Q
Value of money in exchange for product or service
A
Price
10
Q
What are the 11 strategies for price?
A
- Penetration pricing
- Skimming pricing
- Competition pricing
- Product line pricing
- Bundle pricing
- Premium pricing
- Psychological pricing
- Optional pricing
- Cost plus pricing
- Cost based pricing
- Value based pricing
11
Q
From low price to gain market share which eventually increases
A
Penetration pricing
12
Q
- from higher price then lowers the price for a wider market
- advantage tends not to be sustainable
- attracts new competitors, price falls due to increased supply
A
Skimming pricing
13
Q
- seller uses prices of competing products
- price lowers, same, or higher than competitors
A
Competition pricing
14
Q
- setting prices for multiple products that a company offers in coordination with one another
- products with complementary products
A
Product line pricing
15
Q
- placing several products together in a single package and selling in a lower price
A
Bundle pricing
16
Q
- setting the price of a product higher than similar products
- higher price = higher quality
A
Premium pricing
17
Q
- setting prices slightly lower than rounded number
A
Psychological pricing
18
Q
- earns more through cross-selling products along with a basic core product
- enhanced through optional/accessory products
A
Optional pricing
19
Q
- adding mark up to the cost of goods
- direct material cost, direct labor cost, and overhead costs, added to markup percentage
A
Cost plus pricing
20
Q
- a fixed sum or a percentage of the total cost is added (as income) to the cost of product
A
Cost based pricing
21
Q
- prices are set primarily on consumers’ perceived value of the product or service
A
Value based pricing
22
Q
- set of activities which communicate the product
- create awareness, attract and persuade comsumers
A
Promotion
23
Q
5 strategies under promotion
A
- Advertising
- Public relations or PR
- Personal selling
- Sales promotion
- Direct marketing
24
Q
Radio, television, print, electronic, word of mouth, generic
A
Advertising
25
- features your company is not paid for (PR package)
- shape public perception of a business (review)
Public relations or PR
26
longstand client relationships
- prospecting
- making first contact
- the sales call
- objection handling
- closing the sale
Personal selling
27
free gifts, free samples, free trial
- customer contests - chance to win prizes
- special pricing - lower prices, 3 for 100, buy 1 take 1
Sales promotion
28
- presenting information
- brochure, catalogues, fliers
Direct marketing
29
- they sell and push the product
- team, staff, audience, people in organization
People
30
- outside appearance, and how it is presented
- protection, containment, information, utility of use, and promotion
Packaging
31
- different from the competitors
- create an image in the minds of the target market
Positioning
32
Name or symbol distinguishing product/service
Brand name
33
Greatest assets because it shows your customers' overall experience of your business
Brand
34
Long-term design for the development of a popular brand to achieve the goals and objectives
Brand strategy
35
- powerful high-level marketing strategy used to create or influence a brand
- strategy to distinguish products and companies and to build economic value to both customers and to brand owners
Branding
