Marketing Mix Flashcards
(46 cards)
actions or tactics that a company uses to promote its brand in the market
Market Mix
7Ps of Marketing
Product
Positioning
People
Price
Packaging
Place
Promotion
Needed to evaluate business activities continually
Seven P formula
Tangible good or intangible service
Product
offered with completely new performance benefits
Breakthrough Products
Claim a new space in the customer’s mind; additional benefits
Differentiated Products
Will not make much impression on the customer’s mind
Copycat Products
Do not intend to compete with the giants
Niche Products
Where the product stand
Positioning
What does good positioning give?
Unique Selling Point
Ultimate marketing strategy of the business
People
Four Marketing efforts
-Create Customer Awareness
-Arouse Customer Interest
-Educate Customers as the evaluate their buying choices
-Close the sale and deliver the products
Depends on the business objectives set by the enterprise
Price
Delivers the right volume that yields maximum profits
Profit Maximization
Generates highest possible sales
Revenue Maximization
Captures larger part of the market
Market Share Maximization
Practices continual improvement to its products, services, and processes
Attainment of the desired prestige or quality leadership
Practices continual improvement to its products, services, and processes
Attainment of the desired prestige or quality leadership
dominates market and it sustain its operations
Penetration, Survival, or Liquidation
Charging highest initial price then lowers it over time
Scarcity Pricing or Market Skimming
business does not recognize profit from sales until cash collected exceeds cost
Cost Recovery
price is reduced because government has paid part of cost
Subsidy Pricing
Sells product at a price that covers the manufacturing cost but not the overhead
Marginal Pricing
Designing and creating the container for the product
Packaging
