Marketing Mix

Question 1

What are the 4Ps?

Answer 1

• Product
• Promotion
• Place
• Price (costs, customers, competition, corporate objectives)

Question 2

What are the additional 3Ps for a marketing mix of a service?

Answer 2

• People - the attitude & professionalism of employees delivering the service
• Process - use of appropriate systems and procedures to enhance quality of service
• Physical evidence - customers can actually feel the benefit of using the service

Question 3

What are the different pricing strategies?

Answer 3

• Price skimming - high to low
• Price penetration - low to high
• Price discrimination - different prices charged for same product to different customer groups
• Perceived quality - price reflects how much value customers place on product
• Going rate - match competition
• Cost plus pricing - adding mark-up cost to cost of product