S3 marketing mix and strategy Flashcards
(15 cards)
What are the 7 p’s of the marketing mix?
Product, price, place, promotion, people, process, and physical evidence. These elements help businesses plan how to market their products or services effectively.
Define ‘product’ in the marketing mix.
The product refers to the good or service offered to meet customer needs. It includes aspects like design, quality, features, branding, and the product life cycle.
What is the product life cycle?
The stages a product goes through: intro, growth, maturity, and decline. Each stage requires different marketing strategies.
Define ‘price skimming’
A pricing strategy where a firm sets a high initial price to maximise profits before competitors enter the market. Often used for innovative products.
What is penetration pricing?
A pricing strategy where a business sets a low initial price to quickly gain market share and attract customers.
What is meant by ‘place’ in the marketing mix?
Place refers to how a product is distributed and where it is available for purchase - either physical or online locations.
Give an example of a direct distribution channel.
A business selling its products directly to its customer through its website or own retail store - cutting out intermediaries.
Define ‘promotion’ in the marketing mix.
Promotion covers all methods of communication used to inform or persuade customers advertising, sales promotions, public relations, etc.
What’s the AIDA model in promotion
Attention, interest, desire, action. A framework used to craft effective promotional messages that guide customers through the buying process.
Explain ‘people’ in the extended marketing mix.
Refers to the employees and staff who represent the business. Good service from people can enhance customer satisfaction and loyalty.
What does ‘process’ mean in the marketing mix?
The procedures and flow of activities that deliver the product or service to the customer, such as speed and ease of transaction.
Define ‘physical evidence’ in the 7 Ps
Tangible cues that support the service experience, like the cleanliness of the store, website design, or packaging, which influence customers through perception.
What is a ‘mass market strategy’?
A strategy targeting a large market with one general marketing approach, focusing on volume of sales and brand appeal.
What is niche marketing?
A strategy focused on a small, specific market segment with tailored products / services. It often allows for higher prices due to specialisation.
What is meant by branding?
The use of logos, names and other visuals to distinguish a business or product. Strong branding can increase customers loyalty and allow premium pricing.
