Interview
Marketing Mix (7ps) IEB Gr 8
- Module
- Institution
All the 7 P's with examples and descriptions
[Show more]
Seller
Follow
annamaymcinnes
Reviews received
Content preview
Marketing MixThe marketing plan or strategy is a business tool used in marketing and by
marketers and it can be explained by using seven elements. There are four main
elements and three additional ones, In marketing, these elements are referred to
as the 4Ps and the 7P’s. The reason for extending the 4Ps to the 7Ps is because of
the growth of the service industry. (place, product, price, promotion, people,
physical environment and process)
Place
Where the product is offered for sale is another important aspect. If the venue is
too far for customers or in an unsafe area, customers will find other suppliers.
Convenience, safety, accessibility are all aspects that must be considered.
Place also refers to how the product
is distributed. There are many
different ways of
distributing goods and services.
These include:
• mail order
• Internet
• direct sales
• wholesale
• multi-channel
• peer-to-peer.
Price
The amount of money customers have to pay to obtain a product or
service. Customers can negotiate the price, discounts can be offered,
trade allowances and credit terms reached in order to adjust and
get/reach/ bring the price into line with the buyer’s perception of the
product or service on offer.
Price is often considered the most important reason why people buy,
but in fact customers will not buy a product simply because it is
cheaper than another product. If a products offers more features
or is more appealing or is better value — the customers may be
prepared to pay a little more.
1
, Product
✓ This is about the actual products or services offered.
✓ It is essential to keep one’s customers happy with
products or services on offer as this will ensure that
they buy more -- and tell others about it.
✓ Together, the price and the product will determine
the level of customer satisfaction.
✓ The best product is one which fills a need in the market place (at a price
customers can afford).
✓ The product must have specific benefits for the customer and customers
will look at the benefits in different ways.
✓ This is why it is important to know your customer; and concentrate on the
benefits when trying to sell the product.
✓ The products and services must be different from those of the
competitors. Through market research, different packaging, unique
production methods and improvements, businesses can make sure that
their products sell.
Aspects that the business should
look at include:
• design of the product
• value and cost of the product
• branding of the product
• usefulness of the product
• convenience of the product
• technology and production of the product.
Promotion
✓ It is essential for the business to identify how it is
going to make its customers and target market
aware of its product or service. How is the
business planning to market and advertise the
product?
✓ Promotion is not just advertising and it can be
done in many different ways
✓ The business must decide which method will best
teach the target market. Promotion can be done
by:
2
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller annamaymcinnes. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £2.25. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now