Marketing Mix 1,2,3 and 4:

Marketing Mix 1,2,3 and 4 Keywords:
Elements of 7P’s:
PRODUCT: The good or service provided by business for its customers.

PRICE: The sum of money paid by customer for unit of product.

PROMOTION: In context of Marketing, Promotion is process of communicating with customers or potential customers. Promotion can also describe communication with other interested groups, such as shareholders.

PLACE: The location at which purchase of product is made and the means of distributing the product to consumer.

PEOPLE: This is anyone who represents the firm and comes into contact with the firm’s customers.

PROCESS: The system involved in ensuring that an efficient service is provided to prospective and actual customers.

PHYSICAL ENVIRONMENT: The nature and appeal of physical evidence a customer will observe during transaction, such as company stationery and brochures, delivery lorries and staff uniforms.

Marketing Mix:
Those elements of business’s approach to marketing that enable it to satisfy and delight its customers.
Industrial or Business-to-business Marketing:
Where a firm sells its product to another business.
Consumer Marketing:
Where a firm targets individual consumers with its product.
Consumer Products:
Products that are purchased in order to directly satisfy the needs and wants of consumers.
Convenience Products:
Products that are purchased frequently and with minimum thought and effort by consumers.
Shopping Products:
Products that consumers want to be readily accessible, but which involve thought and planning before purchase.
Speciality Products:
Products whose purchase is planned by consumers, who will seek out these products for purchase.
Boston Matrix:
A tool of product Portfolio that classifies products according to market share of product and rate of growth of market in which the product is sold.
Product Portfolio:
The range of products or brands provided by Business.
Product Life Cycle:
The stages that a product passes through during its lifetime-development, introduction, growth, maturity and Decline.
Extension Strategies:
Methods used to lengthen life cycle of product by preventing or delaying it from reaching the decline stage of product life cycle.
Production Development:
When firm creates a new or improved good or service, for release into an existing market.
Penetration Pricing:
A strategy in which low prices are set to break into a market or to achieve a sudden increase in market share.
Price Skimming:
A strategy in which a high price is set to yield a high profit margin.
Price War:
This occurs when rival companies undercut each other’s price cuts in order to increase sales volume by keeping existing customers and attracting new customers. This strategy leads to reduced profit margins.
Branding:
The process of differentiating a product from its competitors through the name, sign, symbol, design or slogan linked to that product.
Advertising:
The process of communicating with customers or potential customers through specific media.
Promotion:
Process of communicating with customers or potential customers. Promotion can also describe communication with other interested groups such as shareholders.
Distribution Channels:
Channels or routes through which a product passes in moving from manufacturer to consumer.
Multi-Channel Distribution:
This exists when firms use more than 1 type of distribution Channel.
E-Commerce:
The buying and selling of goods and services through use of electronic media.
Digital Marketing:
The anticipating and satisfying of consumer wants through use of different forms of technology. Digital Marketing includes social media marketing, the use of search engine marketing, digital displays and marketing through other forms of digital media.
Process:
The procedure or flow of activities by which a service is delivering to customer.
Physical Environment:
Refers to tangible features of service that can enhance customers experience.