The Marketing Mix – 7 P’s

7 P’S
– Product
– Price
– Promotion
– Place
– People
– Processes
– Physical Evidence
Product
Product consists of positioning, branding, and packaging.
Positioning: the image that a product has in the mind of the consumer.
Branding: the reputation that a business or product has developed over a period of time.
Packaging: physical appearance of the good; how it appears when presented for sale,
Price
The amount of money a business charges for the purchase of its products.
Pricing Strategies to Generate Fast Sales
– Penetration Pricing
– Loss Leader
– Product-Deletion Pricing
Pricing Strategies to Achieve the Greatest Financial Return
– Market Skimming
– Prestige Pricing
– Demand-Based Pricing
Price Including Pricing Methods
– Cost Plus Pricing
– Competition Based Pricing
– Price Points
– Psychological Pricing
– Price and Quality Interaction
Promotion
Public image and profile
Elements of the Promotion Mix
– Personal Selling
– Relationship Marketing
– Advertising
– Sales Promotions
– Publicity and Public Relations
The Communication Process
– Most important aim of the promotional campaign
– Opinion Leaders
– Word of Mouth
Place
Process of Distribution
Distribution Channels
Channels by which a product is moved from the place of manufacture to the consumer
– Producer to Consumer
– Producer to Retailer to Consumer
– Producer to Wholesaler to Retailer to Consumer
Channel Choice
Influences the types of customers the product attracts, the perception of the product in the market and the ease with which the consumer is able to access the product.
– Intensive Distribution
– Selective Distribution
– Exclusive Distribution
– Physical Distribution
Physical Distribution Issues
– Transport
– Warehousing
– Inventory
People
It is important to have the right people to support the company’s products and/or service. This can be reflected through high standards of customer service. Excellent service is an important element of a business seeking to maintain high levels of customer satisfaction.
Process
The consumers total experience of buying the product from a simple stage of searching for information to the final stage of experiencing the benefits of the purchase. All aspects of the sale process are focused on delivering to the expectations of the consumer.
Physical Evidence
Physical appearance of the product across every aspect of its presentation to the consumer. The packaging needs to be able to talk to the consumer. Visual packaging of a product is significant in influencing customer buying behaviour. It may also refer to the people within a business and the visual representation that they display to clients. Each aspect of physical evidence is then crucial in promoting a positive image of the business to its clients base.