Marketing Mix: Place, Promotion, and People

This flashcard set covers the 'Place', 'Promotion', and 'People' components of the Marketing Mix 7P's, including location strategies, forms of promotion, and staff training types.

Right location

The location that provides the highest possible benefits to the firm.

Wrong location

A location which will bring the most disadvantages to the small business.

PLACE

The methods, locations, and channels used to make a product/service available to customers, focusing on ensuring the right product reaches the right customer at the right time.

Promotion

An umbrella term covering all the media by which a business informs customers about its product and puts across its benefits.

Advertising

Any form of paid, non-personal presentation of ideas, goods, or services by an identified sponsor.

Sales Promotion

A promotion activity that stimulates interest, trial, or purchase by final customers.

Public Relations

Activities of an organization, person, or institution directed at people for creating goodwill and understanding of policies.

Publicity

The spreading of news or information about a person, product, service, or institution through mass media to create impressions to the public.

PEOPLE

An element of the Marketing Mix where aspects of the customer experience are adjusted to meet the 'individual needs' of the person consuming it.

Buying Preferences

Factors in the marketing industry based on the idea that people buy from people that they like; thus, the attitude, appearance, and skills of staff must be first class.

Induction

A training phase that exposes the new employee to the organization's culture for the first time while briefing them on day-to-day policies.

On-the-job training

Training that involves learning while the job is being performed, such as training of administrative staff.

Off-the-job training

Learning that takes place at a college, training center, or conference facility.

Customer Services

Provision of expertise on the selection of financial services and technical support, where the disposition and attitude of staff are vitally important.