Marketing Mix and Production Decisions

What are the '7Ps' of the marketing mix?

Factors that affect a customer’s purchasing decision: Product, Price, Place, Promotion, People, Process, and Physical Evidence.

What does the 'People' factor in the marketing mix include?

Customer-facing staff, such as customer service assistants, and the employees involved in a transaction.

What is an example of the 'Process' factor in the marketing mix?

Online booking systems introduced to improve service efficiency

What does the 'Physical environment/evidence' factor refer to?

Physical premises, design, layout, and condition of products within a store.

What are the original 4Ps of the marketing mix?

Product, Place, Price, Promotion.

How might a business change its marketing mix?

By updating it as market conditions and customer preferences change.

What influence does availability have on convenience products?

Businesses focus on marketing mix factors related to speed and availability for quick access.

What is the focus of the marketing mix for luxury products?

Processes and physical evidence that meet high consumer expectations in sophisticated environments.

What are the stages of the product life cycle?

Research and Development, Introduction, Growth, Maturity, Saturation, Decline.

What characterizes the 'Growth' stage of the product life cycle?

An increase in customers discovering and buying the product after its introduction.

What occurs during the 'Maturity' stage of the product life cycle?

Sales continue to rise but at a decreasing rate as new customer acquisition slows.

What happens during the 'Decline' stage of the product life cycle?

Demand for a product begins to fall due to changes in fashion, technology, or competition.

What does a 'dog' product represent in the Boston Matrix?

A product with low market share in a market with low growth.

What is meant by a 'cash cow' in the Boston Matrix?

A product with a high market share in a market with low growth.

What characterizes a 'star' product in the Boston Matrix?

A product with a high market share in a high growth market.

What defines a 'question mark' product in the Boston Matrix?

A product with low market share in a high growth market.

Which factors influence decisions on the marketing mix?

Marketing objectives, target market, presence and size of competitors, and type of product.