Grade 12 Business Studies - 7Ps of Marketing

Vocabulary flashcards covering the key terms, product categories, pricing strategies, and marketing mix elements from Grade 12 Business Studies Chapter 7 (7Ps of Marketing).

Product (7Ps of Marketing)

Everything that a restaurant offers to satisfy the needs and wants of its customers, encompassing the physical food and drink as well as the overall dining experience.

Convenience Goods

Products that customers purchase frequently, quickly, and with minimal effort or comparison, usually inexpensive, readily available, and requiring little decision-making.

Select Goods

Products for which customers spend time comparing quality, price, features, and suitability before making a purchase, requiring higher customer involvement.

Speciality Goods

Unique, premium products with distinctive characteristics or a strong brand reputation that customers are willing to invest extra time, effort, and money to acquire.

Services

Intangible activities performed to satisfy customer needs that cannot be touched, stored, or owned, with quality depending largely on employee performance and customer interactions.

Price (7Ps of Marketing)

The monetary value customers exchange for a restaurant's products and services, influencing perceptions of quality, affordability, and value for money.

Market Penetration Pricing

A pricing strategy where a business introduces a new product or enters a new market by charging relatively low prices to attract customers quickly, increase market share, and encourage trial.

Leader Pricing

A pricing strategy where certain popular products are sold at very low prices—sometimes at little or no profit—to attract customers into the business so they purchase additional, higher-profit items.

Promotional Pricing

A strategy where prices are temporarily reduced or special offers are introduced to stimulate demand, attract new customers, increase sales during quieter periods, or encourage repeat visits.

Bulk Discount

A pricing strategy where customers receive a reduced price when purchasing large quantities of products or booking larger groups, encouraging higher sales volume.

Prestige Pricing

A strategy that involves deliberately charging high prices to create the perception of superior quality, exclusivity, luxury, and status.

Place (7Ps of Marketing)

How and where customers access the restaurant's products and services, including physical location, accessibility, operating hours, reservation systems, distribution channels, and digital platforms.

Promotion (7Ps of Marketing)

All activities used to communicate the restaurant's value to existing and potential customers to create awareness, generate interest, persuade visits, and build long-term loyalty.

People (7Ps of Marketing)

Everyone involved in delivering the restaurant experience, including owners, managers, chefs, waiters, hosts, bartenders, cleaners, suppliers, and interacting customers.

Physical Evidence (7Ps of Marketing)

All the tangible elements—such as architecture, décor, cleanliness, lighting, menus, uniforms, and ambience—that customers use to evaluate intangible restaurant services.

Processes (7Ps of Marketing)

The systems, procedures, and workflows—including reservation handling, seating, order taking, food preparation, billing, and complaint handling—that ensure efficient and consistent service delivery.