marketing mix (7Ps)

what are the 7Ps?

product, promotion, price, place, people, physical environment, process

what is the people section of the marketing mix?

people are the most important part of a service business

a customer is more likely to buy a service if the people providing it are well trained, knowledgeable, reliable, friendly and efficient

what is the physical environment section of the marketing mix?

the presentation of the environment where a service is delivered is important as it can affect how long you stay and how much you buy

what is the process section of the marketing mix?

this includes things such as waiting times, ordering and payment systems, and any after-sales service

what 8 factors can influence the marketing mix?

market research

competitors

target segment

positioning

location of the business

type of product

goods or services

product life cycle

what are 7 types of pricing strategies?

price skimming

penetration pricing

predatory pricing

competitive pricing

psychological pricing

loss leaders

price discrimination