3rd Quarter Entrep - 7Ps of Marketing

Marketing Mix

A business mechanism used for effective marketing of products. A set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor.

1. Product

2. Place

3. Price

4. Promotion

5. People

6. Packaging

7. Positioning

7Ps of Marketing

Product

Any goods or services that is produced to meet the customers wants, tastes, and preferences

Business, Consumer

Goods classification

Consumer Goods

Direct Demand

Business Goods

Derived Demand - Derived from the demand for customer goods

Costumer, Professional

Services classification

Place

The location (physical or virtual store) where the buyer and seller exchange goods or services

Distribution Channel

Other term for Place

Price

One of the business variable which organizations can exercise some degree of control

1. A buyer willing to pay

2. A seller willing to accept

3. A competition allowing to be charged

Factors determining Price

Cost Plus pricing strategy

Adding a markup to the cost of goods and services

Cost-based pricing strategy

A fixed sum or percentage of the total cost is added to the cost of the product to arrive at its selling price

Promotion

The complete set of activities, which communicate the product, brand, or service to the user

To create an awareness, attract, and induce customers to buy the product

The goal of promotion

1. Advertising

2. Public Relations

3. Personal Selling

4. Sale Promotion Techniques

5. Direct Marketing

Mediums of promotion

People

the team that makes it happen to you, the audience, and the advertisers

Packaging

The outside appearance of a product and how it is presented to the customers

1. Attractive

2. Cost efficient

3. Highly Functional

Elements of the best packaging

1. Protection

2. Containment

3. Information

4. Utility of Use

5. Promotion

Five basic functions of packaging

Positioning

A process used by marketers to create an image in the minds of a target market

1. Functional

2. Symbolic

3. Experiental

Basic Concepts for Positioning

Functional

Solving a problem, providing benefits and getting a favorable perception

Symbolic

Self-image enhancement, ego identification, belongingness, social meaningfulness, and affective fulfilment

Experiential

Provides sensory or cognitive stimulation