ENTREP 7ps

Marketing Mix (7P's)

A set of seven key elements important for developing a marketing strategy: Product, Place, Price, Promotion, People, Packaging, and Positioning.

Product

Something that gives satisfaction to consumers; it can be a physical item, a service, or a virtual offering.

Place

The distribution methods and locations that make products or services accessible to target customers.

Price

The monetary value a customer pays in exchange for a product or service; a strategic decision based on various factors.

Promotion

The marketing strategies used to communicate and endorse a product or service to persuade customers to purchase.

People

The human actors involved in the production and delivery of goods and services, including firm personnel and customers.

Packaging

The design and presentation of a product that plays a critical role in marketing by attracting customers and providing information.

Positioning

The strategy of shaping how a product is perceived in the minds of customers by creating a specific image based on the target audience.

Direct Distribution

A distribution method where the manufacturer sells directly to the consumer.

Indirect Distribution

A distribution method where the manufacturer uses intermediaries like wholesalers or retailers to sell to consumers.

Cost Plus Pricing

A strategy where a business adds a certain profit percentage to production costs to determine the product’s price.

Value-Based Pricing

A pricing strategy that considers customer perception of a product’s value rather than just production costs.

Competitive Pricing

A strategy where a business sets prices based on what competitors are charging for similar products.

Advertising

A marketing communication method that involves well-timed and placed ads to convey messages to a target audience.

Direct Marketing

A promotional strategy that involves communicating directly with consumers through targeted mail pieces.

Personal Selling

An interaction-based marketing method where sales personnel engage with customers face-to-face.

Sales Promotions

Marketing techniques that provide short-term incentives to encourage the purchase of products or services.

Digital Marketing

The practice of promoting products and brands through digital channels, leveraging tools like social media and email.

Public Relations (PR)

The process of building a positive image and maintaining beneficial relationships with the public.

Functional Benefit (Packaging)

The feature of packaging that communicates how a product works or what it does.

Emotional Benefit (Packaging)

The higher need fulfilled by a product's packaging that resonates with customers' feelings or values.