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PRODUCT
refers to any goods or services that are produced to meet the consumers’ wants, tastes and preferences. An example of goods includes tires, MP3 players, clothing and etc. Goods can be categorized into business goods or consumer goods. A buyer of consumer goods may not have thorough knowledge of the goods he buys and uses. An example of services includes hair salons and accounting firms. Services can be divided into consumer services, such as hair styling or professional services, such as engineering and accounting.
Place
represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.
PRICE
It is the value of money in exchange for a product or service.
penetration pricing
It is when the price charged for products and services is set artificially low in order to gain market share. Once this is attained, the price can be higher than before.
PROMOTION
refers to the complete set of activities, which communicate the product, brand or service to the user. The idea is to attract people to buy your product over others. Advertising, Personal Selling, Sales Promotion, Direct Marketing, and Social Media are examples of promotion.
PEOPLE
Your team, a staff that makes it happen for you, your audience, and your advertisers are the people in marketing. This consists of each person who is involved in the product or service whether directly or indirectly.
___________ are the ultimate marketing strategy. They sell and push the product. People are one of the most important elements of the marketing mix today. This is because of the remarkable rise of the services industry. Products are being sold through retail channels today. If the retail channels are not handled with the right people, the product will not be sold. Services must be first class nowadays. The people rendering the service must be competent and skilled enough so that that the clients will patronize your service.
Therefore, the right people are essential in marketing mix in the current marketing scenario.
PACKAGING
refers to the outside appearance of a product and how it is presented to the customers. The best packaging should be attractive enough and cost efficient for the customers. Packaging is highly functional. It is for protection, containment, information, utility of use and promotion.
POSITIONING
When a company presents a product or service in a way that is different from the competitors, they are said to be “__________” it. ________ refers to a process used by marketers to create an image in the minds of a target market.
Solid __________ will allow a single product to attract different customers for not the same reasons. For example, two people are interested in buying a phone; one wants a phone that is cheaper in price and fashionable while the other buyer is looking for a phone that is durable and has longer battery life and yet they buy the same exact phone.
Marketing Mix
It is a set of controllable and connected variables that a company gather to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing. Originally, there were only 4Ps but the model has been continually modified until it became 7P’s. The original 4 P’s stands for product, place, price and promotion. Eventually, three elements have been added, namely: people, packaging and positioning to comprise the 7 P’s.
