Marketing Mix and Services Marketing (Video)

Vocabulary flashcards covering key concepts from the lecture notes on the marketing mix and services marketing.

Marketing Mix

The set of actions or tactics a company uses to promote its brand or product; a controllable blend of factors (traditionally Product, Price, Place, and Promotion) to influence consumer purchases.

4Ps

The four traditional elements of the marketing mix: Product, Place, Price, and Promotion.

Product

The item or service offered to satisfy customer needs, including features, design, branding, and packaging.

Place

The channels and locations where a product is distributed and made available to customers.

Promotion

The communications and activities used to inform, persuade, and remind customers about a product.

Price

The amount charged for a product, including pricing strategies and policies.

People

Individuals involved in delivering the product or service, including employees, designers, marketers, managers, and even chatbots.

Packaging

The external presentation of a product, including packaging design, labeling, nutrition facts, branding, and related information.

Perceptual Map

A visual representation of how customers perceive and compare brands or products on various attributes.

Positioning

The place a brand occupies in customers’ minds relative to competitors and how it is distinguished.

Positional Map

A chart that plots brands or products on chosen attributes (e.g., price vs. quality) to gauge competition and opportunities.

High Price

A position on a perceptual map indicating a relatively high price, often linked to premium positioning.

Low Price

A position on a perceptual map indicating a relatively low price, often linked to value or affordability.

High Quality

An attribute indicating superior quality compared to competitors.

Low Quality

An attribute indicating inferior quality relative to competitors.

Service Marketing

Marketing focused on services, emphasizing intangibility and the need for additional considerations beyond the traditional 4Ps.

The 7 Ps of Services Marketing

An expanded marketing mix for services: Product, Price, Promotion, Place, People, Process, and Physical Evidence.

Physical Evidence

Tangible cues of a service (facilities, equipment, signage, uniforms) that help customers evaluate the service.

Process

The sequence of activities through which a service is delivered, including service design, standardization, and customization.

Internal Marketing

Marketing aimed at employees to align them with the brand and improve service delivery.

Service Marketing Mix

The marketing mix tailored for service businesses, incorporating Product, Price, Promotion, Place, People, Process, and Physical Evidence.