The 7 Ps of Marketing (VCE SSCE Business Management): Flashcards
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The 7 Ps of marketing
The 7 Ps of marketing
Product, Price, Place, Promotion, People, Physical evidence, Process
% of business value from strong brand
% of business value from strong brand
50-70% of total business value
Penetration pricing strategy
Penetration pricing strategy
Prices lower than competitors to encourage customer trial
Skimming pricing strategy
Skimming pricing strategy
High prices for premium products to 'skim' cream of market
Price elastic products
Price elastic products
Significant demand change when prices change (non-essentials)
Direct distribution channel
Direct distribution channel
Manufacturer sells to customers without intermediaries
Logistics in marketing
Logistics in marketing
Planning/organising transport, warehousing & storage of goods
Sales promotion
Sales promotion
Techniques enticing customers with economic advantages
Physical evidence in marketing
Physical evidence in marketing
Tangible elements showing service performance & environment
Ambient conditions
Ambient conditions
Temperature, smell, sound, colour, music, noise in service setting