The Marketing Mix (AQA A-Level Business): Flashcards
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Marketing mix definition
Marketing mix definition
Main variables making up a firm's marketing strategy
Original 4Ps of marketing
Original 4Ps of marketing
Product, Price, Place, Promotion
Additional 3Ps (creating 7Ps framework)
Additional 3Ps (creating 7Ps framework)
People, Process, Physical environment
Product element covers
Product element covers
All aspects of what business offers customers
Skimming pricing strategy
Skimming pricing strategy
Starting with high prices then gradually lowering them
Penetration pricing strategy
Penetration pricing strategy
Setting low initial prices to gain market share
Place element focus
Place element focus
Distribution channels & methods to reach customers
Promotion element focus
Promotion element focus
Methods to communicate with & persuade customers
People element importance
People element importance
Employees & interactions impact marketing (key for services)
Physical environment element
Physical environment element
Tangible aspects of where service delivered/product sold