The 7 P's
Refers to the channels and methods used to make the product or service available to the target customers.
What is Place?
Product, price, people, promotion, place, process, and physical environment.
What are the 7P's of the Marketing Mix?
States that businesses must satisfy the needs and wants of their customers to compete in the marketplace.
What is the Marketing Concept?
Selling a product in a retail store.
What is Place?
What are the 4P's of the Marketing Mix?
The actual goods or services that a company offers to its customers.
What is Product?
It helps businesses customize their products and services according to their customers needs and preferences.
Why is the Marketing Mix important?
Includes professional development, economics, business management entrepreneurship, and communication and interpersonal skills.
What are the 4 Foundations of Marketing?
Using a social media platform to connect with you audience.
What is Promotion?
$724
What is Price?
The activities that a company engages in to make their customers aware of the product. Helps persuade their customers to buy.
What is Promotion?
A mix of variables that marketers control to influence a business' success.
What is the Marketing Mix?
Includes pricing, promotion, product/service management, financing, selling, marketing information management, and distribution.
What are the 7 Pillars of Marketing?
The receptionist and concierge at the hotel.
What is People?
Customers will become repeat buyers.
Why is customer satisfaction important?
A set of procedures and activities involved in delivering the product or service to the customer.
What is Process?
They should be balanced to meet the needs of the target customers.
Which P is most important?
Customer analysis, product development, pricing, and branding.
What are the Marketing Strategies under the Marketing Concept?
The kitchen staff receives the order and begins preparing the food.
What is Process?
Commitment to market research and customer feedback, adapting to market changes, and a balance of all the elements.
How do the Marketing Mix and the Marketing Concept align?
Elements that customers can see, touch, or experience. Provides visual or sensory cues about the quality of the service being offered.
What is Physical Environment?
Why is the Marketing Mix important?
Customer satisfaction is most important. The marketing concept involves a switch from a product-centered approach.
What is Customer-Centered?
When guests enter the hotel, they are greeted by a luxurious lobby.
What is Physical Environment?
To better accommodate the complexities and nuances of modern marketing environments.
What is the purpose of the extended Marketing Mix (extra 3P's)?