MARKETING MIX 7Ps
Tailored Strategy
customizing products for each segment
Price
determines the value of a good or service to the buyers even to the sellers
Pricing Strategy
determining the right price the following factors must be considered
Brokers
distributors who buy directly from distributor or wholesaler and sell to retailers or end users
Convenience
easy to carry
Positioning
firm differentiates their product or service from those of the competitors
Competitive Pricing
pricing calls for price-setting on the basis of prices charged by competitors
PRIDE
provide a pleasant working environment recognize, reward, and reinforce the good behavior involve and participate in the acitivities and programs develop skills and attitude evaluate and measure performance
Original Equipment Manufacturer
selling a manufactured product and which is later sold as a finished product to the end user
Physical evidence
serivce delivered and any tangible goods that facilitate the performance and communication of service
Depth Strategy
serving one segment with multiple products
Marketing Mix (7P's)
set of marketing tools that the firm uses to pursue its marketing objectives in the target market.
Packaging
the activities of designing and producing the container or wrapper for a product
Promotional Mix
the combination of promotional tools—including advertising, public relations, personal selling, sales promotion, and social media—used to reach the target market and fulfill the organization's overall goals
Sales promotion
used to support the sales message like special sales, coupons, contests, premium awrds, trade-in among others
Manufacturer's representative
wholesaler employed by one or several producers and paid on comission basis according to quantity sold.
Size
wieight, limit, minimum order quantity.
Protection
package give ample protection to the product
Promotion
Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response
Demand Pricing
a range acceptable to the target market is determind
Advertising Aspects
a) Advertising Budget b) Positioning message c) First Year media schedule
Personal Sales
a) Pricing procedures b) Rules on returns and adjustments c) Methods of sales presentations d) Policies on cutomer services e) Compensation of salesman f) Responsibilities of the salesman
Process
activities that results in delivery of the product benefits
Public Relations
building good relations with the company's various publics by obtaining favorable publicity, building up a good corporate image, and handling or heading off unfavorable rumors, stories, and events
Display value
can attract customers
Wholesalers
channel members that sell to retailers or other agents for further distribution through the channel until they reach to final users
Direct Sale
company/firm plans are to move goods directly to the ultimate users
Market pricing
cost-oriented pricing in which the firm sets prices by adding per-unit marchandise costs ,operating expenses, and desired profit.
Cost Plus pricing
covers all costs, variable cost and fixed, plus an extra increment to deliver profit
Direct mail
includes printed materials used in a targeted campaign to consumers
Networking
involves socioeconomic business activity by which entrepreneurs and business people meet to forms business relationhips to recognize, create or act upon business opportunities, share informations and seek potential partners for business ventures.
Product
is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.
Breadth Strategy
is reaching multiple segments with a single product
Cost
it should be cost-efficient
Place
making the right quantities and locations where customers want them.
People
marketing entails at cultivating the attention, interest and preferences of the target market towards a celebrity or authority figure
Retailers
one who sell directly to customers in the store