Course Hero Logo

7Ps of Marketing.pdf - Lesson The Marketing Mix (7P’s) in...

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 3 out of 5 pages.

1Marketing Mix is a set of controllable and connected variables that a companygather to satisfy a customer better than its competitor. It is also known as the “Ps” inmarketing. Originally, there were only 4Ps but the model has been continually modifieduntil it became7P’s.The original 4P’sstands forproduct, place, priceandpromotion.Eventually, three elements have been added, namely:people, packagingandpositioningto comprise the 7 P’s.The 7 P’s of MarketingMix1. PRODUCTProductrefers to any goods or services that are produced to meet theconsumers’ wants, tastes and preferences. An example of goods includestires,MP3 players,clothing and etc. Goods can be categorized intobusiness goodsorconsumer goods.2. PLACEPlace represents the location where the buyer and seller exchangegoods or services. It is also called as the distribution channel. It can includeany physical store as well as virtual stores or online shops on the Internet.3. PRICEThe price is a serious component of the marketing mix. What do youthink is the meaning of aPrice?In the narrowest sense,priceis the value of money in exchange for aproduct or service. Generally speaking, thepriceis the amount or value that acustomer gives up to enjoy the benefits of having or using a product or service.The Marketing Mix (7P’s) in Relation tothe Business OpportunityLesson1
24. PROMOTIONPromotionrefers to the complete set of activities, which communicate

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 5 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Summer
Professor
marcos
Tags
Marketing, Brand, employee involvement, Adamson, Kevin Budelmann

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture