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Description
Flashcards by Ashleigh-Jade Jones, updated more than 1 year ago
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Created by Ashleigh-Jade Jones
about 7 years ago
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| Question | Answer |
| Marketing Mix: | the elements of a firm's approach to marketing that enable it to satisfy its customers. Commonly described as the 7P's *A business will use a combination of the 7 P's in order to market its products. |
| 7 P's: (*4 Main) | *-Price *-Product *-Promotion *-Place -People -Process -Physical environment |
| Influences on Marketing Mix: | -financial situation of firm -target market -firm's knowledge of market -stage in life cycle -market forces -consumer tastes/fashions -PED -existing reputation/brand image -impact of technology - |
| Things That Affect The Combination Used: (Definitions of 7 P's) | -Price: the amount of money required for purchase -Product: the item/service you're selling (must match target market demands) -Promotion: the act of publicising a product to make its existence and availability known to the market -Place: the location in which you choose to distribute -People: the staff a company has who come into contact with customers -Process: how the company deals with its customers and delivers the products/service -Physical Environment: the tangible features of the service that can enhance customers' experiences |
| Target Audience: | a particular group of people at which a product or service is aimed (same as target market) |
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