The Marketing Mix (7Ps)


Nationals Business (Unit 2: Marketing and Operations) Mind Map on The Marketing Mix (7Ps), created by hiyakirstin on 01/21/2015.
Mind Map by hiyakirstin, updated more than 1 year ago
Created by hiyakirstin almost 9 years ago

Resource summary

The Marketing Mix (7Ps)
  1. Price
    1. Amount of money received by a company for their product
      1. Importance
        1. Has to be set at a level customers are willing to pay
          1. Has to cover costs while making a profit
            1. Consumers use price as a measure of quality - high price may infer a higher quality
            2. Alter to Enhance Effectiveness
              1. Decrease - compete better with competitors, sales could increase if it's more affordable
                1. Increase - produce may appear more exclusive and sales revenue could increase
              2. Product
                1. The product or service offered to the customer
                  1. Importance
                    1. The product must be in demand by consumers, otherwise they will not buy it
                    2. Alter to Enhance Effectiveness
                      1. Improve the apperance
                        1. Introduce whole new product range
                          1. Expand product range by introducing new variations
                            1. Improving the product will retain existing customers and attract new customers
                          2. Place
                            1. How the product is taken from supplier to customer, e.g. direct, through wholesalers etc.
                              1. Importance
                                1. Consumers should be able to purchase products where they expect to see them
                                2. Alter to Enhance Effectivenss
                                  1. Changing where the product is sold could encourage more people to buy e.g. on-line, mail order etc.
                                3. Promotion
                                  1. How a business communicates with its customers and makes them aware of their product/service and encourages them to buy
                                    1. Importance
                                      1. It creates consumer awareness and encourages them to buy
                                      2. Alter to Enhance Effectiveness
                                        1. Introduce advertising
                                          1. Introduce offers e.g. BOGOF
                                            1. Free samples
                                              1. Money off coupons
                                            2. Physical Environment (Evidence)
                                              1. The ambience, mood or physical presentation of the environment
                                                1. Importance
                                                  1. Published customer feedback can reinforce the businesses claims of good service
                                                    1. Surroundings may convince customer to purchase - true of services as there are no physical attributes to a service (at end of service - there will be an outcome)
                                                    2. Alter to Enhance Effectiveness
                                                      1. Buildings, equipment, signs, logos, brochures, websites, uniforms etc. can all be enhanced to encourage purchases
                                                        1. Encourage customers to leave feedback following any purchase - can be printed on promotional literature etc.
                                                      2. People
                                                        1. Anyone who comes into contact with the customers - can have a positive or negative effect
                                                          1. Importance
                                                            1. Customer experience will leave a lasting impact - inefficient employees will create a bad reputation, lower sales & profits etc.
                                                            2. Alter to Enhance Effectiveness
                                                              1. (Corporate Culture) staff should be well trained, knowledgeable about areas of their work, and have good customer service skills
                                                                1. (Corporate Culture) Good service offered to customers is rewarded e.g. service awards, staff newsletters etc.
                                                              2. Process
                                                                1. The procedures, mechanisms and flow of activities involved in giving the service to the consumer
                                                                  1. Importance
                                                                    1. Following procedures ensures that a consistent level of service is maintained - customers have a good experience
                                                                    2. Alter to Enhance Effectiveness
                                                                      1. Procedures should be developed in relation to greetings, waiting periods, booking systems etc. - increase in customer satisfaction
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