Marketing Mix (8 P’s) & Market Segmentation
Consumers require the right product. This might be an existing product, an adaptation of an existing product or a newly developed one.
The right price is important too. If set too low, then consumers may lose confidence in the product’s quality; if too high, then many will be unable to afford it.
Promotion must be effective – telling consumers about the product’s availability and convincing them that ‘your brand’ is the one to choose. Packaging is often used to reinforce this image.
Place refers to how the product is distributed to the consumer. If it is not available at the right time in the right place, then even the best product in the world will not be bought in the quantities expected.
The processes that a business has in place to satisfy customers’ wants reliably and consistently form an important part of marketing services. For example, banks replacing an out-of-date debit card without the customer having to ask for one.
Selling services successfully requires people who can interact positively with customers and create the correct impression to encourage them to return. This is particularly relevant in the hotel and restaurant industry.
Physical evidence means allowing customers to see for themselves the quality of the service being provided. This will reduce the element of risk in buying a service as opposed to a tangible product. For example, a clean and well-presented reception area in a hotel would raise appropriate expectations in the mind of the customer.
A measure of the efficiency of production. High productivity can lead to greater profits for businesses and greater income for individuals. The control managers in a given organization are tasked with maximizing productivity through process-oriented observations and improvements.
a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries that have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them.
Refers to segment of market including customer, location, region, urban/rural, classification
Refers to segment of market including age, gender, occupation, socio-economic group
Refers to segment of market including rate of usage, benefits sought, loyalty status, readiness to purchase
Refers to segment of market including personality, lifestyles, attitudes and class
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