Marketing The 7 p’s
Marketing – the process of
developing a product that meets Marketing mix: 1) Place
customer needs 2) Promotion
- Price (offer good value for 3) Price
money) 4) People
Aim: The goal of the business. - Convenience (offer e- 5) Product
commerce payment, customer 6) Packaging
Objectives: The achievements service and have an app) 7) Processes
needed to meet the aim. - Choice (offer a variety of
products) All 7p’s are interdependent on
Strategy: How the business will
- Quality (produce products from each other to ensure the
work towards its aim. It’s direction.
good quality materials) business functions.
N M
Mass V Niche Mass Marketing:
I
Disadvantages: Disadvantages:
A
The attempt to
Market create products that
C Market entry is difficult Changes in S
H customer S
have universal E High price low profit
Market: The market demand
appeal and are
for a product is made Advantage:
likely to be bought Lots of
up of existing and M M
by the whole competition
potential customers, A Specialist skill / A
market.
who want or need a R knowledge Advantages: R
product and can Niche Marketing: K K
E Targets customers High revenue E
purchase it. The attempt to
T specifically T
create product for a Brand awareness
, Market share vs Market Size Branding
Market Size: Market Share: Brand: The
o Encompasses the total number of identity and
o The proportion of the market
consumers/potential buyers within controlled/owned by a business. values of a
a specific market segment. business,
o It shows how the market is divided
o Measured in terms of annual between the existing competitors. presented through
revenue or volume of sales sold. its name, logo and
o Enables businesses to allocate an Increase market share by: strapline.
appropriate budget for marketing
efforts to reach into new customer Innovation Branding: The
bases.
Customer satisfaction
Factors affecting market Dynamic
Marketing and advertising
size: market
Competitive pricing
Seasonal fluctuation Dynamic
o Shown as a percentage.
Government policies market – a
o Calculated: (sales of a business / market that is
Changes in consumer
total sales in the market) x 100. constantly
demographics
changing,
o Calculated by the total sales of all
businesses
Market Size: The value of a market in terms The Competition and Markets operating in
revenue. Authority is a regulator of business dynamic markets
competition in the UK.
Market Share: The proportion of the market need to adapt
controlled, or owned, by one business. easily to change.
Marketing – the process of
developing a product that meets Marketing mix: 1) Place
customer needs 2) Promotion
- Price (offer good value for 3) Price
money) 4) People
Aim: The goal of the business. - Convenience (offer e- 5) Product
commerce payment, customer 6) Packaging
Objectives: The achievements service and have an app) 7) Processes
needed to meet the aim. - Choice (offer a variety of
products) All 7p’s are interdependent on
Strategy: How the business will
- Quality (produce products from each other to ensure the
work towards its aim. It’s direction.
good quality materials) business functions.
N M
Mass V Niche Mass Marketing:
I
Disadvantages: Disadvantages:
A
The attempt to
Market create products that
C Market entry is difficult Changes in S
H customer S
have universal E High price low profit
Market: The market demand
appeal and are
for a product is made Advantage:
likely to be bought Lots of
up of existing and M M
by the whole competition
potential customers, A Specialist skill / A
market.
who want or need a R knowledge Advantages: R
product and can Niche Marketing: K K
E Targets customers High revenue E
purchase it. The attempt to
T specifically T
create product for a Brand awareness
, Market share vs Market Size Branding
Market Size: Market Share: Brand: The
o Encompasses the total number of identity and
o The proportion of the market
consumers/potential buyers within controlled/owned by a business. values of a
a specific market segment. business,
o It shows how the market is divided
o Measured in terms of annual between the existing competitors. presented through
revenue or volume of sales sold. its name, logo and
o Enables businesses to allocate an Increase market share by: strapline.
appropriate budget for marketing
efforts to reach into new customer Innovation Branding: The
bases.
Customer satisfaction
Factors affecting market Dynamic
Marketing and advertising
size: market
Competitive pricing
Seasonal fluctuation Dynamic
o Shown as a percentage.
Government policies market – a
o Calculated: (sales of a business / market that is
Changes in consumer
total sales in the market) x 100. constantly
demographics
changing,
o Calculated by the total sales of all
businesses
Market Size: The value of a market in terms The Competition and Markets operating in
revenue. Authority is a regulator of business dynamic markets
competition in the UK.
Market Share: The proportion of the market need to adapt
controlled, or owned, by one business. easily to change.
