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Terms in this set (48)

Frameworks include the 4 Ps, 5 Ps, 6 Ps and 7 Ps.

Product: bundle of attributes that when exchanged have value for customers, clients or society. Can be a good, a service, an idea or a person. Cater to needs and wants. Needs are day-to-day survival requirements, while wants are desired but not required for survival.

Price: amount of money a business demands in exchange for its offerings. A complex marketing decision which must account for production, communication and distribution costs, required probability, partners' requirements, competitors' prices and customers' willingness to pay. Marketers must understand the relationship between price and quality.

Distribution (place): the means of making the offering available to the target market at the right time and place while managing the costs of making the products available. Many businesses sell directly to the public, but distribution usually also involves partners such as wholesalers and retailers.

Promotion: the marketing activities that make potential customers, partners and society aware of and attracted to the benefits of a business's products. The product might be already established, modified, new, or information designed to persuade. Promotional activities include advertising, direct selling, sales promotions and loyalty schemes.

People: all the people that may come into contact with the customer and affect their experience of the product. The people must be managed to maximise value for the customer.

Process: the systems used to create, communicate, deliver and exchange an offering.

Physical evidence: the tangible cues and physical environment a marketer can provide to help potential customers evaluate service quality.