Marketing Mix

Marketing mix - the 7 P's of marketing


Product - most products are services and paying for the service for example car insurance or a washing machine. Parts of the product include the Introduction then growth, maturity and then the decline of the product.
Price - cost based pricing which means the cost of the product to make and the profit they want. it is also what the customer is prepared to pay for the product. there is a term called market skimming where they price the product quite expensive making people think it is a quality product and will be prepared to pay for the quality.
Place - how to bring the product to the customer. channels of distribution such as intermiederies sell through the wholesaler.
Promotion

3 extra P's are:
People
process
physical evidence