4 ps vs 7ps
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Anu Mishra presents on the marketing mix and its 4Ps and 7Ps. The 4Ps include product, price, promotion, and place. Product refers to the goods or services a company offers. Price is what customers pay to obtain the product. Promotion covers advertising and communications to raise awareness. Place involves how the product is distributed and made available to customers. The 7Ps add people, process, and physical evidence. People refers to a company's workforce. Process covers how services are delivered. And physical evidence represents the tangible elements customers experience during service delivery.
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4 ps vs 7ps
- 1. Anu Mishra M.B.A(Finance and Marketing) ,CIA anu.mishranu@gmail.com
- 2. Vs PRESENTED BY : ANU MISHRA MBA PRESENTED BY:ANU MISHRA 2 BU
- 3. 4ps of Marketing Mix CONCEPT BY E.JEROME MC CARTHY PRESENTED BY:ANU MISHRA 3
- 4. 4ps and 7ps 1. Product 2. Price PRESENTED BY:ANU MISHRA 4
- 5. PROMOTION Any form of communication a business or company uses to inform, persuade, or remind people about products and to improve its image PRESENTED BY:ANU MISHRA 5
- 6. 4. Place : Place under marketing mix involves all company activities that make the product available to the targeted customer . 5. 6. 7. PRESENTED BY:ANU MISHRA 6
- 7. 5.People: The human resources in the organization. The most important asset of the organization. 6.Process: This means procedure, mechanism and flow of activities by which a service is acquired .The services includes various process like meeting of customers . 7.Physical Evidence: This is the environment when services is delivered and any tangible goods that facilitate the performance and communication of the service. PRESENTED BY:ANU MISHRA 7
Editor's Notes
- There are many ways to price a product. Let's have a look at some of them and try to understand the best policy/strategy in various situations. Premium pricing, penetration pricing, economy pricing, and price skimming are the four main pricing policies/strategies. They form the bases for the exercise. However there are other important approaches to pricing.Price Skimming:Charge a high price because you have a substantial competitive advantage. However, the advantage is not sustainable. The high price tends to attract new competitors into the market, and the price falls due to increased supply. Manufacturers of digital watches used a skimming approach in the 1970s. Once other manufacturers were tempted into the market and the watches were produced at a lower unit cost and other marketing strategies and pricing approaches are implemented. E.g. mobilinkPenetration Pricing:The price charged for products and services is set artificially low in order to gain market share. Once this is achieved, the price is increased. This approach was used by France Telecom and Sky TV. E.g. telenorPsychological Pricing:This approach is used when the marketer wants the consumer to respond on an emotional, rather than rational basis. For example 'price point perspective' 99 cents not one dollar. Cost-plus pricing:Cost-plus pricing is the simplest pricing method. The firm calculates the cost of producing the product and adds on a percentage (profit) to that price to give the selling price. This method although simple has two flaws; it takes no account of demand and there is no way of determining if potential customers will purchase the product at the calculated price.Price = Cost of Production + Margin of Profit. Loss Leader: Basic Concept In the majority of cases, this pricing strategy is illegal under EU and US Competition rules. No market leader would wish to sell below cost unless this is part of its overall strategy. The idea of selling at a loss may appear to be in the public interest and therefore not often challenged. Only when the leader pushes up prices, it then becomes suspicious.