Market demand, buyer perception and ultimately the business’s profit. Businesses typically use one of the following three pricing strategies to price their products/services: – pricing based on production costs; – value-based pricing: setting prices based on the buyer’s perception of value rather than actual cost; – competitive pricing: set prices according to competitors’ prices. 3. Distribution it includes the distribution channels that a business uses to get its products to customers.
There are two main types of distribution channels
direct and indirect distribution: – direct distribution : businesses sell products directly to customers without involving any intermediaries. – indirect distribution : businesses combine with individuals or organizations such as manufacturers, agents, wholesalers, retailers to form a distribution network. Businesses can also choose one of four popular distribution strategies, which are: – intensive distribution : businesses try to distribute their products to all distribution intermediaries. This strategy helps businesses cover as many markets as possible.
selective distribution a business uses
a certain number of stores in a specific geographical area to sell its products. Zara, adidas,… – exclusive distribution : the business has only one distributor in a specific geographical area. For example, lamborghini. – franchise system : small businesses buy ownership rights from large businesses to distribute products and services. Mcdonald’s, trung nguyen, the alley,.
Promotion promotion includes
all the marketing communication efforts that a business undertakes to promote its products to its target audience. Each business can choose some or all of the office 365 database following 5 promotional tools: – advertising : calling public attention to a business’s products through paid announcements on offline and online channels. – public relations : using the press to build a good image in the eyes of the public. – personal selling : using person-to-person interaction to influence customers’ purchasing decisions.
Promotion use short-term incentives
stimulate consumer demand. – direct marketing : telemarketing, email marketing,… The main objective of sales promotion is to provide information about the offering to potential customers to arouse their interest in the product and thereby persuade them to buy it. 7p in marketing there are also career opportunities here mix in addition to the 4 elements mentioned above in the 4ps, three other elements have been added in the extended marketing mix that creates the 7p concept in marketing, which are: – people / people : human resources help businesses provide services to target audiences.
The series of actions involved
in providing service to customers. – physical evidence / physical evidence : the tangible elements surrounding the product and the physical environment where the product or service is provided to the customer. Specifically: 1. People a company’s human resources form an important part buy lead of the extended marketing mix because they are the key to delivering the product to the target market. People include all employees involved in the marketing and sales process, which could be: – personnel responsible for providing services; – personnel represent the company and convey.