The 4Ps of marketing, also known as the marketing mix, are the core elements that businesses use to create a comprehensive marketing strategy. The 4Ps are Product, Price, Place, and Promotion. These elements help businesses understand how to position and promote their products or services in the
market effectively.
The 7Ps of marketing is an extension of the traditional 4Ps and includes additional elements that are particularly relevant in service-based industries. The 7Ps are Product, Price, Place, Promotion, People, Process, and Physical Evidence. The People aspect focuses on the employees delivering the service,
Process refers to the service delivery process, and Physical Evidence is the tangible elements that influence customer perception.
A marketing model that stands for Attention, Interest, Desire, and Action. It outlines the four steps a consumer goes through in the purchase decision-making process.
This refers to transactions and interactions that occur between two businesses. In B2B, one business sells products or services to another business. For example, a company selling software solutions to other companies.
This refers to transactions and interactions between a business and individual consumers. In B2C, businesses sell products or services directly to end-users. For example, a retail store selling clothes to individual customers.
The idea that consumers have limited time and cognitive resources to make decisions, leading to simplified decision-making processes and reliance on heuristics.
Brand equity is the perceived value and strength of a brand in the marketplace. It is built through positive customer experiences, brand loyalty, and associations with the brand, leading to increased customer trust and willingness to pay a premium for the brand’s products or services.
This refers to transactions and interactions where individual consumers provide products or services to businesses. In C2B, consumers offer their skills, expertise, or products to meet business needs. For example, a freelance writer providing content for a company’s blog.
This refers to transactions and interactions between individual consumers. In C2C, individuals buy and sell products or services to each other directly. For example, people selling used items on online marketplaces like eBay or Craigslist.
The psychological discomfort experienced by individuals when they hold conflicting beliefs or attitudes. In marketing, it’s relevant when consumers experience post-purchase doubts or regret, which can affect brand loyalty.
A model that outlines the stages consumers go through from initial consideration to the post-purchase experience, highlighting the importance of customer engagement and touchpoints.
This refers to a business model where manufacturers or producers sell their products directly to consumers without using intermediaries like retailers. It allows companies to have more control over their brand and customer experience.