Search results for: 7Ps of Marketing
WeWork marketing mix (WeWork 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in WeWork Marketing Mix (WeWork 7Ps of Marketing) WeWork offers the following three products and services: Space as a service. Coworking space for small to medium sized businesses and flexible space solutions for enterprise companies. WeWork access. Workspaces around the world by the hour, day, or month through monthly subscription All Access product or pay-as-you-go On Demand product. Services within access category are similar to a gym membership model in a way that membership sales are not limited by the desk capacity within premises. WeWork Workplace. Workspace management software solution. It is software for landlords for online booking of desks, offices, collaboration hubs, and meeting rooms, in addition to providing meaningful utilization analytics, and helping to optimize space across assets. Place Element in WeWork Marketing Mix (WeWork 7Ps of Marketing) The co-working giant has a network of 756 locations in 38 countries, including 277 locations in the US as of December 2021. Customers can find information regarding the address of each location on company’s website and purchase WeWork products and services in any of these locations. Furthermore, customers can book flexible workspace using WeWork app at a time and place that is convenient to them. Price Element in WeWork Marketing Mix (WeWork 7Ps of Marketing) WeWork pricing strategy includes the following elements: Flexible pricing. The co-working giant applies a wide range of pricing options such as daily pay-as-you-go, as well as, monthly and yearly membership fees. Global flexible workspace provider can also offer custom payment plan for its large enterprise customers. Geographical pricing. As mentioned the workspace provider operates in 38 countries and prices vary in each country to…
Marketing mix, also known as 7Ps of marketing includes individual marketing elements that form overall offer to customers. The concept was developed by marketing professor E. Jerome McCarthy and originally published in his book Basic Marketing. A Managerial Approach in 1960.[1] Initially the concept consisted of 4 Ps – product, place, price and promotion. As the field of marketing became more sophisticated additional 3 Ps – people, process and physical evidence were added by Bitner and Booms[2]. The additional 3Ps are also called ‘service mix Ps’, because they integrate important aspects of services into the marketing mix concept. Furthermore, in 2007 Larry Londre introduced another 2Ps – Partners/Strategic Alliances and Presentation. However, this latest addition has not been widely accepted among marketing researchers and practitioners, thus here we will stick to 7Ps of marketing. Marketing mix is a useful tool to tailor your products and services to the needs and wants of the target customer segment, but it is not a one-stop-shop for developing a comprehensive marketing strategy. A successful marketing strategy needs to address a range of other frameworks such as segmentation targeting and positioning, marketing communication mix and others. Product Element in 7Ps of Marketing Product or a service is the starting point in the marketing mix. Companies need to take into account the following variables, among others when developing new products: In what type of packaging is the product offered? Are products offered in various colours sizes etc.? What design and technical features differentiate the product in the competition? Are products durable and robust enough to appeal to the needs and wants of the target customer segment? What are the levels of quality and functional performance? Can he product be customized to individual users? Is the product easy to use and maintain? Is the product upgraded regularly? Place…
Starbucks 7Ps of marketing comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence as discussed below in more details. Product Element in Starbucks Marketing Mix (Starbucks 7Ps of Marketing) Starbucks sells coffee, tea and other beverages and a variety of fresh food items, including snack. In addition to its flagship Starbucks Coffee brand, the company sells products and services under the following brands: Teavana, Seattle’s Best Coffee, Evolution Fresh, Ethos, Starbucks Reserve and Princi. The global coffeehouse chain also sells merchandise products such as coffee- and tea-brewing equipment, Verismo® System by Starbucks, mugs and accessories, packaged goods, books and gifts. Starbucks products are known for high quality. Coffee is the main product sold by company and it sells more than 30 blends and single-origin premium coffees. Place Element in Starbucks Marketing Mix (Starbucks 7Ps of Marketing) Starbucks operates in 84 markets globally and its products can be purchased from the following places: 1. Company-operated stores. There were 17133 company-operated stores, which accounts for about 51% of total numbers of stores by the end of fiscal 2021.[1] Almost all company-operated stores are leased. Starbucks company-operated stores are usually located at high-traffic, high-visibility locations 2. Licensed stores. There were 16700 licensed Starbucks stores by the end of fiscal year 2021, representing about 49% of total numbers of stores.[2] The world’s largest coffeehouse chain offers customers the possibility to order online or through mobile app. Customers can explore the menu, customize their order according to their tastes and preferences and find nearest store location to collect their order. 3. Grocery and foodservice accounts. The world’s largest coffee retailer also sells its products via global leading supermarket chains such as Walmart, Tesco, Sainsbury’s and others. Only the most popular products such as Starbucks Espresso…
IKEA 7Ps of marketing comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. The furniture retailer places greater emphasis on the price element of the marketing mix over other elements due to cost advantage business strategy it pursues. Product Element in IKEA Marketing Mix There are nearly 12000 products across IKEA range and the company renews its product range annually. The company develops approximately 2000 new products each year. IKEA products are designed by its in-house, as well as, contracted designers. IKEA promotes the idea of democratic design. The furniture maker adheres to the following five dimensions of democratic design: form, quality, function, sustainability and low price. IKEA products are associated with no-frills simplicity to sustain its cost leadership business strategy. Furthermore, some of IKEA products such as furniture are not assembled and ready to use by customer. Instead, the retail giant prefers to sell large furniture items as flat pack and customers have to assemble furniture themselves according to clear guidelines and illustrative instructions supplied by the company. Selling products in flat pack form immensely contributes to cost leadership business strategy because it is much cheaper to transport and store flat packs than ready assembled items. Place Element in IKEA 7Ps of Marketing IKEA has 11 franchisees operating in more than 500 locations in 63 countries.[1] The Swedish furniture chain promotes itself as a multi-channel retailer effectively integrating online and offline sales channels. Currently IKEA is concentrating on smaller city-centre stores and planning studios for kitchens, as the world’s largest furniture retailer tries to decrease its dependence on selling only through giant out-of-town warehouses. Price Element in IKEA Marketing Mix IKEA pricing strategy integrates the following: 1. Cost leadership. Competitive costs are placed at the core of…
McDonald’s 7Ps of marketing comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in McDonald’s Marketing Mix (McDonald’s 7Ps of Marketing) McDonald’s restaurants offer a substantially uniform menu, although there are geographic variations to suit local consumer preferences and tastes. The fast food chain sells a wide range of fast food products such as hamburgers and cheeseburgers, Big Mac, Quarter Pounder with Cheese, Filet-O-Fish, several chicken sandwiches, Chicken McNuggets, wraps and french fries. The company also offers salads, oatmeal, shakes, McFlurry desserts, sundaes, soft serve cones, pies, soft drinks, coffee, McCafé beverages and other beverages.[1]Although, the company has long announced its pledge to increase the nutritional value of its meals, McDonald’s foods widely remain to be perceived as unhealthy. Place Element in McDonald’s Marketing Mix (McDonald’s 7Ps of Marketing) There are 40,031 McDonald’s restaurants in 119 countries.[2] As of December 2021 in total 37,295 stores, or 93%, were franchised. According to its aggressive expansion business strategy, the company aims to establish its presence in urban, as well as, in rural areas. The company states that “McDonald’s looks for the best locations within the marketplace to provide our customers with convenience. We build quality restaurants in neighbourhoods as well as airports, malls, tollways, and colleges at a value to our customers”.[3]. Generally, major fast food restaurants tend to cluster and in most locations, where there is a McDonald’s, there is also a Burger King right across the street.[4] Price Element in McDonald’s Marketing Mix (McDonald’s 7Ps of Marketing) McDonald’s pricing strategy comprises the following: 1. Economy pricing. McDonald’s follows cost leadership business strategy and accordingly, its foods and drinks are offered for competitive prices. The fast food chain offers customers the possibility to dine for a fraction of costs that are charged…
Amazon marketing mix (Amazon 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in Amazon Marketing Mix (AMAZON 7Ps of Marketing) Amazon products can be divided into the following four categories: 1. Amazon websites that enable hundreds of millions of products to be sold by Amazon and by third parties across dozens of product categories. Due to the abundance of ranges of products it sells, Amazon has gained the moniker The Everything Store. In 2020 third party sellers made a profit of minimum USD 25 billion.[1] There are more than 200 million Paid Prime members.[2] 2. Electronic devices such as Kindle e-readers, Fire tablets, Fire TVs, and Echo. In 2020, customers bought tens of millions of Echo devices, and Echo Dot and Fire TV Stick with Alexa.[3] There are more than 100 million smart home devices connected to Alexa.[4] 3. Media content. An extensive range of products and services, including cloud-based services that can be used to produce content. The e-commerce giant is planning to increase the range and variety of its media content products. According to new CEO Andy Jassy it is still early days for Amazon in the media.[5] The company has reached a deal to acquire US historic movie studio MGM for USD 8,5 billion[6], as a sign of increasing focus on the media business. 4. Amazon Web Services (AWS). This segment offers a wide range of global compute, storage, database, and other service offerings. AWS serves developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions. The e-commerce giant also completed the acquisition of Whole Foods Market in 2017. Place Element in Amazon Marketing Mix (AMAZON 7Ps of Marketing) Traditionally, Amazon didn’t have physical stores and the…
Square marketing mix (Square 7Ps of marketing) comprises elements of the marketing mix that managers can review and optimise in order to increase their revenues. The original 4Ps of the concept introduced by E. Jerome McCarthy in 1960 consisted of product, price, place and promotion. Later, additional 3Ps – process, people and physical evidence were added to further expand the model. Product Element in Square Marketing Mix (Square 7Ps of Marketing) Square offers financial products and services for small businesses, as well as, consumers. The company offers more than 30 distinct products and services to sellers that help them manage and grow their business. These include but not limited to Point of Sale (POS) systems, bank card readers, terminals, register and others. Cash App, on the other hand is an ecosystem of financial services that allows individuals to store, send, receive, spend, and invest their money. As of December 2019, Cash App had approximately 24 million monthly active customers who had at least one cash inflow or outflow during a given month.[1] The financial services and digital payments company is engaged extensively in development of new products and services to strengthen its ecosystem. Product development expenses for the year ended December 31, 2019, increased by USD173.1 million, or 35%, compared to the year ended December 31, 2018.[2] Place Element in Square Marketing Mix (Square 7Ps of Marketing) Place element of marketing mix refers to distribution strategies of products and services. Square distributes its products and services through the following channels: Online store in official website of the company Direct sales and account management teams to acquire large sellers Third-party developers and partners who offer Square solutions to their own customers. Price Element in Square Marketing Mix (Square 7Ps of Marketing) Square monetizes its products through a combination…
Uber marketing mix (Uber 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in Uber Marketing Mix (Uber 7PS of Marketing) Uber is a service company and it does not sell products. Uber has clear advantages over regular taxi. These include clear overview of pricing prior to booking, one-tap rides, following drivers on map, cashless convenience and fare splitting, as well as feedback options. The range of services offered by Uber with brief descriptions is illustrated in table below: Service Descrption X Low cost option for the passengers looking for low cost rides for up to 4 riders XL Low cost option for the passengers looking for low cost rides for up to 6 riders Pool Car sharing: riders can bring one other person with them, thus saving on travel costs GO Ride in a hatchback Comfort Newer cars with extra legroom Flash Match with closest Uber Taxi or UberX AUTO Ride in Auto rickshaws, currently available in Bangalore and Pune only Access Taxi service with wheelchair access to cater to the need of elderly and people with disabilities. MOTO Booking bike rides around the city Premium A fleet of stylish vehicles to choose from. Uber Premium comprises Uber SELECT, Uber BLACK, Uber SUV and Uber LUX Green Sustainable rides in electric vehicles Scooters Electric scooters to help people to get around a city Transit Real-time public transit information in the Uber app WAV Rides in wheelchair-accessible vehicles RUSH Courier Package Service EATS Allows customers to order food on the go Uber services and descriptions Place Element in Uber Marketing Mix (Uber 7PS of Marketing) Uber is available in 71 countries around the globe.[1] The service has a high level of geographic concentration. In…
Tesla marketing mix (Tesla 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in Tesla Marketing Mix (Tesla 7Ps of Marketing) Tesla produces fully electric vehicles, and energy generation and storage systems, and also installs and maintains such systems and sells solar electricity. Tesla product positioning is associated with the idea that electric cars can also be fast and cool. The company also runs Supercharger power stations that can be used by customers to charge their vehicles on the road. A typical Supercharge station has between six and twenty Superchargers. Table 3 below lists Tesla product categories and products within categories. Product category Products Vehicles Model S, Model X, Model 3, Future Consumer and Commercial Evs Energy storage Powerwall 2, Powerpack 2 Solar energy systems solar panels, inverters, racking, electrical hardware, monitoring device Tesla product categories and products Tesla produced and delivered approximately half a million vehicles in 2020.[1] The alternative fuel vehicles manufacturer updated Model S and Model X launched in January 2021. Place Element in Tesla Marketing Mix (Tesla 7Ps of Marketing) Tesla sells its vehicles through its own sales and service network. Tesla stores and galleries are highly visible, premium outlets in major metropolitan markets. Some Tesla stores and galleries combine retail sales and service. Tesla sells its vehicles online and in company-owned showrooms. The company does not use dealership networks to sell its products. The electric automaker operates stores and galleries in the US and 35 other countries and regions worldwide. Official website of the company contains the full list of Tesla stores, galleries, service centres and superchargers. Price Element in Tesla Marketing Mix (Tesla 7Ps of Marketing) Tesla pricing strategy can be described as a premium pricing strategy. Tesla…
Apple marketing mix (Apple’s 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Product Element in Apple Marketing Mix (Apple 7Ps of Marketing) In 2010, before he became chief executive officer, Tim Cook claimed that Apple’s all products could fit on a single table. At that time the multinational technology company produced only 14 products.[1] It is different now. It has been noted that “no longer do the barista and the corporate executive use the same iPhone — today, there are high-end models, consumer models, and a long line of old products the company keeps around to fill every niche and price point.”[2] Today, Apple designs, manufactures and sells technological devices such as IPhone smartphones, IPad tablets, Mac desktop and portable personal computers and iPod digital music and media players. Moreover, the company generates revenues via iTunes and the iTunes Store, Mac App Store, iCloud and Apple Pay. Apple also develops iOS and OS X operating system software and a range of application software such as iLife and iWork. Lastly, Apple Corporation designs, manufactures and sells own and third-party Mac-compatible and iOS-compatible accessories, including Apple TV, headphones, cases, displays, storage devices and various other connectivity and computing products and supplies[3]. Apple also sells third-party digital content and applications through iTunes Store®, App Store®, Mac App Store, TV App Store, iBooks Store™ and Apple Music®. Table 1 below illustrates the full range of Apple products, their brief descriptions and additions in 2020: Product Categories Description Additions in 2020 iPhone A line of smartphones based on iOS operating system iPhone SE, iPhone 12, iPhone 12 Pro, iPhone 12 Pro Max, iPhone 12 mini Mac A line of personal computers based on macOS operating system 16-inch MacBook Pro, 13-inch MacBook Pro, 27-inch iMac iPad…