Question

1. Describe briefly the 7 P's of the marketing strategy. Do you consider it an important component of a Business Plan?

2. What is a market referred to as? Explain briefly. No more than 2 lines.

3. What are the 3 attributes of a viable market?

Answer 1

1):-Product : - under this always researching wants & developing products with desired characteristics
3):-Place (/distribution): - under this always ready to making products available in desired quantities while keeping inventory, transport and storage costs as low as possible
3) :-Promotion :- under this making marketing communications strong ; continualy informing customers, has become more important with advent of C2C communications

4):-Price : - always try to establishing efficient pricing policies and determining prices; often used as price as competitive tool because it can help in establish image
5) :-People : - people are the real king of whole market so always ready to provide customer service & interface with customers and facilitates distribution, sale & service

6):-Packaging:- it is refer to the way our product or service appear from outside in the market .

7):-Positioning: under this we have to think continuously how to make position in the heart and in mind of our customers

Yes, they all are important components in business plan.

2) :-Market refers to as the activity, a set of institutions, and the process of creating,

It is communicating, delivering, exchanging and offerings that have value for customers, clients, partners, and society at large