Variance in consumption characteristics between different geographic markets: In this case, it particularly refers to the products that can be remodeled into digital forms including movies, music, books and other publishing etc.
Families — positions the chain as one which is family oriented and warm, where the customer feels at home in the middle of a busy day.
The second P covers any pricing issues related to the product. Pricing strategies and tactics see also: On this day the 7-Eleven stores offers free Slurpee from any of its stores.
The marketing values in this alternative are quality and prestige. The insights we gained included the following examples: The main products that fit this alternative are health products, fresh food, health shakes, vitamins, etc.
The reason for increased pricing for its private labelled products is simply because these product are liked by its customers and are exclusively available at 7-Eleven stores only. Lastly, Convenience is similar to place, but has expanded from the usual brick-and-mortar store.
Marketers should strategically place the products in several visible distribution points. Most of the 7-Eleven stores operate 24 hours a day, 7 days a week. However, in a world in which the emotional bond between the customer, the brand, and the brand experience is pivotal, it is vital to generate positive feelings and associations with the brand.
In order to better serve its customers, the 7-Eleven company has come up with 7-Eleven mobile app which caters to the needs to internet friendly generation of customers. One trend, which has a huge impact on consumption, is the growing importance of physical and mental health throughout the world and the consequent focus on early prevention of disease.
When is the best time to promote your product? The marketing strategy The main purpose of formulating a marketing strategy was to maximize the business performance of the convenience store chain. The sales staff plays a very important role in public relations and word of mouth.
The 7 Cs also include numerous strategies for product development, distribution, and pricing, while assuming that consumers want two-way communications with companies. In contemporary times, there seems to be a shift in focus offline to the online world.
Cost — According to Lauterborn, price is not the only cost incurred when purchasing a product. Digital Marketing Mix[ edit ] Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect.
The importance of convenience stores has risen in recent years; with rising energy prices and eroding fuel margins, energy firms have come to realize that convenience stores have the potential to provide greater profitability by attracting refueling traffic to their premises.
With the success of e-commerce and how it allows consumers make a purchase with just a click of a computer mouse, it is not enough that a product can be found in an actual brick-and-mortar store.
Promotion is comprised of various elements like: Developing the concept into a marketing strategy Once a decision on the differentiating marketing concept for the chain and the main marketing values had been made, it was time to define the core strategy.
Will you reach your potential audience and buyers through television ads? Is it best to use the social media in promoting the product?
The 7 Cs Compass Model is a framework in co-marketing symbiotic marketing. Cost of conscience or opportunity cost is also part of the cost of product ownership.
So, marketers and business researchers should carefully study the consumer wants and needs.
Better performance was found at stations managed by the company rather than stores run by franchisees. For example, a psychological counseling could offer online consultation via video calls.
Health and wellness — positions the chain as one which cares about the physical and mental health of its customers, by focusing on healthy and fresh food and beverages. The first is a defined customer segmentsuch as truck drivers or the third age. This analysis showed us which branding was likely to be relevant and effective for the target audience and which products and services customers would like to see in the stores.
Through the app the 7-Eleven stores are able to better serve customers by delivering food, paying bills online, give reward points to customers etc. So the store offers food varieties for breakfast till midnight.Elements of the retail marketing mix: a study of different The retailers extended their marketing efforts to customers with the use of marketing mix elements.
However, different retail formats apply different elements of Convenience Store retailers 'have committed to fresh, high-quality food as. 7-Eleven is a convenience store located worldwide. The 7-Eleven store is known for offering one stop location for fulfilling its customer’s need.
The product line in the marketing mix of the company can be divided into food and drinks for breakfast, lunch, evening snack, dinner and late night snack. Retail Marketing strategy in the convenience store market. In this article, we present a case study describing the process of formulating a marketing strategy for a chain of convenience stores at petrol stations spread throughout several countries.
Implementation of the strategic planning has led to a significant improvement in profitability, market share, and share of wallet in stores where.
please in some wrbsites, included in the element of marketing mix that is the extended ones are people, packaging, and positioning.
Which is more authentic? The marketing mix is a combination of these elements and what roles each element plays in promoting your products and services, and how you deliver them to your consumers.
Product is what items or services you offer to your customers. In services marketing, an extended marketing mix is used, typically comprising 7 Ps, how to be there and be ubiquitous, in order to guarantee convenience to buy.
is more likely to ease the pressure on price because online-producers do not have to put budget on renting a physical store.Download