Example of Risk-Reward Analysis

Chapter 5: Internet & the Marketing Mix

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  In 1963 Bartels said: "a marketer is like a chef in a kitchen… a mixed of ingredients"
  
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  Variable used to define key elements of marketing strategy
  
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  From the 4Ps of Jerome McCarthy to the 7Ps of Booms and Bitner sometimes referred to as the services M-mix.
  
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  4Ps – Product, Price, Place, Promotion
  
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  7Ps – add People, Process, and Physical Evidence
  
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  8Ps online – add Partner ships
  

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  Which variables are important for the ideal customer?
  
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    Price and Quality?
    
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    Where they Buy?
    
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  So need to decide on target markets first and do the research on the mix variables
  
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  Remember the mix is not generic for all customers, but for segments.