Mix
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The document discusses the marketing mix, which consists of 7Ps - Price, Product, Promotion, Place, People, Process, and Physical Environment. It was originally the 4Ps (Price, Product, Promotion, Place) but has been extended to encompass services. Each P is then defined in its own section, outlining factors like pricing strategy, product differentiation methods, promotional strategies beyond advertising, distribution channels, staff representation, consumer processes, and environmental presentation. The marketing mix elements are chosen based on objectives, product, target market, and other competitive and global considerations.
Mix
- 1. http://www.bized.co.uk The Marketing Mix Copyright 2006 – Biz/ed
- 2. http://www.bized.co.uk The Marketing Mix Copyright 2006 – Biz/ed
- 3. http://www.bized.co.uk The Marketing Mix • The tools available to a business to gain the reaction it is seeking from its target market in relation to its marketing objectives • 7Ps – Price, Product, Promotion, Place, People, Process, Physical Environment • Traditional 4Ps extended to encompass growth of service industry Copyright 2006 – Biz/ed
- 4. http://www.bized.co.uk Price Copyright 2006 – Biz/ed
- 5. http://www.bized.co.uk Price • Pricing Strategy • Importance of: – knowing the market – elasticity – keeping an eye on rivals Image copyright: www.freeimages.co.uk Copyright 2006 – Biz/ed
- 6. http://www.bized.co.uk Product Copyright 2006 – Biz/ed
- 7. http://www.bized.co.uk Product • Methods used to improve/differentiate the product and increase sales or target sales more effectively to gain a competitive advantage e.g. – Extension strategies – Specialised versions – New editions – Improvements – real or otherwise! – Changed packaging Image copyright: www.freeimages.co.uk – Technology, etc. Copyright 2006 – Biz/ed
- 8. http://www.bized.co.uk Promotion Copyright 2006 – Biz/ed
- 9. http://www.bized.co.uk Promotion • Strategies to make the consumer aware of the existence of a product or service • NOT just advertising Copyright 2006 – Biz/ed
- 10. http://www.bized.co.uk Place Copyright 2006 – Biz/ed
- 11. http://www.bized.co.uk Place • The means by which products and services get from producer to consumer and where they can be accessed by the consumer – The more places to buy the product and the easier it is made to buy it, the better for the business (and the consumer?) Copyright 2006 – Biz/ed
- 12. http://www.bized.co.uk People Copyright 2006 – Biz/ed
- 13. http://www.bized.co.uk People • People represent the business – The image they present can be important – First contact often human – what is the lasting image they provide to the customer? – Extent of training and knowledge of the product/service concerned – Mission statement – how relevant? – Do staff represent the desired culture of the business? Copyright 2006 – Biz/ed
- 14. http://www.bized.co.uk Process Copyright 2006 – Biz/ed
- 15. http://www.bized.co.uk Process • How do people consume services? • What processes do they have to go through to acquire the services? • Where do they find the availability of the service? – Contact – Reminders – Registration – Subscription – Form filling – Degree of technology Copyright 2006 – Biz/ed
- 16. http://www.bized.co.uk Physical Environment Copyright 2006 – Biz/ed
- 17. http://www.bized.co.uk Physical Environment • The ambience, mood or physical presentation of the environment – Smart/shabby? – Trendy/retro/modern/old fashioned? – Light/dark/bright/subdued? – Romantic/chic/loud? – Clean/dirty/unkempt/neat? – Music? – Smell? Copyright 2006 – Biz/ed
- 18. http://www.bized.co.uk The Marketing Mix • Blend of the mix depends upon: • Marketing objectives • Type of product • Target market • Market structure • Rivals’ behaviour • Global issues – culture/religion, etc. • Marketing position • Product portfolio – Product lifecycle – Boston Matrix Copyright 2006 – Biz/ed