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The Marketing Mix

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The Marketing Mix

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The Marketing Mix

The tools available to a business to gainthe reaction it is seeking from its target

market in relation to its marketingobjectives

7Ps Price, Product, Promotion, Place,People, Process, Physical Environment

Traditional 4Ps extended to encompassgrowth of service industry

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Price

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Price

Pricing Strategy

Importance of:

knowing themarket

elasticity

keeping an eye

on rivalsImage copyright: www.freeimages.co.uk

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Product

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Product Methods used to

improve/differentiatethe product and increasesales or target salesmore effectively to gain

a competitive advantagee.g.

Extension strategies

Specialised versions

New editions

Improvements realor otherwise!

Changed packaging

Technology, etc.Image copyright: www.freeimages.co.uk

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Promotion

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Promotion

Strategiesto make the

consumer awareof the existenceof a productor service

NOT justadvertising

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Place

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Place

The means by which products andservices get from producer

to consumer and where they canbe 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 theconsumer?)

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People

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People

People represent the business

The image they present can be important

First contact often human what is thelasting image they provide to the customer?

Extent of training and knowledgeof the product/service concerned

Mission statement how relevant? Do staff represent the desired culture

of the business?

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Process

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Process How do people consume services?

What processes do they have to gothrough to acquire the services?

Where do they find the availabilityof the service? Contact

Reminders

Registration Subscription

Form filling

Degree of technology

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Physical Environment

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Physical Environment

The ambience, mood or physicalpresentation of the environment

Smart/shabby? Trendy/retro/modern/old fashioned?

Light/dark/bright/subdued?

Romantic/chic/loud?

Clean/dirty/unkempt/neat? Music?

Smell?

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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