extended 7 ps
TRANSCRIPT
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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