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    Marketing Theories - Marketing Mix 4P'S To 7P'S

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    MJ Sanchez
    Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.

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    © All Rights Reserved
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    Marketing Theories - Marketing Mix 4P'S To 7P'S

    Uploaded by

    MJ Sanchez
    768 views2 pages
    Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.

    Original Title

    Marketing Mix 7P's

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    Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    768 views2 pages

    Marketing Theories - Marketing Mix 4P'S To 7P'S

    Uploaded by

    MJ Sanchez
    Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    MARKETING THEORIES – MARKETING MIX 4P’S TO 7P’S

    Marketing Mix is a tool used by businesses and Marketers to help determine a product or
    brands offering. It is about putting the right product or a combination thereof in the place, at
    the right time, and at the right price.

    1. THE MARKETING MIX - PRODUCT


    A product is an item that is built or produced to satisfy the needs of a certain group of people.
    The product can be intangible or tangible as it can be in the form of services or goods. The
    Product should fit the task consumers want it for, it should work and it should be what the
    consumers are expecting to get.

    2. THE MARKETING MIX - PRICE


    The price of the product is basically the amount that a customer pays for to enjoy it. Price is a
    very important component of the marketing mix definition. It is also a very important
    component of a marketing plan as it determines your firm’s profit and survival. Adjusting the
    price of the product has a big impact on the entire marketing strategy as well as greatly
    affecting the sales and demand of the product. The Product should always be seen as
    representing good value for money. This does not necessarily mean it should be the cheapest
    available; one of the main tenets of the marketing concept is that customers are usually happy
    to pay a little more for something that works really well for them.

    3. THE MARKETING MIX - PLACE


    Placement or distribution is a very important part of the product mix definition. You have to
    position and distribute the product in a place that is accessible to potential buyers. The product
    should be available from where your target consumer finds it easiest to shop. This may be High
    Street, Mail Order or the more current option via e-commerce or an online shop.

    4. THE MARKETING MIX - PROMOTION


    Promotion is a very important component of marketing as it can boost brand recognition and
    sales. Promotion is comprised of various elements like: Sales Organization, Public Relations,
    Advertising, and Sales Promotion. Advertising, PR, Sales Promotion, Personal Selling and, in
    more recent times, Social Media are all key communication tools for an organization. These
    tools should be used to put across the organization’s message to the correct audiences in the
    manner they would most like to hear, whether it be informative or appealing to their emotions.
    5. THE MARKETING MIX - PEOPLE
    The company’s employees are important in marketing because they are the ones who deliver
    the service. It is important to hire and train the right people to deliver superior service to the
    clients, whether they run a support desk, customer service, copywriters, programmers…etc. All
    companies are reliant on the people who run them from front line Sales staff to the Managing
    Director. Having the right people is essential because they are as much a part of your business
    offering as the products/services you are offering.

    6. THE MARKETING MIX - PROCESS


    The delivery of your service is usually done with the customer present so how the service is
    delivered is once again part of what the consumer is paying for. The systems and processes of
    the organization affect the execution of the service. So, you have to make sure that you have a
    well-tailored process in place to minimize costs.

    7. THE MARKETING MIX – PHYSICAL EVIDENCE


    In the service industries, there should be physical evidence that the service was delivered.
    Additionally, physical evidence pertains also to how a business and its products are perceived in
    the marketplace. It is the physical evidence of a business’ presence and establishment. A
    concept of this is branding. Almost all services include some physical elements even if the bulk
    of what the consumer is paying for is intangible.

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