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    Marketing Mix ASHWIN THOTTUMKARA FULL

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    The marketing mix is a set of controllable marketing tools used to achieve a company's objectives. Originally proposed as the 4Ps of product, price, place, and promotion. The extended marketing mix adds an additional 3Ps of people, processes, and physical evidence to better account for services. People refers to employees involved in service delivery. Processes are the systems used to deliver services. And physical evidence provides tangible aspects that confirm customer expectations. Together the 7Ps aim to create customer value from an organization's perspective while the corresponding 7Cs view them from the customer perspective.

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    Marketing Mix ASHWIN THOTTUMKARA FULL

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    ASHWIN THOTTUMKARA
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    The marketing mix is a set of controllable marketing tools used to achieve a company's objectives. Originally proposed as the 4Ps of product, price, place, and promotion. The extended marketing mix adds an additional 3Ps of people, processes, and physical evidence to better account for services. People refers to employees involved in service delivery. Processes are the systems used to deliver services. And physical evidence provides tangible aspects that confirm customer expectations. Together the 7Ps aim to create customer value from an organization's perspective while the corresponding 7Cs view them from the customer perspective.

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    The marketing mix is a set of controllable marketing tools used to achieve a company's objectives. Originally proposed as the 4Ps of product, price, place, and promotion. The extended marketing mix adds an additional 3Ps of people, processes, and physical evidence to better account for services. People refers to employees involved in service delivery. Processes are the systems used to deliver services. And physical evidence provides tangible aspects that confirm customer expectations. Together the 7Ps aim to create customer value from an organization's perspective while the corresponding 7Cs view them from the customer perspective.

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    Download as ppt, pdf, or txt
    2K views24 pages

    Marketing Mix ASHWIN THOTTUMKARA FULL

    Uploaded by

    ASHWIN THOTTUMKARA
    The marketing mix is a set of controllable marketing tools used to achieve a company's objectives. Originally proposed as the 4Ps of product, price, place, and promotion. The extended marketing mix adds an additional 3Ps of people, processes, and physical evidence to better account for services. People refers to employees involved in service delivery. Processes are the systems used to deliver services. And physical evidence provides tangible aspects that confirm customer expectations. Together the 7Ps aim to create customer value from an organization's perspective while the corresponding 7Cs view them from the customer perspective.

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    EXTENDED

    MARKETING MIX
    INTRODUCTION
     A market is a group of existing and potential buyers or
    users of a product or service.
     Marketing is all about identifying a need, producing a
    product or service to meet that need, and then providing
    that service or product to people as efficiently as possible.
     Marketing involves researching, promoting, selling, and
    distributing your products or services.
    MARKETING MIX:DEFINITION

     The 'marketing mix' is a set of controllable, tactical


    marketing tools that work together to achieve company's
    objectives
     The marketing mix is the combination of marketing
    activities that an organization engages in so as to best meet
    the needs of its target market.
     It is defined as the particular group of variables offered to
    the market at a particular point of time, depending on
    which the market behaves.
     The term ‘marketing mix’ becomes popularized after
    Neil.H.Borden published his 1964 article, The Concept of
    the Marketing Mix.
     The ingredients in Borden’s marketing mix included
    product planning, pricing, branding, distribution channels,
    personal selling, advertising, promotions, packaging,
    display, servicing, physical handling, and fact finding and
    analysis.
     E.JeromeMcCarthy later grouped these ingredients into the
    4 categories that today are known as the 4P’s of marketing
    MARKETING MIX:4 P’S
    1.PRODUCT
     A tangible object or an
    intangible service that is
    mass produced or
    manufactured on a large
    scale with a specific
    volume of units.
    Product Decisions

    Branding Quality Features


    2.PRICE
     The price is a characteristic of a product.
     The key objective of using a price is obviously to generate and maximize
    revenues.
     Price = Cost the customer is prepared to pay.
     Price also must reflect the relationship of supply and demand within the
    marketplace
    Penetration

    Skimming

    Pricing Strategies Competition

    Product Line

    Bundle

    Psychological
    3.PROMOTION
     Promotion represents all of the communications that a
    marketer may use in the marketplace
    Advertising

    Public
    Relations

    Sales
    Promotional Mix Promotion

    Personal
    Selling

    Direct
    Marketing

    Internet/
    E-commerce
    4.PLACE
     Place represents the location where a product can be
    purchased.
     Refers to how an organisation will distribute the product or
    service they are offering to the end user.
     What channel of distribution will they use?
     Two types of channel of distribution methods are
    available.
     Channel design should take into account Cost and
    Convenience for the customer.
    INDIRECT DIRECT
    DISTRIBUTION DISTRIBUTION
    CRITICISM OF 4P’S
     It is too product focused and doesn't translate well into the
    growing service based economy we live in.
     An equally relevant criticism is the internal focus
     The traditional marketing mix is pushing product into the
    marketplace and not pulling products out of the potential
    suppliers based on these needs and wants through market
    research.
     So there have been attempts to develop an 'extended
    marketing mix' to better accommodate specific aspects of
    marketing.
     in the 1970s, Nickels and Jolson suggested the
    inclusion of packaging.
     In the 1980s Kotler proposed public opinion and
    political power
     While, Booms and Bitner included three additional 'Ps'
    to accommodate trends towards a service or knowledge
    based economy, altogether they form the Extended
    Marketing Mix
    EXTENDED MARKETING MIX
    5.PEOPLE
     People are the most important element of any service or
    experience.
     Services are performed by people whose performance
    influences the quality of the service delivered and
    perceived to be delivered.
     Recruiting the right staff and training them appropriately
    in the delivery of their service is essential if the
    organisation wants to obtain a form of competitive
    advantage.
     Consumers make judgments and deliver perceptions of the
    service based on the employees they interact with.
     Staff should have the appropriate interpersonal skills,
    aptititude, and service knowledge to provide the service
    that consumers are paying for.
     Some ways in which people add value to an experience, as
    part of the marketing mix - training, personal selling and
    customer service.
    6.PROCESS
     Refers to the systems used to
    assist the organisation in
    delivering the service
     All Processes are concerned
    with the consistent creation
    and delivery of Customer
    Value
     The Customer’s experience is affected directly at those
    points at which s/he interacts with the Organisation
     Processes should be continuously reviewed and co-
    ordinated to improve the customer experience and
    demonstrate Customer Consideration
    7.PHYSICAL EVIDENCE
     Provides Physical Evidence of delivered Quality
     The ambience, mood or physical presentation of the
    environment
     Smart/shabby?

     Trendy/retro/modern/old fashioned?

     Light/dark/bright/subdued?

     Clean/dirty/unkempt/neat?

     Music?Smell?

     Especially important where customer is purchasing an


    intangible (service)
     Provides Confirmation of Customers’ expectations
    CONCLUSION
    The 7 Ps The 7 Cs
    < Organisation Facing Customer Facing >
    Product= Customer Value
    Price= Cost
    Place= Convenience
    Promotion= Communication
    People= Caring
    Processes= Co-ordinated
    Physical Evidence= Confirmation
    REFERENCES
     www.NetMBA.com
     www.bized.co.uk
     www.slideshare.net/extendedmarketing mix
     Barlon, Kimuli. (2006) "The concept of the marketing
    mix" Presentation on marketing management
     Borden, N. H. (1964), “The Concept of the Marketing
    Mix”, Journal of Advertising Research
    THANK YOU
    QUESTIONS???
    ??

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