They are- Intangible have no fixed existence Inseparable Cannot be separated from its provider Not stored Cannot be stored in a warehouse or anytime before the actual performance Perishable Perishes as soon as the work is done Heterogeneous result in different experience to different users The service marketing mix is also different from marketing mix of tangible products. A service requires people to perform the tasks which becomes the 5th P.
Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix. Where once there were 4 Ps to explain the mix, nowadays it is more commonly accepted that a more developed 7 Ps adds a much needed additional layer of depth to the Marketing Mix with some theorists going even going further.
Before we get carried away though what is the Marketing Mix and what is the original 4 Ps principle? The Marketing Mix Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering.
The 4 Ps have been associated with the Marketing Mix since their creation by E. Jerome McCarthy in You can see why there may have been some need to update the theory.
The Marketing Mix 4 Ps: Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. Place — 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. Price — 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.
This now allowed the extended Marketing Mix to include products that are services and not just physical things. The extended 7 Ps: People — All companies are reliant on the people who run them from front line Sales staff to the Managing Director.
Processes —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. Physical Evidence — Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Is there an 8th P? In some spheres of thinking, there are 8 Ps in the Marketing Mix.
The final P is Productivity and Quality. This came from the old Services Marketing Mix and is folded in to the Extended Marketing Mix by some marketers so what does it mean?
The 8th P of the Marketing Mix: A good marketer will learn to adapt the theory to fit with not only modern times but their individual business model.In this article, we will discuss some of these newer versions of the marketing mix by looking at 1) the extended models of marketing mix, 2) the 7P model for service marketing, 3) and an example of the McDonald’s marketing mix.
The famous ‘4Ps of marketing’ are revered by some members of the profession, and scoffed at by others. Some see these fundamental tenets of classical marketing theory – referring to product, price, promotion and place – as the foundations upon which all sound marketing strategies are built.
In marketing theory, a marketing mix is defined by the four "Ps," which include product, price, place and promotion. Because a company's products define them, companies must honestly do their best in backing up their product claims.
RELEVANCE OF 7ps OF MARKETING IN CSR CSR Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic.
The marketing mix is a significant tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price. Marketing — Importance Of Marketing Mix 7ps It is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals.