Define how sustainability works in the marketing mix.
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.Ten Deadly Marketing Sins: Signs and Solutions [Philip Kotler] on webkandii.com *FREE* shipping on qualifying offers.
Marketing's undisputed doyen offers an unbeatable guide on what notto do As the cost of marketing rises. Marketing mix is simply a way of putting together the basic 4Ps element of marketing to be associated with the success of a product and services, there are other additional Ps added recently which includes Ps like Positioning, People, Packaging, and politics as relevant to mix elements in marketing.
In the context of the marketing mix, promotion represents the various aspects of marketing communication, that is, the communication of information about the product with the goal of generating a positive customer response.
In the early days of starting a small business, small business owners have their hands full with business plans, financial plans, marketing plans and media plans. Rupert Murdoch Ambitious on a scale that is formidable and could be frightening, Rupert Murdoch has transformed a small media inheritance in Australia into News Corp, one of the largest and most powerful media conglomerates in the world with a strong presence in every continent and every segment of media.
7PS MARKETING MIX AND RETAIL BANK CUSTOMER SATISFACTION IN NORTHEAST NIGERIA Haruna Isa Mohammad () used 4Ps marketing mix in understanding drivers of customer satisfaction. However, little studies have been conducted There is no significant relationship between place and bank customer satisfaction in Northeast Nigeria.