Extended Marketing Mix PDF

Extended Marketing Mix MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE  The Marketing Mix gives you a framework to plan your marketing strategy and effectively market your products to your target group. In 1981, Bernard H. Booms...

Extended Marketing Mix MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE  The Marketing Mix gives you a framework to plan your marketing strategy and effectively market your products to your target group. In 1981, Bernard H. Booms and Mery J. Bitner introduced the 7P’s of Marketing which actually an expansion of the classic 4P’s, here there are three new "Ps" into the marketing mix concept, with a focus on services. The "7P’s of Marketing" are: Product, Price, Promotion, Place, People, Process, and Physical Evidences. "4P’s of Marketing" is interchangeably as the "7P’s of Marketing" or as the "Marketing Mix". MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE  Marketing mix is a selection of marketing tools that include several areas of focus that can be combined to create a comprehensive plan. The term refers to a classification that began as the 4P’s: Product, Price, Place, and Promotion, and has been expanded to 7P’s with the 3 additional P’s the People, Process, and Physical Evidences. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE The 3 additional P’s are the following: V. PEOPLE They are the ones who represent the business. Are all human actors who play a part in service delivery and thus influence the buyers' perception. Services are provided by people for people, and if the people providing the service are inefficient, rude or unkempt, the customer's experience will be spoilt. Good customer care is always important whatever selling your product. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE VI. PROCESS Are means to achieve an outcome. This refers to the actual procedures, mechanisms, and flow of activities by which the goods and services are delivered. Strategies are needed to ensure that the business can deliver a consistent level of satisfaction to all customers at all times. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE VII. PHYSICAL EVIDENCE It is also referred to as Physical Environment It refers to the atmosphere in which the goods and service is delivered. Brand colors, accessories or advertising materials are physical elements that can modify the customer's perception of the brand, making it essential to brand. Are things that customers can take home with them that are physical evidence of the service the enterprise provide. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE 7P’s of Marketing MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE 4C’s of Marketing The Consumer-Oriented Model In 1993 Robert F. Lauterborn proposed a 4 C’s classification of Marketing Mix which according to him is more consumer- oriented version of the 4 P’s that attempts to better fit the movement from mass marketing to niche marketing, because the core of any strategy is the customer MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE What are the 4C’s counterparts of the 4P’s of Marketing? PRODUCT is to CONSUMER Shifting the focus to satisfying the consumer needs, the purpose is to offer a product tailored to the customer's needs and not the other way around. PRICE is to COST Reflecting the total cost of ownership, the evolution of the price factor is the linked costs of the product from production all the way to the end customer's hands. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE PLACE is to CONVENIENCE Takes into account the ease of finding and purchasing the products, identify how the product fits into the customer's buying habits, offering a efficient and fast process. PROMOTION is to COMMUNICATION It aims to create a close relationship with the customer instead of only promoting the product, there is a need to establish two-way communication using active listening to understand the customer's needs. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE The 4E’s The latest evolution of the marketing mix, apart from the 7P’s, is the 4E’s model, which is slowly replacing the 4C’s model. This model aims to continue to build customer satisfaction and adapt to the current e-commerce reality. EXPERIENCE - It is no longer enough to merely meet the needs of potential customers. Current demand and competitiveness force us to come up with unique shopping experiences that revolve around emotions. EXCHANGE - The price or cost of a product is not necessarily monetary, time, attention and data can also be exchanged. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE EVERYPLACE - E-commerce and innovative logistics distribution methods make it possible for distribution to be done anywhere and through any channels. EVANGELISM -The goal of a brand is not only to create a relationship with consumers, but also for them to become brand ambassadors who recommend the products to others. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE  The 4P’s of marketing have evolved to the 7P’s, the 4C’s and the 4E’s in line with market conditions, which are increasingly focused on the customer instead of the product (customer- centric). However, it is important to understand these concepts because they remain valid when it comes to devising a marketing strategy. MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE  Extended Marketing Mix ma'am tin MGT 101; Management and Marketing in the 21st Century PSU: REGION’S PREMIER UNIVERSITY OF CHOICE