Extended Marketing Mix (7P’s)

• What is the extended marketing mix also known as?

  7P's
• What are the seven elements of the extended marketing mix?

  Product, price, place, promotion, people, process, physical
• What is the traditional marketing mix comprised of?

  Four elements: product, price, promotion, place
• What does the 'product' element refer to in the 7P's?

  The good or service that the customer buys
• What does the 'price' element refer to in the 7P's?

  How much the customer pays for the product
• What does the 'place' element refer to in the 7P's?

  How the product is distributed to the customer
• What does the 'promotion' element refer to in the 7P's?

  How the customer is found and persuaded to buy
• What does the 'people' element refer to in the 7P's?

  The people who make contact with customers
• What does the 'process' element refer to in the 7P's?

  The systems that deliver a product to a customer
• What does the 'physical' element refer to in the 7P's?

  The elements of the physical environment experienced by customers
• What is a key implication of the extended marketing mix?

  • Seven elements must work closely together
  • Importance of customer service and HR
  • Role of technology in e-commerce
• How do the new elements of the marketing mix connect to other business functions?

  • Connects marketing to HR management
  • Links marketing to operations
  • Enhances customer service delivery
• What are some examples of the 'physical' element in the marketing mix?

  Layout, ambience, ease of movement
• What are some examples of the 'process' element in the marketing mix?

  Transaction process, website design, operational support
• Why are trained employees critical in the marketing mix?

  They significantly affect customer satisfaction
• What techniques ensure the effectiveness of the 'people' element?

  • Use motivational techniques
  • Provide training
  • Recruit supportive attitude workers
  • Emphasize after-sales service
• What are key elements of the 'process' in the marketing mix?

  • Promptly deal with customer inquiries
  • Train staff for direct answers
  • Minimize customer handoffs
  • Reduce queueing possibilities
• What does the 'physical environment' influence in the marketing mix?

  Customer experience with tangible features
• What are elements of the physical environment in the marketing mix?

  • Business reception area
  • Company website
  • Staff uniforms
  • Physical layout of environment
• Why must the marketing mix be coordinated?

  To ensure consistency across all elements
• What is the role of quality design in the marketing mix?

  It must match customer expectations
• How does the product life cycle influence the marketing mix?

  • Introduction: Promotion before launch
  • Growth: Continued promotion
  • Maturity: Promotions to maintain sales
  • Decline: Price cuts to regain sales
• What does the Boston Matrix indicate for 'cash cows'?

  • Reminder promotions of existence
  • Avoid price cuts
  • Little modification needed
• What does the Boston Matrix indicate for 'stars'?

  • Heavy promotion to increase market share
  • Focus on maintaining quality
  • Significant investment in marketing
• What does the Boston Matrix indicate for 'problem child' products?

  • Focus heavily on promotion if potential
  • Little effort if likely to fail
  • Monitor closely for performance
• What does the Boston Matrix indicate for 'dogs'?

  • May profit in large markets
  • Limited marketing mix activities
  • Focus on niche markets
• How does demand elasticity affect pricing strategies?

  Inelastic demand leads to higher prices
• How do marketing objectives influence the marketing mix?

  They require adaptations to the marketing mix
• How does the target market affect the marketing mix?

  It must reflect the desires of that group
• How does competition influence the marketing mix?

  Price becomes more significant in high competition
• Why is positioning important in the marketing mix?

  It ensures consistency with product's position