Marketing Mix

• What is the marketing mix?

  The combination of elements used by a business
• What are the Traditional Four P’s of marketing?

  Product, Price, Place, Promotion
• What does 'Product' refer to in the marketing mix?

  The product or service that the customer buys
• What does 'Price' refer to in the marketing mix?

  How much the customer pays for the product
• What does 'Place' refer to in the marketing mix?

  How the product is distributed to the customer
• What does 'Promotion' refer to in the marketing mix?

  How the customer is found and persuaded to buy
• What are the additional elements in the extended marketing mix?

  People, Process, Physical Environment
• What role do 'People' play in the extended marketing mix?

  The people who make contact with customers
• What does 'Process' refer to in the extended marketing mix?

  The systems and processes that deliver a product
• What does 'Physical Environment' refer to in the extended marketing mix?

  The elements of the physical environment the customer experiences
• What are the key implications of an extended marketing mix?

  • Business functions must work closely together
  • Technology plays an important role
  • Intangible elements like branding are crucial
• How does the extended marketing mix connect marketing to HRM and operations?

  By adding Physical, Process, and People elements
• How is the marketing mix used in Premier Inn Hotels?

  • PRODUCT: Hotel accommodation & services
  • PRICE: Dynamic pricing from £69
  • PROMOTION: TV and online advertising
  • PLACE: Emphasis on online booking
  • PEOPLE: Hotel and restaurant staff
  • PROCESS: Online booking and hotel operation
  • PHYSICAL: Branding and hotel ambience
• Why is it called a marketing mix?

  Because each element is related to the others
• What does blending the marketing mix involve?

  Combining elements of a marketing strategy
• What characterizes an effective marketing mix?

  Achieves marketing objectives and meets customer needs
• What are the key influences on the marketing mix?

  • Business Resources: Finance impacts activities
  • Technology: Rapid changes affect all aspects
  • Customer Relationships: Importance of repeat business
• What are the steps to deliver a marketing strategy using the marketing mix?

  1. Choose which customers to serve (segmentation)
  2. Decide how to serve those customers (differentiation and positioning)
• How does the marketing mix vary based on segmentation, targeting, and positioning?

  • The marketing mix adapts to different strategies
  • Focus varies depending on product type
• How does the marketing mix focus differ for discount supermarkets?

  Emphasis on low pricing strategies
• How does the marketing mix focus differ for luxury motor vehicles?

  Emphasis on product quality and exclusivity
• How does the marketing mix focus differ for convenience stores?

  Emphasis on location and accessibility
• How does the marketing mix focus differ for coffee shops?

  Emphasis on customer experience and ambiance