Marketing Mix

• Marketing Mix refers to the combination of elements used by a business to enable it to meet the needs and expectations of customers
• 7Ps: Product, Price, Place, Promotion, People, Process and Physical Environment
• Product refers to the product or service the customer buys
• Price refers to how much the customer pays for the product
• Place refers to how the product is distributed to the customer
• People refers to the people who make contact with customers in delivering the service (Employees)
• Process refers to the systems and processes that deliver a product to a customer
• Physical Environment refers to the elements of the physical environment the customer experiences (PESTLE)
• Implications of an extended marketing mix: Each business function needs to work more closely (HR, Operations), Technology becomes more increasingly important, Intangible elements such as branding are more important.
• Effective marketing mix: Achieves marketing objectives, meets customer needs and creates competitive advantage.
• Influences on marketing mix include: Business resources, Technology and Customer relations
• Business resources such as finance impact what activities can be undertaken
• Rapid technological change impact all aspects of marketing mix
• Customer relations are important to generate repeat business and build customer loyalty
• Marketing Mix delivers marketing strategy such as: Marketing Segmentation, Targeting, Product differentiation and Positioning
• Examples of marketing mix focus: Price: Discount supermarkets, low cost airlines. Promotion: Soap powders. Product: Luxury motor vehicles. Place: Coffee shops.