The concept is simple. Think about another common mix - a cake mix. All cakes contain eggs, milk, flour, and sugar. However, you can alter the final cake by altering the amounts of mix elements contained in it. So for a sweet cake add more sugar! Marketing Mix
It is the same with the marketing mix.
The offer you make to your customer can be altered by varying the mix elements. So for a high profile brand, increase the focus on promotion and desensitize the weight given to price. Another way to think about the marketing mix is to use the image of an artist's palette. Marketing Mix
The marketer mixes the prime colours (mix elements) in different quantities to deliver a particular final colour. Every hand painted picture is original in some way, as is every marketing mix. Target Market is the key
Designing the right marketing mix
The most creative & challenging step in marketing is designing the right marketing mix The marketing mix is the specific collection of actions & associated instruments employed by an organisation to stimulate acceptance of its ideas, products & services Total Offer to the Customer
First, the firm chooses the product to meet the identified need of the target segment Second, the right distribution channel is used to make the product available Third, the firm undertakes eye catching promotion
Fourth, the price platform is acceptable to the customer & firm 4Ps & 4Cs
Product- Customer /Consumer
Price- Customer cost
4Ps & 4Cs
The Four Ps is also being replaced by the Four Cs model, consisting of consumer, cost, convenience, and communication. The Four Cs model is more consumer-oriented and fits better in the movement from mass marketing to niche marketing. Product- Consumer
The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer. Price- Cost
Pricing is replaced by cost, reflecting the reality of the total cost of ownership. Place- Convenience
Placement is replaced by the convenience function.
With the rise of internet and hybrid models of purchasing, place is no longer as relevant as before. Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. Promotion- Communication
Finally, the promotions feature is replaced by communication. Communications represents a broader focus than simply promotions. Communications can include advertising, public relations, personal selling, viral advertising, and any form of communication between the firm and the consumer. Extended Marketing Mix
There have been attempts to develop an 'extended marketing mix' to better accommodate specific aspects of marketing. For example, in the 1970s, Nickels and Jolson suggested the inclusion of packaging. In the 1980s Kotler proposed public opinion and political power Booms & Bithner
Booms and Bitner included three additional 'Ps' to accommodate trends towards a service or knowledge based economy: People – all people who directly or indirectly influence the perceived value of the product or service, including knowledge workers, employees, management and consumers. Process – procedures, mechanisms and flow of activities which lead to an exchange of value. Physical evidence – the direct sensory experience of a product or service that allows a customer to measure whether he or she has received value. Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the environment in which a product or service is delivered Extended- Marketing Mix
Extended Marketing Mix
Booms and Bitner included three additional 'Ps' to accommodate trends towards a service or knowledge based...
Please join StudyMode to read the full document