Still confuse about marketing mix? After reading this article I am sure you get insight about this. Today, I write short article about marketing mix classification. I got this information from books and Wikipedia site. In order to memorize the information, I wrote it all to my blog.
In popular usage, "marketing" is the promotion of products, especially advertising and branding. However, in professional usage the term has a wider meaning which recognizes that marketing is customer centered.
Products are often developed to meet the desires of groups of customers or even, in some cases, for specific customers.
E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become so universally recognized that his four activity sets, the 4 Ps, have passed into the language.
The four Ps are:
1. Product: The Product management and Product marketing aspects of marketing deal with the specifications of the actual good or service, and how it relates to the end-user's needs and wants.
2. Pricing: This refers to the process of setting a price for a product, including discounts.
3. Promotion: This includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.
4. Placement or distribution refers to how the product gets to the customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc.
These four elements are often referred to as the marketing mix. A marketer can use these variables to craft a marketing plan. The four Ps model is most useful when marketing low value consumer products. Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services. Industrial or B2B marketing must account for the long term contractual agreements that are typical in supply chain transactions. Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.
As a counter to this, Morgan, in Riding the Waves of Change ( Jossey-Bass, 1988 ), adds "Perhaps the most significant criticism of the 4 Ps approach, which you should be aware of, is that it unconsciously emphasizes the inside–out view (looking from the company outwards), whereas the essence of marketing should be the outside–in approach". Even so, having made this important caveat, the 4 Ps offer a memorable and quite workable guide to the major categories of marketing activity, as well as a framework within which these can be used.
As well as the standard four Ps (Product, Pricing, Promotion and Place), services marketing calls upon an extra three, totaling seven and known together as the extended marketing mix. These are:
1. People: Any person coming into contact with customers can have an impact on overall satisfaction. Whether as part of a supporting service to a product or involved in a total service, people are particularly important because, in the customer's eyes, they are generally inseparable from the total service. As a result of this, they must be appropriately trained, well motivated and the right type of person. Fellow customers are also sometimes referred to under 'people', as they too can affect the customer's service experience, (e.g., at a sporting event).
2. Process: This is the process(es) involved in providing a service and the behavior of people, which can be crucial to customer satisfaction.
3. Physical evidence: Unlike a product, a service cannot be experienced before it is delivered, which makes it intangible. This, therefore, means that potential customers could perceive greater risk when deciding whether or not to use a service. To reduce the feeling of risk, thus improving the chance for success, it is often vital to offer potential customers the chance to see what a service would be like. This is done by providing physical evidence, such as case studies, or testimonials.
As well as the other 7 Packaging has been added to this list by some people. The rationale is that it is very important how the product is presented to the customer, and the packaging is often the first contact that a customer has with a product. Although some disagree because packaging is seen as a sub-field of promotion.
"PHILOSOPHY" is the potential 8th P of marketing. Products (or services) should reflect the underlying philosophy or ethos of the organization. It should also be clear what the philosophy behind the introduction of the particular product is, as well. In his book, "Meeting Need", Ian Bruce explains this concept as it relates to marketing for charities. It also applies to other products and services.
Now you have already known about 4 Ps, 7 Ps, and 8 Ps.
Conclusion:
Customer research is a key element in building an effective marketing mix.
Article related to this : Fundamental of marketing mix
Marketing mix classification
Four Ps
In popular usage, "marketing" is the promotion of products, especially advertising and branding. However, in professional usage the term has a wider meaning which recognizes that marketing is customer centered.
Products are often developed to meet the desires of groups of customers or even, in some cases, for specific customers.
E. Jerome McCarthy divided marketing into four general sets of activities. His typology has become so universally recognized that his four activity sets, the 4 Ps, have passed into the language.
The four Ps are:
1. Product: The Product management and Product marketing aspects of marketing deal with the specifications of the actual good or service, and how it relates to the end-user's needs and wants.
2. Pricing: This refers to the process of setting a price for a product, including discounts.
3. Promotion: This includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.
4. Placement or distribution refers to how the product gets to the customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc.
These four elements are often referred to as the marketing mix. A marketer can use these variables to craft a marketing plan. The four Ps model is most useful when marketing low value consumer products. Industrial products, services, high value consumer products require adjustments to this model. Services marketing must account for the unique nature of services. Industrial or B2B marketing must account for the long term contractual agreements that are typical in supply chain transactions. Relationship marketing attempts to do this by looking at marketing from a long term relationship perspective rather than individual transactions.
As a counter to this, Morgan, in Riding the Waves of Change ( Jossey-Bass, 1988 ), adds "Perhaps the most significant criticism of the 4 Ps approach, which you should be aware of, is that it unconsciously emphasizes the inside–out view (looking from the company outwards), whereas the essence of marketing should be the outside–in approach". Even so, having made this important caveat, the 4 Ps offer a memorable and quite workable guide to the major categories of marketing activity, as well as a framework within which these can be used.
Seven Ps
As well as the standard four Ps (Product, Pricing, Promotion and Place), services marketing calls upon an extra three, totaling seven and known together as the extended marketing mix. These are:
1. People: Any person coming into contact with customers can have an impact on overall satisfaction. Whether as part of a supporting service to a product or involved in a total service, people are particularly important because, in the customer's eyes, they are generally inseparable from the total service. As a result of this, they must be appropriately trained, well motivated and the right type of person. Fellow customers are also sometimes referred to under 'people', as they too can affect the customer's service experience, (e.g., at a sporting event).
2. Process: This is the process(es) involved in providing a service and the behavior of people, which can be crucial to customer satisfaction.
3. Physical evidence: Unlike a product, a service cannot be experienced before it is delivered, which makes it intangible. This, therefore, means that potential customers could perceive greater risk when deciding whether or not to use a service. To reduce the feeling of risk, thus improving the chance for success, it is often vital to offer potential customers the chance to see what a service would be like. This is done by providing physical evidence, such as case studies, or testimonials.
Eight Ps
As well as the other 7 Packaging has been added to this list by some people. The rationale is that it is very important how the product is presented to the customer, and the packaging is often the first contact that a customer has with a product. Although some disagree because packaging is seen as a sub-field of promotion.
"PHILOSOPHY" is the potential 8th P of marketing. Products (or services) should reflect the underlying philosophy or ethos of the organization. It should also be clear what the philosophy behind the introduction of the particular product is, as well. In his book, "Meeting Need", Ian Bruce explains this concept as it relates to marketing for charities. It also applies to other products and services.
Now you have already known about 4 Ps, 7 Ps, and 8 Ps.
Conclusion:
Customer research is a key element in building an effective marketing mix.
Article related to this : Fundamental of marketing mix
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