Marketing Mix 4. Ps and 7. Ps. The marketing mix. The marketing mix is one of the most famous marketing terms. The marketing mix is the tactical or operational part of a marketing plan. The marketing mix is also called the 4. Ps and the 7. Ps. The 4. Ps are price, place, product and promotion. The services marketing mix is also called the 7. Ps and includes the addition of process, people and physical evidence. The marketing mix is. The set of controllable tactical marketing tools product, price, place, and promotion that the firm blends to produce the response it wants in the target market. Kotler and Armstrong 2. 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 sugarIt 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 artists palette. 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. Lets look at the elements of the marketing mix in more detail. Click on the links to go to the lesson on each element. Price. Price is the amount the consumer must exchange to receive the offering. Twin Signal Download Ipod. Solomon et al 2. The companys goal in terms of price is really to reduce costs through improving manufacturing and efficiency, and most importantly the marketer needs to increase the perceived value of the benefits of its products and services to the buyer or consumer. There are many ways to price a product. Lets have a look at some of them and try to understand the best policystrategy in varioussituations. Place. Place includes company activities that make the product available to target consumers. Kotler and Armstrong 2. Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods andor services are moved from the manufacturer service provider to the user or consumer. The Marketing Mix. Product. Product means the goods and services combination the company offers to the target market. Kotler and Armstrong 2. For many a product is simply the tangible, physical item that we buy or sell. You can also think of the product as intangible i. In order to actively explore the nature of a product further, lets consider it as three different products the CORE product, the ACTUAL product, and finally the AUGMENTED product. The Product Life Cycle PLC is based upon the biological life cycle. For example, a seed is planted introduction it begins to sprout growth it shoots out leaves and puts down roots as it becomes an adult maturity after a long period as an adult the plant begins to shrink and die out decline. The Customer Life Cycle CLC has obvious similarities with the Product Life Cycle PLC. However, CLC focuses upon the creation and delivery of lifetime value to the customer i. NEED throughout their lives. Promotion. Promotion includes all of the activities marketers undertake to inform consumers about their products and to encourage potential customers to buy these products. Solomon et al 2. Promotion includes all of the tools available to the marketer for marketing communication. As with Neil H. Bordens marketing mix, marketing communications has its own promotions mix. Whilst there is no absolute agreement on the specific content of a marketing communications mix, there are many promotions elements that are often included such as sales, advertising, sales promotion, public relations, direct marketing, online communications and personal selling. Physical EvidencePhysical evidence is. The environment in which the service is delivered, and where the firm and customer interact, and any tangible components that facilitate performance or communication of the service. Zeithaml et al 2. Physical Evidence is the material part of a service. Strictly speaking there are no physical attributes to a service, so a consumer tends to rely on material cues. There are many examples of physical evidence, including some of the following buildings, equipment, signs and logos, annual accounts and business reports, brochures, your website, and even your business cards. PeoplePeople are. All human actors who play a part in service delivery and thus influence the buyers perceptions namely, the firms personnel, the customer, and other customers in the service environment. Zeithaml et al 2. People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the individual needs of the person consuming it. Process. Process is. The actual procedures, mechanisms, and flow of activities by which the service is delivered this service delivery and operating systems. Zeithaml et al 2. There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example to achieve a 3. However in reality it is more about the customer interface between the business and consumer and how they deal with each other in a series of steps in stages, i.