Types of intermediary see later 5. There are many different pricing strategies - see http: The traditional marketing mix was designed and gained popularity in an era where most businesses sold products. In other cases, such as telecommunication services, the physical facility maybe irrelevant.
Any service provision and the role of good customer service was largely ignored and the potential impact on brand development and the user experience was not understood. For your product to be profitable, it has to be filling a certain gap in the needs of your target market. The Four Elements of the Marketing Mix: This model, proposed by Booms and Bitner inextends the marketing mix by 3 new Ps that directly relate to the service provision industry.
As Borden put it,"When building a marketing program to fit the needs of his firm, the marketing manager has to weigh the behavioral forces and then juggle marketing elements in his mix with a keen eye on the resources with which he has to work.
The service product mix of such elements can vary considerably and may be seen in comparisons of service range between a small local building society and one of the largest in the country; or between a small hotel offering a limited menu range and a four star hotel offering a wide range of meals.
Some services are very complex, requiring the customer to follow a complicated and extensive series of actions to complete the process. In addition, factors internal to either of the two participants can also have an impact such as personality traits or a bad day. The actual delivery steps the customer experiences, or the operational flow of the service, will also provide customers with evidence on which to judge the service.
Certainly Marketing managers in services markets need to undertake research about the markets and market segments for which their respective marketing mixes are shaped. How will I promote the product? Seven elements used in marketing mix for service are as follows: Hence the political power and public opinion formation was needed to gain their support.
By using direct marketing mailshots? None of these characteristics of the service is inherently better or worse than another. Price There are quite a number of factors that go into determining the price of a product including the operation costs and distribution costs incurred while availing the product to the market.
Borden goes on to suggest a procedure for developing a marketing mix. Product In the service industry, the production and consumption of the product are simultaneous and the product is intangible, diverse and perishable.
It is illustrative not comprehensive.Keeping in mind these shortcomings, marketing experts and researchers have expanded on these over the years. Some of these expansions have included: In an attempt to add depth, much complexity has also been added to the model.
The most widely used extension of the traditional marketing mix is the 7P. Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People, which refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.
The marketing mix simply refers to the planned mix of the controllable elements of a product’s marketing plan. These elements are usually referred to as.
Some marketing theorists have added a 5th P of marketing to the elements of the marketing mix: People, which refers to how your level of service and the expertise and skills of the people who work for you can be used to set you apart from your competitors.
The marketing mix simply refers to the planned mix of the controllable elements of a product’s marketing plan. These elements are usually referred to as the 4Ps and they are Product, Price, Place, and Promotion. The Four Elements of the Marketing Mix: 1. product 2. place 3.
price 4. promotion Describe how each element is implemented within a specific organization and how they relate to the organization's marketing.Download