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Now We Have Four Plus Three, Seven P’s Of Marketing Mix
To create, communicate, and deliver value for consumers the marketer’s formulate marketing activities and bring together fully integrated marketing programs, which consist of several decisions to increase value by using marketing activities.
Activities of marketing have a number of forms and marketing-mix is one conventional illustration of marketing activities that has been defined as a set of marketing tools firms use to follow its marketing goals.
These has been classified by McCarthy in four extensive groups and called them the four Ps of marketing, to name, product, price, place, and promotion. The end-users and the trade channels are the targets of the marketing decisions.
The organization may, occasionally, change marketing-mix in the short-run except the regular decision variables. Lately, the marketing-mix has been more broadened by adding three more Ps – people, process, and physical evidence – which, now, has become the extended marketing-mix with the seven Ps, altogether.
Four P’s- Product, Price, Place And Promotion
Product entails product variety, quality, design, features,brand-name, packaging, sizes, services, warranties, and returns. Product variety means a collection of unlike things within a single brand. Quality is the degree or standard of excellence. Design is to intend for a specific purpose. Feature is to give prominence to certain characteristics.
A brand-name is to make the product known to the consumers, it’s distinctive. Packaging should be such to reflect the quality and be attractive. There should be different sizes to suit different spending. Services, warranties, and returns after sale increase the trustworthiness.
Price involves list-price, discounts, allowances, payment-period, and credit-terms. List-price is the selling price of merchandise as quoted in a catalogue or advertisement. Discounts are the deductions from a cost or price. Allowance is a price reduction, especially one granted in exchange for used merchandise.
Payment-period is the period over which the borrower is obliged to make payments. Credit-terms are the conditions under which credit will be extended to a customer. Place includes channels, coverage, assortment (a collection of various kinds), locations, inventory (quantity of goods and materials in stock.), and transport. Promotion is sales-promotion, advertising, sales-force, public-relations (PR), and direct-marketing.
Plus Three P’s- People, Process And Physical Evidence
Three more Ps – people, process, and physical evidence – have been supplemented to the McCarthy’s original idea of four Ps, and, now they are popular as a total of seven Ps.
Matching-staff and workforce is an integral part of any service-provision. If the organization wishes to attain competitive-advantage then recruiting and training the right staff to deliver the services is a must. Consumer judgments and perceptions are formed by the employees who interact with them.
Good inter-personal skills and aptitude, and knowledge are important in satisfying the consumer. Process is the system that helps the organization to deliver the service, and, quick and efficient system will ensure customer confidence and loyalty.
Repeated consumer judgments are based on the physical-evidence and are an essential component of the service marketing-mix. For instance, if you go to an eatery you, naturally, expect good, prompt, and clean service. Consumers’ perceptions are shaped by how the services are being provided and they carry it to others.