Marketing Mix What is 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 4Ps and the 7Ps. The 4Ps are price, place, product and promotion. The services marketing mix is also called the 7Ps 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 (2010).

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! 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. 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. Your marketing qualification We're delighted to offer you online marketing courses which give you total flexibiltiy and the freedom to learn marketing when you like - from anywhere in the world. You can sign up to a course today. It takes 5 minutes! Marketing Teacher is the most popular marketing education content site in the world. You can gain certification and qualfications from Marketing Teacher. Price Price is the amount the consumer must exchange to receive the offering . Solomon et al (2009). 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. Let's have a look at some of them and try to understand the best policy/strategy in various situations. Price lesson >> Place Place includes company activities that make the product available to target consumers. Kotler and Armstrong (2010). Place is also known as channel, distribution, or intermediary. It is the mechanism through which goods and/or services are moved from the manufacturer/ service provider to the user or consumer. Place lesson >>

Product Product means the goods-and-services combination the company offers to the target market. Kotler and Armstrong (2010). 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.e. a service. Take a look at our lesson on the services marketing mix >> 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. This is known as the Three Levels of a Product - lesson >> 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). Product Life Cycle lesson >>

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.e. looks at the products or services that customers NEED throughout their lives. Customer Life Cycle lesson >> 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 (2009). Promotion includes all of the tools available to the marketer for marketing communication. As with Neil H. Borden's 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. Promotion lesson >> Physical Evidence (Physical 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 (2008) 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. Physical evidence lesson >> People (People are) . . . All human actors who play a part in service delivery and thus influence the buyers' perceptions; namely, the firm's personnel, the customer, and other customers in the service environment. Zeithaml et al (2008). 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. People lesson >> 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 (2008). 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 30% market share a company implements a marketing planning process. 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.e. throughout the process. Process lesson >> Also see eMarketing Mix, eMarketing Price, eMarketing Place, eMarketing Promotion, eMarketing Product. General Electric Marketing Mix Introduction General Electric originated in 1892 when Thomson-Houston Electric and Edison General Electric merged. Initially focusing on products such as toasters, motors and light bulbs, it is now a diversified company composed of media, financial services and technology divisions. These divisions provide business and consumer financing services, media content, as well as products such as aircraft engines, power generation, water processing, and security technology. Would you like to take a lesson on the marketing mix? In 2005, the company restructured its operations into six business segments: infrastructure, commercial finance, consumer finance, healthcare, NBC Universal and industrial. Product General Electrics capital finance segment includes commercial loans, operating leases, home loans, credit cards, and personal loans. GEs technology division produces Intrusion and fire detection products, card access systems, aircraft replacement parts, jet engines, medical diagnostics, medical imaging as well as patient monitoring equipment. The company also provides products related to energy infrastructure such as wind turbines, gas turbines, water purification systems, and aircraft engine derivatives. General Electrics NBC Universal Division operates cable networks, and produces motion pictures. Products produced in GEs Consumer and Industrial Division includes refrigerators, washers, microwave ovens, residential air conditioners as well as electric and gas rangers. Price General Electric introduced a Power by the Hour program for its aircraft engines, in recognition that its customers were not merely purchasing its airplane engines, but also the ability to minimize downtime through its maintenance and service initiatives.

In 2004 GE raised prices in for its Infrastructure Water and Process technology customers as a result of increasing cost pressures in a global economy, citing marketplace conditions for water treatment solutions which made it more expensive to do business. General Electrics healthtmagination initiative involves the reduction of prices in its medical imaging imaging and diagnostics business as a result of reduced customer spending in these areas. Place General Electric is headquartered in Fairfield Connecticut, at 3135 Easton Turnpike. GE has subsidiaries located in Singapore, Mexico, Munich, China and Ontario Canada General Electric has global business projects including Southeast Asia, Northern Asia, Austrialia/New Zealand, Africa, Latin America and Europe. Promotion In 2001, General Electric selected Responsys, Inc., as the preferred vendor to implement GE Services Network's email marketing programs. GEs slogan we bring good things to life is among the most recognizable in the world. General Electric has used co-branding to market its products, including Culligan, Calphalon and Lenox. Process The General Electric Company, with the assistance from the Boston Consulting Group and McKinsey and Company, pioneered the nine cell strategic business screen used to identify the most favorable position with attractive growth opportunities as well as competitor strength. In the 1950s GE produced the famous "blue books" -- five volumes of detailed guidance for its managers. GE management has utilized techniques such as leadership development, Work Out, and Six Sigma. Current GE leadership is reemphasizing its scientific research labs and marketing function. General Electric undertakes a constant appraisal process that involves firing its bottom 10% employees each year. GE strives to accomplish its goals with four core values in mind: imagine, solve, build, and lead. General Electric (GE) had used the Lateral Diversification Strategy as its growth strategy - marketing new products or services that have no technological or commercial synergies with current products, but which may appeal to new groups of customers. Physical Evidence

Russia has been one European country in which GE has made significant investments including an equipment fleet with more than 1,500 large units. The Middle East is diversifying beyond its oil-based economy with explosive development. GE is enabling growth with crucial investments of infrastructure resources such as oil and gas as well as aviation. GE is helping to build the infrastructure of Indonesia. GE has subsidiaries located in Singapore, Mexico, Munich, China and Ontario Canada People Jeffery Immelt is the current chairman of the board and chief executive officer of GE. General Electric employs an integrity policy called The Spirit & The Letter which every employee supports with a signed pledge. GE employs an ombudsmen process which encourages employees to report unethical activities without fear of reprisal. General Electric implements flexible work arrangements in order that employees may achive a work and life balance. General Electric provides an employee and retired employee outlet store with discount products. GE utilizes skills-based customer service routing technology, GE directs your call to the service or support rep most qualified to answer your question.