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    Marketing Mix: BY: JYOT RUHANI-2020994508/y NATASHA MANN - 2020991218/z

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    Jyot Arora
    The document defines the marketing mix as a set of marketing tools and tactics used to promote and sell products and services. It discusses the traditional 4Ps of marketing - product, price, place, and promotion. It then expands on three additional Ps - people, process, and physical evidence. The marketing mix involves considering all elements, including the product itself, how it is priced, where it will be distributed, how it will be promoted, the people involved, processes used, and physical proofs of the product or service. An effective integrated marketing strategy takes all elements of the 7Ps into account.

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    Marketing Mix: BY: JYOT RUHANI-2020994508/y NATASHA MANN - 2020991218/z

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    Jyot Arora
    62 views13 pages
    The document defines the marketing mix as a set of marketing tools and tactics used to promote and sell products and services. It discusses the traditional 4Ps of marketing - product, price, place, and promotion. It then expands on three additional Ps - people, process, and physical evidence. The marketing mix involves considering all elements, including the product itself, how it is priced, where it will be distributed, how it will be promoted, the people involved, processes used, and physical proofs of the product or service. An effective integrated marketing strategy takes all elements of the 7Ps into account.

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    Marketing Mix

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    The document defines the marketing mix as a set of marketing tools and tactics used to promote and sell products and services. It discusses the traditional 4Ps of marketing - product, price, place, and promotion. It then expands on three additional Ps - people, process, and physical evidence. The marketing mix involves considering all elements, including the product itself, how it is priced, where it will be distributed, how it will be promoted, the people involved, processes used, and physical proofs of the product or service. An effective integrated marketing strategy takes all elements of the 7Ps into account.

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    © All Rights Reserved
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    Download as pptx, pdf, or txt
    62 views13 pages

    Marketing Mix: BY: JYOT RUHANI-2020994508/y NATASHA MANN - 2020991218/z

    Uploaded by

    Jyot Arora
    The document defines the marketing mix as a set of marketing tools and tactics used to promote and sell products and services. It discusses the traditional 4Ps of marketing - product, price, place, and promotion. It then expands on three additional Ps - people, process, and physical evidence. The marketing mix involves considering all elements, including the product itself, how it is priced, where it will be distributed, how it will be promoted, the people involved, processes used, and physical proofs of the product or service. An effective integrated marketing strategy takes all elements of the 7Ps into account.

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    © All Rights Reserved
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    of 13

    MARKETING MIX

    BY: JYOT RUHANI-2020994508/y 


     NATASHA MANN -2020991218/z
    DEFINATION OF MARKETING MIX

    The marketing mix is defined by the use of a


    marketing tool that combines a number of
    components in order to become harden and solidify a
    product’s brand and to help in selling the product or
    service. Product based companies have to come up
    with strategies to sell their products, and coming up
    with a marketing mix is one of them.
    WHAT IS MARKETING MIX ?
    Marketing Mix is a set of marketing tool or tactics, used to promote a
    product or services in the market and sell it. It is about positioning a
    product and deciding it to sell in the right place, at the right price and
    right time. The product will then be sold, according to marketing and
    promotional strategy. The components of the marketing mix consist
    of 4Ps Product, Price, Place, and Promotion. In the business sector,
    the marketing managers plan a marketing strategy taking into
    consideration all the 4Ps. However, nowadays, the marketing mix
    increasingly includes several other Ps for vital development.
    PRODUCT
    Product is anything, both tangible and intangible, that can be delivered to the market for purchase and consumption.
    Besides, it is something that meets a set of customer needs or wants. When companies are developing the 7Ps of the
    marketing mix, they may think about a product in terms of 3 levels.

    i. Core product
    The core product incorporates the core benefits of a product purchased by consumers. For example, a student
    pursuing Entrepreneurship is buying knowledge; therefore, the product planners ought to define the benefits of the
    product to the students.

    ii. Actual product


    The actual product is composed of various characteristics that make up a product. They could be quality levels, brand
    name, and other attributes.

    iii. Augmented product


    The augmented product includes additional consumer services build around the actual core product such as warranty,
    tutorials on how to operate a product and after-sales services.
    PRICE

    The price is the only income-generating aspect of the 7Ps of marketing.


    Therefore, obviously, it deserves high attention. Various pricing strategies
    do exist, which should be applied depending on the product type, market
    environment and customer characteristics. In general, to survive in the
    fast-changing market place, a product should be priced as per the target
    audience’s perceptions.
    PLACE

    The place is the distribution point of a product. It is an essential aspect of the 7Ps of the marketing mix
    that defines the availability of a product in the market. For the product to stand out, it has to be
    positioned in the most convenient place for the target customers. This could be through a window shop
    or via the internet. Before developing your distribution strategy, you need to consider questions such as
    the following:

    • How do your customers want to obtain the product, and what is the best way to reach them?
    • What do different distribution channels cost?
    • How do your competitors’ distribution strategies differ from yours?
    • What is the environmental footprint of your distribution methods?
    PROMOTION
    Promotion is one of the 7Ps of the marketing mix techniques used by
    companies to communicate their customer offerings. It is a combination of
    advertising, exhibitions, digital marketing, and other elements to pave the
    way for dialogue with clients. Promotion ought to communicate not only the
    perks obtained from a product but also its features. Besides, the
    promotional material should be precise and informative to the internal
    stakeholders. An efficient promotion strategy should be a blend of the
    following questions.
    •Which is the best mode to message your target buyers?
    •When should you implement the promotion strategy?
    •What promotion strategy have your competitors adopted?
    PEOPLE

    The reputation of your product primarily lies in people’s hands.


    Anyone can have a negative or positive impression of your products
    and services. It is, therefore, essential to train your employees on how
    to contact customers to give your business a decisive edge over your
    competitors. This can be done by adjusting the 7Ps of marketing to
    meet customer needs. For example, if you operate a little barber
    shop, placing some complimentary chocolates in your client’s guest
    room will tend to impress the customer, and, more likely, they will
    become substantial clients. The workforce is the key to the design and
    effective implementation of the 7Ps of the marketing mix.
    PROCESS

    The process is one of the elements of the 7Ps of the marketing mix
    that tends to obtain too little attention. It refers to the flow of
    activities as a result of the interactions between a business and its
    customers. For example, when a customer books a room, there is a
    process triggered. There is no essence of running a firm if this
    strategy is faulty. If it is used wisely, it’s a great source of satisfied
    customers. Therefore, develop clear processes for every type of
    interaction and make sure that they meet customer expectations
    and are consistently implemented.
    PHYSICAL EVIDENCE
    The last element of the 7Ps of marketing is physical evidence. This element pertains particularly
    to the service domain. A service, in general, is intangible. This implies certain risks for
    customers. These can be reduced by giving physical proof of the service you deliver. For
    example, an insurance company would issue their customers with printed evidence materials.
    This boosts customers’ confidence in what they are buying. To wrap it up, physical evidence
    ensures every component of the 7Ps of the marketing mix abides by the brand values as the
    service itself.

    In a nutshell, no element of the marketing mix can be considered in isolation. For organizational
    success, it is crucial to develop an integrated set of marketing strategies. To do so, the 7Ps
    provide a helpful framework.
    THANK YOU

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