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Marketing mix 7 points

Basic understanding of Seven Marketing Mix

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Marketing mix 7 points

  1. 1. The management process which identifies, anticipates and supplies customer requirements efficiently and profitably
  2. 2.  The concept of the marketing mix was first given prominence by Borden in 1965. He described the marketing manager as:  "a mixer of ingredients, one who is constantly engaged in fashioning creatively a mix of marketing procedures and policies in his efforts to produce a profitable enterprise".
  3. 3. Products These are the means by which organisations satisfy consumers' needs. A product in this sense is anything which an organisation offers to potential customers which might satisfy a need, whether it is tangible or intangible. After initial hesitation, most marketing managers are now happy to talk about an intangible service as a product
  4. 4.  Pricing This is a critical element of most companies' marketing mix, as it determines the revenue which it will generate. If the selling price of a product is set too high, a company may not achieve its sales volume targets. If it is set too low, volume targets may be achieved, but no profit earned.
  5. 5.  Promotion This is used by companies to communicate the benefits of their products to their target markets. Promotional tools include advertising, personal selling, public relations, sales promotion, sponsorship, and, increasingly, direct marketing methods.
  6. 6.  Place These decisions involve determining how easy a company wishes to make it for customers to gain access to its goods and services. This involves deciding which intermediaries to use in the process of transferring the product from the manufacturer to the final consumer (usually referred to as designing a channel of distribution) and deciding how physically to move and handle the product as it moves from manufacturer to final consumer
  7. 7.  People These decisions are particularly important to the marketing of services. In the services sector, people planning can assume great importance where staff have a high level of contact with customers.
  8. 8.  Process These decisions are again of most importance to marketers in the services sector. Whereas the process of production is usually of little concern to the consumer of manufactured goods, it is often of critical concern to the consumer of "high contact" services.
  9. 9. Physical evidence This is important to guide buyers of intangible services through the choices available to them. This evidence can take a number of forms, e.g. a brochure can describe and give pictures of important elements of the service product and the appearance of staff can give evidence about the nature of a service