NOT 4 P’s !, 7 P’s IN MARKETING MIX

WE ALL HAVE STUDIED THE DEFINITION OF MARKETING WHICH IS DEFINED AS ENGAGING CUSTOMERS BY UNDERSTANDING THEIR NEEDS AND MANTAINING PROFITABLE RELATIONSHIPS WITH THE CUSTOMERS . THE TWO MAIN OBJECTIVES OF MARKETING IS TO ATTRACT NEW CYUSTOMERS BY PROMOSING SUPERIOR VALUES AND TO MANTAIN GOOD TIES WITH CUSTOMERS BY DELIVERING VALUE AND SATISFACTION .

IF YOU HAVE GAINED KNOWLEDGE , IT WILL ONLY BE SUCCESSFUL WHEN YOU WILL UTILISE IT IN A GOOD WAY AND TO UTILISE IT , YOU NEED WEAPONS . SO , MARKETING HAS ITS OWN TOOLS , USED BY THE FIRMS TO FUNCTIONS THE MARKETING IN THE FORM OF MARKETING MIX . MARKETING MIX IS THE SET OF MARKETING TOOLS , COMBINE TOGETHER TO ENGAGE CUSTOMERS , TO SATISFY CUSTOMER NEEDS AND BUILD CUSTOMER RELATIONSHIPS. IT HELPS MARKETERS TO EXECUTE THEIR PLANS EFFECTIVELY AND EFFICIENTLY . THE 4 P’s OF THE MARKETING WHICH WE HAVE STUDIED IN CLASS 11th AND 12th STANDARD.

4 P’s ARE :

  • PRODUCT
  • PRICE
  • PLACE
  • PROMOTION

EXTENDED P’s OF MARKETING MIX :

  • PEOPLE
  • PHYSICAL EVIDENCE
  • PROCESSES

IN TOTAL , THE TOOLS OF MARKETING MIX ARE SEVEN , LET’s SEE EACH IN LITTLE DETAIL.

PRODUCT

PRODUCT IS DEFINED AS THE BUNDLE OF UTILITIES CREATED BY THE MARKETER ACCORDING TO THE NEEDS OF THE CUSTOMERS , ENSURING CUSTOMER SATISFACTION.

  • IT IS CREATED IN VARIETIES BY THE MARKETERS TO GIVE CUSTOMERS OPTIONS TO CHOOSE .
  • ALONG WITH IT, ENSURES THAT THE QUALITY IS UP TO THE CUSTOMER EXPECTATIONS.
  • SUPPORTING IT WITH ATTRACTIVE FEATURES TO GAIN THE ATTENTION OF THEIR TARGET MARKET.
  • DESIGNING
  • THIS ONE IS THE MOST IMPORTANT AS MOST OF THE CUSTOMERS BUY THE PRODUCTS DUE TO PACKAGING . IT GIVES THE DETAILED INFORMATION IN BRIEF ABOUT THE PRODUCT . THE BUSINESSES ARE USING THE TECHNIQUE OF EXOTIC PACKAGING , TEMPTING THE CUSTOMERS TO BUY THROUGH IT.
  • BRAND NAME SHOULD BE CATCHY ENOUGH TO GET STUCK IN THE MINDS OF CUSTOMERS.
  • SIZE OF THE PRODUCT SHOULD BE DECIDED ACCORDING TO THE NEEDS OF THEIR TARGET MARKET.
  • SERVICES ARE MOST LOVED BY THE CUSTOMERS, THEY LOVE IN GETTING AFTER SALES SERVICES .IT INCREASES THEIR INTRESTS IN THAT PRODUCT.
  • RETURNS ARE THE FEEDBACK THAT COMPANY CAPTURES FROM THEIR CUSTOMERS ABOUT THE PRODUCT.

PRICE

PRICE IS THE MONETARY VALUE OF THE PRODUCT SET BY THE MARKETERS.

  • IT IS THE PRICE LISTED BY THE FIRM ON THE PRODUCT.
  • THE CUSTOMERS USUALLY EXPECT DISCOUNTS BY THE BUSINESSES , MAKING THEM BUILDING PROFITABLE RELATIONSHIPS.
  • ALLOWANCES
  • YOU ALL MUST HAVE COME ACROSS THE COUPONS AND CODES GIVEN BY THE COMPANIES TO AVAIL OFFERS AND DISCOUNTS ON THE PRODUCT .
  • PAYMENT MODE , IT CAN BE OFFLINE THAT IS CASH AND ONLINE MODE WHICH IS THE MOST PREFERABLE NOW A DAYS
  • CREDIT TERMS
  • PAYMENT PERIOD , A CERTAIN TIME PERIOD IS GIVEN TO MAKE THE PAYMENT ALONG WITH THE TIME LAPSE.
  • BUILDING
  • PRODUCT CANCELLATION , FOR EXAMPLE , MAKE MY TRIP HAS AVAILED THIS FACILITY TO CANCEL THEIR ORDER WITHOUT ANY CANCELLATION CHARGES.IT ATTRACTS THE CUSTOMERS , AS , IT IS HELPING THEM SAVING THEIR MONEY.

PLACE

PLACE THE LOCATION OF THE PRODUCT TO BE TRANSPORTED FROM THE PLACE OF ORIGIN TO THE PLACE OF DISTRIBUTION THAT IS TO THE CUSTOMERS . IT HAS PLAYED AN IMPORTANT ROLE IN CORONA PANDEMIC.

  • THERE ARE CERTAIN CHANNELS THAT ARE USED TO TRANSPORT THE PRODUCTS .
  • THE LOCATIONS ARE ALEARDY LISTED TO THE CUSTOMERS TILL WHERE IT CAN BE DELIVERED.
  • THERE IS WIDE COVERAGE OF THE PRODUCT DUE TO THE EXISTENCE OF THIS P.
  • TRANSPORTATION IS DRIVING THE PRODUCT FROM THE PLACE OF PRODUCTION TO THE MARKET .
  • WAREHOUSING HELPS TO STORE THE PRODUCT AND KEEP IT SAFE.
  • ORDER TAKING , IN THIS FIRMS TAKE THE ORDERS AND DELIVER THE PRODUCTS TO THE CUSTOMERS.

PROMOTION

  • ADVERTISING IS USED TO CREATE THE IMAGE OF THE PRODUCT IN THE MINDS OF THE CUSTOMERS.
  • PERSONAL SELLING INVOLVES COMMUNICATING THE FEATURES OF THE PRODUCT TO CUSTOMERS FACE TO FACE , WHAT EXACTLY SALESMEN DO.
  • PBLICITY OF THE PRODUCT.
  • PUBLIC RELATIONS , PRODUCT SHOULD BE COHESIVE TO THE LIFE CUSTOMERS , TO MAKE IT A REAL CONNECT.
  • DIRECT MARKETING
  • BLOGS , WRITING ABOUT YOUR FIRM AND PROMOTE THE PRODUCT HTROUGH WEBSITES.
  • SOCIAL MEDIA
  • MARKETING

PEOPLE

  • FIRST AIM OF THE CUSTOMERS IS TO MAKE THEIR EMPLOYEES HAPPY THROUGH PERKS AND INCENTIVES.
  • TRAINING , CREATING TRAINING PROGRAMMES FOR THEIR GROWTH AND DEVOLOPMENT.
  • MOTIVATION , ENERGISE THEM BY APPRECIATING THEM WITH THE BEST EMPLOYEES CERTIFICATE AND GIVING THEM PROMOTIONS.
  • CONSUMER SATISFACTION
  • STAKEHOLDERS , ENSURING THE INVESTMENT AND SHARES , THEY ARE INJECTING.

PROCESSES

  • PROCEDURES , EVERY COMPANY DEFINES THEIR RULES AND REGULATION TO THE EMPLOYEES.
  • MECHANISMS
  • CREATIVITY , ENSURING TO INCREASE THE CREATIVE ABILITY OF THEIR EMPLOYEES.
  • MANTAINING DESCIPLINE
  • STRUCTURE , THE FOUBDATION OF THE ORGANISATION
  • ENCOURAGEMENT TO THEIR EMPLOYEES WITH POSITIVE AND FRIENDLY ENVIROMENT.
  • NEW IDEAS , DEVOLOPING AND DEVOLOPING THE EMPLOYEES TO GIVE INNOVATIVE IDEAS FOR THE COMPANY’s GROWTH.

PHYSICAL EVIDENCE

IT BASICALLY REFERS TO THE PHYSICAL ENVIROMENT OF THE BUSINESSES LIKE HOTELS , RESORTS ETC

  • MUSIC , PEOPLE LOVE TO ENJOY WHILE EATING FOOD AND MUSIC IS THE BEST WAY TO HAVE FUN.
  • LIGHTINING , IT IS HOW THE HOTELS OR RESTRAUNTS HAVE LIGHTINING ,HOW MUCH IT IS BEAUTIFULLY DECORATED .
  • DELIVERY EXPIRIENCE , HOW FAST AND GOOD THE SERVICE OF THE FOOD IS DONE BY THE WAITERS OF THAT RESTRAUNT.
  • CLEANLINESS
  • FRAGNANCE , ALL OF US WOULD LOVE TO DINE AT A PLACE OF ROSES.
  • DECOR , ATTRACTIVE INFRASTRUCTURES WHICH TEMPT THE CUSTOMERS TO VISIT.
  • ASTHETICS , ARE THE ADDICATES HOW THE WORKERS OF THE ORGANISATION ARE BEHAVING WITH THE CUSTOMERS.
  • AMBIENCE , THE MOST IMPORTANT , WHETHER YOU ARE ABLE TO CONNECT WITH THE ENVIROMENT OF THE RESTRAUNT / HOTEL OR NOT.

Categories: Education