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Marketing 4 P’s plus three

September 1, 2008

The traditional marketing mix (the 4 Ps)

Marketing mix

Description and relevance of the Marketing Mix Element element

PRODUCT

This relates to the nature or quality of the product or service concerned and/or the image that may be associated with users or consumers of the product or service. Besides understanding how a product or service can meet the basic needs of customers, marketers also need to consider the relative position held by their product or service in a given market, compared to alternative products or services that might be available from the competition.

PRICE

This relates to the market price of the product or service and pricing policy. Marketers need to ensure that their product or service is priced appropriately, so that both sales and also acceptable profits are achieved. Products or services may be priced at different ends of the price spectrum depending on the nature of the product or service offering, the perceived status of the supplier, or the pricing tactics and strategies adopted by competitors.

PLACE

This relates to the manner in which a given product or service is distributed to the consumer or the end user. For various reasons, some suppliers will distribute their products or services via a network of distributors, while others will supply their product or service direct to the consumer or end user. Decisions concerning the distribution of products or services will be taken in the light of various factors such as the nature of the product or service, the resources available to the organisation concerned, or because of opportunities presented by the availability of new technology.

PROMOTION

This relates to the manner in which the product or service is promoted to wholesalers, to retailers or to consumers/end users (which of course depends on the nature of the distribution policy and other factors). Since promotion is a term that is used to encompass advertising, personal selling, sales promotion, direct marketing, public relations and other methods of customer communication, this element of the marketing mix is also sometimes called the ‘The Communications Mix’.

The extending the marketing mix

Extended Element

Description and relevance of the Extended Marketing Mix Element

PEOPLE

This relates to the people employed within the organisation, to individuals associated with the organisation, or any other relevant personal stakeholders. Because people can add value through superior service and effective communication and because people are often the interface between customer and supplier, the importance of all employees should never be underestimated. Individuals should be clear about their own role and responsibilities and how they can add value for the benefit of everyone (perhaps by improving service levels, quality, making suggestions etc).

PROCESSES

This relates to any process connected to the marketing function i.e. any processes that might (or PROCESS) involve the customer and which could take place before, during or after a sale. It is often said that many great products or services have failed because efficient and effective processes or systems did not support these products. Processes and/or systems must make it easy for the customer to communicate, or easy for the customer to buy.

PHYSICAL

This relates to the visual impression gained as a result of exposure to a range of physical evidence EVIDENCE as diverse as vehicles, buildings, the decoration or cleanliness of offices, rooms or venues, the quality and style of stationery and written materials and the nature, style and cleanliness of clothing worn by representatives of a particular organisation. Just like all the other elements of the marketing mix, this element needs to be compatible with the others in the marketing mix or the organisation concerned.

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2 Comments leave one →
  1. September 1, 2008 11:00 pm

    Where did you get your blog layout from? I’d like to get one like it for my blog.

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