Attaining Sustainable Organizational Growth and Profitability
Marketing mix refers to the set of variables (controllable by the organization) that managers and owners use to influence the target audience and satisfaction of customers. Marketing-mix provide the tools and methods used by marketers to achieve their marketing objectives through their marketing strategies. Marketing mix can be classified into two (2) categories: physical goods or services. By carefully integrating the elements of the marketing-mix, companies can ensure they have a visible, in-demand product or service that is competitively priced and promoted to their customers.
Marketing-mix for Physical Goods The marketing-mix, when marketing physical goods, is intended to bridge the gap between production (producer) and consumption (consumer) of goods through values assigned to the marketing-mix variables of product, price, place, and promotion.
Goods marketing is the marketing and selling of tangible products - goods. Marketing-mix for Services In the service marketing context there isn't a gap between producer and consumer (as in the goods-based case), since the service provisioning and production occurs right between producer and consumer. The marketing-mix used in service marketing is expanded to the 7Ps of marketing-mix variables, and is a combination of the goods-based factors described above, in addition to service specific factors, such as:
Service marketing is the marketing and selling of intangible products. Service marketing is concerned with marketing intangible products - services, and is based on value and relationship. The purpose of service marketing is to utilize effective methods of communication, to create demand for service among customers, like advertisement, promotional deals or offers. Marketing Mix - Implementation Marketing mix development and implementation are guided by the chosen marketing strategy. The marketing mix decision are used to achieve the general marketing strategies by guiding the decisions within important marketing areas such as defined by the marketing mix elements:
Companies can use the marketing-mix model to set objectives, conduct a SWOT analysis, and undertake competitive analysis.
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AuthorI am a computer scientist by education and training. My interests are in modeling complex business and social systems to foster better strategic and operations management processes in delivering value to customers while meeting the expectations of stakeholders. Archives
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