Attaining Sustainable Organizational Growth and Profitability
Marketing mix refers to the tools and methodologies used by marketers to achieve their marketing objectives for physical goods or services. The marketing-mix are variables that managers and owners control to satisfy customers in their target market, add value to the business while helping to differentiate their business from competitors. 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.
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 product, price, place, and promotion.
Product marketing is the marketing and selling of tangible products - goods.
In the service marketing context there isn't a gap between producer and consumer (as in the goods-based case), since the service provisioning (production) occurs right between producer and consumer. Service marketing is concerned with marketing intangible products - services, and is based on value and relationship. The marketing-mix used in service marketing is expanded to the 7Ps of marketing and is a combination of the goods-based factors described above, in addition to the following
Service marketing is the marketing and selling of intangible products. 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 Model
Marketing mix considerations focus on business opportunities and concerns such as: customer retention, diversification of the customer base, market share growth, market value growth, becoming the market leader, increasing purchase frequency, etc. The marketing mix decision are used to achieve the general marketing strategies by guiding the decisions within important marketing areas such as product, pricing, distribution/placement, and promotion for goods marketing; and product, pricing, distribution/placement, promotion, physical evidence, people and process for service marketing.
Consider using the '7Ps of marketing-mix model when reviewing competitive strategies - across product, customer service, and more. . The 7Ps help companies to review and define key issues that affect the marketing of its products and services.
Companies can use the marketing-mix model to set objectives, conduct a SWOT analysis, and undertake competitive analysis.
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I 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.
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