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Marketing Mix
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The marketing mix is the term used to describe the marketing process that is used traditionally with product/service positioning. The ‘mix’ here involves the use of various marketing methods to achieve a specific objective and uses the 4Ps principle of marketing.
- Product -- this ‘P’ is used to define the product or service that is being marketed as part of the mix.
- Price -- this ‘P’ outlines the price that will be paid for a product or service.
- Place -- this ‘P’ looks at where a product or service can be purchased from.
- Promotion -- this ‘P’ involves the marketing communications element of the mix that will promote the product/service (i.e. PR and advertising and so on).
In recent years the 4Ps of the marketing mix have been extended with the addition of another 3 elements that are perceived to play a role here. These are often known as the extended marketing mix and include:
- People -- this ‘P’ describes those people who have a part to play in the value of a product.
- Process -- this ‘P’ describes the actual process that takes a product/service from conception to the point of purchase.
- Physical Evidence -- this ‘P’ is used to show whether a consumer thinks that they have received good value in the purchase that they have made.
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