Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if they stand still for too long. One example of this evolution has been the fundamental changes to the basic Marketing mix.
They are- Intangible have no fixed existence Inseparable Cannot be separated from its provider Not stored Cannot be stored in a warehouse or anytime before the actual performance Perishable Perishes as soon as the work is done Heterogeneous result in different experience to different users The service marketing mix is also different from marketing mix of tangible products.
A service requires people to perform the tasks which becomes the 5th P. Physical evidence is the 6th P, and the process of the service is the 7th P of the service marketing mix. Product A product is something which satisfies the needs and wants of the customer.
It is the actual item which is held for sale in the market. Product mix constitutes the combination of all the services for sale in the market.
For example, the product mix of a saloon will be the combination haircut service, manicure and pedicure service, facial, shaving etc. The life cycle of services is same as that of a product as it starts from the day it was first thought until the time it is finally removed from the market.
Price Price is the amount which the customer pays for the product.
But unlike goods pricing, pricing of services are a bit different and a bit difficult. Just like goods, businesses can decide from one of these practices for pricing Penetration Pricing low price kept to capture market share Skimming Pricing high price initially then lowering of price Competition Pricing pricing at par of competition Pricing decides the position of the product among the competition.
Place Place mix is deciding where and how the services will be available to the customers at the right time and at the right place to result in maximum advantage to the business. Unlike goods, services cannot be separated from its provider and are provided where its provider is.
But the same services can be performed by different providers E. Promotion A business has to convey about its offering and its USP to the customer. It is what keeps it alive in this competitive environment.
The promotion mix decides the marketing communication techniques, strategies, and mediums used.The 7Ps of Marketing in Toyota Company 7Ps is a major concept that is applied in the locomotive industry to realize large volume of sale, employee retention and annual turnover.
This paper entails an analysis of the 7Ps applied by Toyota Company, which is among the top manufacturers of vehicles in the world. The marketing mix is a significant tool for creating the right marketing strategy and its implementation through effective tactics.
The assessment of the roles of your product, promotion, price. The marketing mix is very important for marketer. Marketing mix has affect on consumers decision to buy or not.
There are clearly many factors which influence a consumer’s decision to buy something and these are all part of the marketing mix 7ps are the fundamental element of the marketing mix.
This marketing mix has 7ps of marketing and the three extra Ps are people, process and physical evidence. Marketing mix of Services is used by most service businesses.
The service marketing mix is also known as an extended marketing mix and is an integral part of a service blueprint design. The 7Ps marketing mix helps companies to review and define key issues that effect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.
Marketing — Importance Of Marketing Mix 7ps. It is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals. If a firm or business not accounting this aspect, it hampers their profit level.