Expansion of Marketing Mix

In: Business and Management

Submitted By anishaandrew
Words 716
Pages 3
EXPANSION OF MARKETING MIX

The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The marketing mix consists of four main elements: 1. Product - The product is the physical product or service offered to the customer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc. 2. Price – pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also discounts, financing, and other options such as leasing. 3. Place – place decisions are those associated with channels of distribution that serve as the means for the product to the target customers. The distribution system performs transactional, logistical, and facilitating functions. Distribution decisions include market coverage, channel member selection, logistics, and levels of service. 4. Promotion – promotion decisions are those related to communicating and selling to potential consumers. Since these costs can be large in proportion to the product price, a break-even analysis should be performed when making promotion decisions. It is useful to know the value of a customer in order to determine whether additional customers are worth the cost acquiring them. Promotion decisions involve advertising, public relations, media types, etc.
Getting the mix of these elements right enables the organization to meet its marketing objectives and to satisfy the requirements of customers.
In addition to the traditional four Ps it is now customary to add some more Ps to the mix to give us Seven Ps.
The additional Ps have been added because today marketing is far more customer…...

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