Marketing Mix

This refers to the set of marketing tools or ingredients that firm uses in order to achieve its objectives in the target market.

Traditional 4Ps extended to encompass growth of service industry.

4Ps extend to 7Ps: Product, price, promotion, place physical Evidence, Process and People.




Product

• Branding 
• Accessories
• Warranties
• Design
• Technology
• Usefulness
• Value 
• Quality
• Packaging

Price

• Price skimming
• Price penetration
• Psychological pricing
• Loss leader

Promotion

• Advertising
• Personal selling
• Sales promotion
• Publicity and public relation
• Direct mail

Place

• Retail
• Wholesale
• Mail order
• Internet
• Direct sales
• Multi channel

Physical Evidence

• Smart
• Run down
• Comfort facilities
• The ambiance, mood or physical presentation of the environment

Process

• Specially relevant to service sector
• How services are consumed

People

• Employee
• Management
• Culture
• Customer service

Blend of the mix depends upon:

• Marketing objectives
• Type of product
• Target market
• Market structure
• Rivals' behaviour
• Global issues - culture/religion, etc.
• Marketing position
• Product portfolio
  •Product life-cycle
  •Boston martix