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Extended Marketing Mix
 

Extended Marketing Mix

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The mearketing mix explained, including the additional Service Mix elements

The mearketing mix explained, including the additional Service Mix elements

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    Extended Marketing Mix Extended Marketing Mix Presentation Transcript

    • The Extended Marketing Mix
    • Objectives of this session:
      • What is the ‘Marketing Mix’?
      • What is the difference between the traditional 4 Ps and the ‘Service Mix’?
      • What are the range of decisions to be made for each of the marketing Ps?
      • What is meant by an integrated or co-ordinated marketing mix?
    • Marketing Mix: The Four Ps
      • The Four Ps are controllable variables
      • Should be tailored to needs of defined Target Group
      • All four Ps are linked and should support each other
      Product Price Place Promotion
    • Four P’s: The Product Product Decisions Branding Quality Features
      • Customer Value = the ‘bundle of benefits’ delivered to the customer
      • Need to change benefits as customers’ needs change
      Benefits offered
    • The Four Ps: Pricing Pricing Strategies Penetration Skimming Competition Product Line Bundle Psychological
      • Only ‘Price’ generates income
      • Price must support costs of all other Ps
      • Price also must reflect the relationship of supply and demand within the marketplace
      • Price = Cost the customer is prepared to pay
    • The Four Ps: Promotion Promotional Mix Advertising Public Relations Sales Promotion Personal Selling Direct Marketing Internet/ E-commerce
      • The task of Promotion is to target customers and Communicate with them
      • An integrated mix of promotional techniques should reach customers by all available channels
    • The Four Ps: Place Manufacturer Consumer Manufacturer Retailer Consumer Direct Distribution Indirect Distribution
      • The task of Place is deliver the Product to the customer at the right Price
      • There are many options of channel design
      • Channel design should take into account Cost and Convenience for the customer
      Manufacturer Franchisee Consumer
    • Marketing Mix: The Service Ps
      • Product
      • Price
      • Place
      • Promotion
      • People
      • Physical Evidence
      • Processes
    • People Decisions The Service Ps: People Service & Quality Relationship Marketing Marketing Training Internal Marketing
      • The most cost-effective means of differentiating yourself from the competition is the degree of customer focus, competence and efficiency of the People the organisation employs
      • Customers experience this as the degree of Care and Concern they receive from the organisation
    • The Service Ps: Processes
      • All Processes are concerned with the consistent creation and delivery of Customer Value
      • The Customer’s experience is affected directly at those points at which s/he interacts with the Organisation
      • Processes should be continuously reviewed and co-ordinated to improve the customer experience and demonstrate Customer Consideration
      Process Decisions Enquiry / Info Search Point of Purchase Delivery After Sales
    • The Service Ps: Physical Evidence Physical Evidence Evidence of Ownership Environment of PoP Product Design Packaging Corporate Identity
      • Provides Physical Evidence of delivered Quality
      • Should be consistent through entire customer experience
      • Especially important where customer is purchasing an intangible (service)
      • Provides Confirmation of Customers’ expectations
    • In Conclusion The 7 Ps The 7 Cs < Organisation Facing Customer Facing > Product = Customer Value Price = Cost Place = Convenience Promotion = Communication People = Caring Processes = Co-ordinated Physical Evidence = Confirmation