MARKETING MIX

1. 1
chapter
88

2. productproduct
PricePrice PromotionPromotion placeplace
The marketing mix
Chosen Competitive Position
Target Customers’ Needs

3. 3
Product: includes product range, features, brand,
Packaging warranties, terms and conditions.

4. Chapter 1 Version 3e 4
PRICE: Includes the listed price, discounts,
payment periods.

5. Promotion: Includes advertising, personal selling
sales promotion, publicity, public relations.

6. Place: includes distribution channels, location,
Access (opening hours), staffing.

7. Consistency with Position : The decisions about mix
element must be consistent with the position that has been
chosen.
Synergy from mix elements :This is important because
each element of the mix presents customers with a very
clear message about the organization, its products and
services.
An effective market mix must aim for consistency and
synergy- consistency with the chosen strategic Position
and synergy from the individual elements.

8. The main differences between financial services
And physical goods were listed as:
Intangibility: Financial services have no physical form
and are often complex and difficult to understand.
Inseparability: Financial services are produce and
consumed simultaneously, they cannot be stored
Heterogeneity: The quality of financial services is
highly variable because of consumer differences and
heavy dependence on people to provide the Service.

9. •The ‘people’ factor in the marketing mix emphasises
the important roles that individuals play in providing
financial services.
•The people component of services marketing is mos
Commonly associated with personal selling.
•People are also important element in the product
Component of the marketing mix.

10. Chapter 1 Version 3e 10
Peripheral evidence : Which the customer can
possess but with little independent value. (e.g check
book cover)
Essential evidence: Which the customer cannot
possess but with independent value. (e.g bank branch).

11. Process is concerned with the way in which the
for service provision, procedures, the degree of
mechanisation, etc.
Process is important in distribution, it is also
relevant to price through its impact on the
monitoring measurement of product costs.