The document discusses the marketing mix and its elements. It describes the four Ps of marketing - product, price, place, and promotion. It then explains the four Cs model which focuses more on satisfying customers by considering consumer, cost, convenience, and communication. The document also introduces expanded frameworks that include additional elements like people, processes, and physical evidence to the marketing mix for services. Finally, it outlines equivalencies between the 7 Ps and 7 Cs frameworks.
The document discusses the marketing mix and its elements. It describes the four Ps of marketing - product, price, place, and promotion. It then explains the four Cs model which focuses more on satisfying customers by considering consumer, cost, convenience, and communication. The document also introduces expanded frameworks that include additional elements like people, processes, and physical evidence to the marketing mix for services. Finally, it outlines equivalencies between the 7 Ps and 7 Cs frameworks.
The document discusses the marketing mix and its elements. It describes the four Ps of marketing - product, price, place, and promotion. It then explains the four Cs model which focuses more on satisfying customers by considering consumer, cost, convenience, and communication. The document also introduces expanded frameworks that include additional elements like people, processes, and physical evidence to the marketing mix for services. Finally, it outlines equivalencies between the 7 Ps and 7 Cs frameworks.
The document discusses the marketing mix and its elements. It describes the four Ps of marketing - product, price, place, and promotion. It then explains the four Cs model which focuses more on satisfying customers by considering consumer, cost, convenience, and communication. The document also introduces expanded frameworks that include additional elements like people, processes, and physical evidence to the marketing mix for services. Finally, it outlines equivalencies between the 7 Ps and 7 Cs frameworks.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net The 4 Ps of Marketing
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Conceptual Understanding • Cake Mix vs. Marketing Mix
• The offer you make to your customer can be
altered by varying the mix elements. • So for a high profile brand, increase the focus on promotion and desensitize the weight given to price
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Designing the Right Mix • The most creative & challenging step in marketing is designing the right marketing mix • The marketing mix is the specific collection of actions & associated instruments employed by an organisation to stimulate acceptance of its ideas, products & services
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Designing the Right Mix
• First, the firm chooses the product to meet the
identified need of the target segment • Second, the right distribution channel is used to make the product available • Third, the firm undertakes eye catching promotion • Fourth, the price platform is acceptable to the customer & firm
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Fundamental Actions
• The term 'marketing mix' however, does not
imply that the 4P elements represent options. • They are not trade-offs but are fundamental marketing issues that always need to be addressed. • They are the fundamental actions that marketing requires whether determined explicitly or by default.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Product • In marketing, a product is anything that can be offered to a market that might satisfy a want or need. • In retailing, products are called merchandise. • In manufacturing, products are bought as raw materials and sold as finished goods.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Price • It is the amount of money or goods for which a thing is bought or sold. • The price of a product may be seen as a financial expression of the value of that product. • Price is also the marketing variable that can be perhaps changed most quickly, in response to a competitor price change.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Place
• Place in the marketing mix refers to the
channel, or the route, through which goods move from the source to the final user. • Place could be the intermediaries, distributors, wholesalers and retailers.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Promotion
• Promotion refers to raising customer awareness
of a product or brand, generating sales, and creating brand loyalty.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net 4 Ps and 4 Cs • Product - Customer /Consumer • Price – (Customer) Cost • Place - Convenience • Promotion - Communication
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net 4 Ps and 4 Cs • The Four Cs model is more consumer- oriented and fits better in the movement from mass marketing to niche marketing • The product part of the Four Ps model is replaced by consumer or consumer models, shifting the focus to satisfying the consumer.
• Pricing is replaced by cost, reflecting the reality
of the total cost of ownership. IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net 4 Ps and 4 Cs • Placement is replaced by the convenience function. • Convenience takes into account the ease to buy a product, find a product, find information about a product, and several other considerations. • Finally, the promotions feature is replaced by communication. • Communications represents a broader focus than simply promotions. IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Extended Marketing Mix • Booms and Bitner included three additional 'Ps' to accommodate trends towards a service or knowledge based economy: • People • Process • Physical Evidence
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Extended Marketing Mix
• People – all people who directly or indirectly
influence the perceived value of the product or service, including knowledge workers, employees, management and consumers.
• Process – procedures, mechanisms and flow of
activities which lead to an exchange of value.
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Extended Marketing Mix
• Physical evidence is the material part of a
service. • It is the direct sensory experience of a product or service that allows a customer to measure whether he has received value. • Examples might include the way a customer is treated by a staff member, or the length of time a customer has to wait, or a cover letter from an insurance company, or the hygiene of a store IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Extended Marketing Mix
• There are many examples of physical evidence,
including some of the following: • Packaging / Uniform / The Building itself • Internet/web pages. • Paperwork (such as invoices, tickets and dispatch notes). • Brochures / Business Cards • Furnishings • Signage IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net Finally…. The 7 Ps The 7 Cs Organisation Facing Customer Facing Product = Customer/ Consumer Price = Cost Place = Convenience Promotion = Communication People = Caring Processes = Coordinated Physical Evidence = Confirmation
IMBA Semester VI – Marketing Management Prof. Subhasish Mitra www.atmiya.net
