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Explain the 7P’s of marketing mix with the help of suitable examples.

Answer: Though marketing literature is dominated by manufacturing and product-centric business practices, service marketing constitutes a strategic area, which has propelled growth and success for many organisations. Pure services and products are hypothetical
extremes as every product today is associated with some level of service.

Product
In marketing mix, the product or service is the most important element. Customers acquire products for a singular reason that they are perceived as the means to satisfy their needs and wants. According to Philip Kotler, “A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a need or want.” In effect, according to this definition, products include physical products, services, persons, places, organisations, and ideas. For example, when consumers wanted a premium but fuel efficient sedan, Tata Motors launched Tata Indigo Marina, which was an updated version of Tata Indigo.

Price
The second element is the price, which impacts the volume of sales. It is a value that will purchase a specific quantity, weight, or other measure of a product. For example, you buy a packet of chips which is net 10grams in weight for ` 10, this value ` 10 denotes the price of the product.

Place
This is another key marketing mix tool, which encompasses the various activities the company attempts to make the product available to the target customers. Place mix deals with the physical distribution of products at the right time and right place. For example, a customer usually purchases toiletries from nearby retail stores. So, toiletry marketers must ensure that their products are available at almost every nook and corner store.

Promotion
This includes the methods to c98/.ommunicate the features and benefits of the products or services to its target customers. Some common methods include advertising, sales promotion, direct selling, public relations, and direct marketing. For example, Toyota promotes its brands by advertising, sales promotions, public relations, sponsorships, etc.

People
This is a very important element of the modern marketing mix or the service mix. An essential ingredient to any service provision is the use of appropriate staff and people.

Process
This refers to the way in which a service is delivered to the end customer. For example, when you go to McDonalds drive-through, you are first greeted by an attendant who asks you for your order. Then, he/she notes down your order and informs a crew member about it. By the time you pay the billed amount, your order arrives. You take your order and leave. This represents a service delivery process.

Physical evidence
Physical evidence is the tangible part of a service. Service customers experience a greater perceived risk as they cannot rate a particular service until it is consumed. 

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