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In services marketing, an extended marketing mix is used, typically comprising the 7 Ps (product, price, promotion, place, people, process, physical evidence), made up of the original 4 Ps extended by process, people and physical evidence. [4]
The extended marketing mix for services is more than the simple addition of three extra Ps. Rather it also modifies the traditional mix of product, price, place and promotion for superior application to services.
The extended marketing mix is used in the marketing of services, ideas and customer experiences and typically refers to a model of 7 Ps and includes the original 4 Ps plus process, physical evidence and people. Some texts use a model of 8 Ps and include performance level (service quality) as an 8th P.
Marketing mix is the most important part of marketing strategy, which is "the framework to manage marketing and incorporate it within a business context [6] ". Marketing strategy: how a business achieves its marketing objectives. The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6]
Before designing a distribution system, the supplier needs to determine what distribution channel to achieve in broad terms. The approach to distributing products or services depends on a number of factors including the type of product, especially perishability; the market served; the geographic scope of operations and the firm's overall mission and vision.
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Brand extension can also be done through marketing strategies such as guerrilla marketing, where brands can promote their goods or services through unconventional means such as emotional connections to the brand by tackling social problems/dilemmas. These emotional connections are generally done through social experiments where brands express ...
A company positioned in the middle market may want to introduce a lower-priced line for any of the 3 reasons The company may notice strong growth opportunities as mass retailers such as Wal-Mart, Best Buy, and others attract a growing number of shoppers who want value-priced goods.