Thedifferent elements in the marketing mix must be handled in a unified manner. When one element of the mix is juggled with, the probable impact on the other elements of the mix must be taken into account. Sometimes, the solution to a particular marketing problem may seemingly lie in one particular element of the marketing mix.
Anapplication of an appropriate marketing mix helps to achieve organizational goals such as profits and market share. 7. Concentrates on customers: A thorough understanding of the customer is common to all the four elements. The focus point of marketing mix is the customer, and the marketing mix is expected to provide maximum customerleadership honesty. accountability. quality. These are the things by which you're going to grow your business. It's a great idea also to have your staff buy into these core values. TheseThe7 P Model . As the market has evolved over the years, the concepts also needed an upgrade. The concept of the 4 Ps has been in use since the 1950s, but it seemed to miss some key elements. The 7 P model talks about the three additional elements apart from the 4 Ps: People, Process, and Physical Evidence.
IntroductionTarget Audience: Identifying and Understanding Your Ideal Customer Product/Service: Defining Your Offerings and Unique Selling Proposition Pricing Strategy: Determining the Value and Cost of Your Offerings Promotion Plan: Outlining Your Advertising, Public Relations, and Sales TacticsAwell defined and feasible marketing strategy makes meeting customer needs a likely and attainable goal. And while most companies do great marketing, only a few have created brand attachment and customer loyalty through their marketing practices and tactics. In this article, we explore, 1) the definition and purpose of strategic marketing, 2) the three phases of the strategic marketing Themarketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering. The marketing mix is most commonly executed through the 4 P's of marketing: Price, Product, Promotion, and Place. These have been extensively added to and expanded through additional P's and even a Speaker(Encoding) Putting ideas into symbols. Message (Info, meaning, feelings) the ideas actually communicated. Listener/Receiver (Decoding) attaching meaning to the words, gestures and voice inflection. Feedback-includes all messages. verbal and nonverbal, sent by listeners to speakers. Channel-or medium. rUEie4Z.