The Marketing Mix The Tools of Marketing Management

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Presentation transcript:

The Marketing Mix The Tools of Marketing Management 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA The Marketing Mix These are the tools of marketing management employed by marketers. They are areas where marketing managers need to make decisions. These decisions affect the nature of the offering or package of benefits that the organisation offers to customers. The tools are commonly known as the 4P’s or 7P’s. 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA The Marketing Mix The term “mix” is used to explain the point that at any one time the marketer will select a set of tools from the marketing toolbox or the marketing mix in specific proportions to solve specific problems – in the same way one selects spanners and other tools for a specific job OR ingredients to bake a particular type of cake. 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA What are the tools? Product Price Promotion Place (Distribution) People Process Physical evidence 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Product Quality Features Options Style Brand name Packaging Sizes Services Warranties Returns 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Price The value that is put on the exchange process List price Discount Allowances Payment period Credit terms 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Promotion (Communication) Advertising Personal selling Sales promotion Public relations Direct Marketing 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Place (Distribution) Channels Coverage Locations Inventory Transport 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Activity https://www.youtube.com/watch?v=GhFpvXsmBXY 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA The Seven P’s Booms and Bitner extended the traditional 4P (McCarthy) framework to seven to reflect a predominantly service economy (UK= 74% of GDP). Extended mix: People Process Physical evidence 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA People The attitudes of staff Training of staff Internal relations The observable behaviour of staff The level of service-mindedness in the organisation The consistency of appearance of staff The accessibility of people Customer-customer contacts 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Process The manner in which the service is delivered Degree of customer contact Quality control standards Quality assurance Payment methods (degree of convenience) Queuing systems for customers Waiting times 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Physical Evidence - ambience The “environment” or atmosphere in which the service is delivered Buildings Furnishings/décor Layout Goods associated with the service e.g. carrier bags, tickets, brochures All the above can help shape customers’ perceptions of the service 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Combining the Mix The marketing manager has to identify the needs of his or her target market through marketing research and other investigative techniques. The manager must understand customers’ characteristics and buying habits, for example. He/she then has to blend the components of the mix to formulate strategies and tactics by which those needs can be met. 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA

Unit II - Services Marketing - K.Mohan Kumar, AP/MBA Combining the Mix This is the essence of marketing: identifying, anticipating, and satisfying customer needs in the most profitable way possible: delivering profits to the organisation and value to customers at the same time! 4/22/2018 Unit II - Services Marketing - K.Mohan Kumar, AP/MBA