2. Meaning and Definition of Marketing Mix
Marketing mix means to collect and mix the resources of marketing in the manner
that objects of the enterprise may be achieved and maximum satisfaction may be
provided to the consumers.
According to Stanton, “Marketing mix is the term used to describe the combination of
the four inputs which constitute the core of a company’s
marketing system- the product, the price structure, the promotional activities and the
distribution system.
3. Marketing Mix Elements
Marketing mix describes the specific combination of marketing elements used to
achieve an organization’s/individual’s objectives and satisfy the target market.
It is customary to accept that marketing is made up of four P’s:
1. Product,
2. Price,
3. Place,
4. Promotion.
In case of services, however, there are alternatives approaches suggested by
various authors. They have suggested the need for an expansion of these four
classic ingredients. Over a time the special needs of services have led to the
extension of the mix to seven P’s. The additional 3 P’s listed below are known as
the extended service mix or augmented service mix.
5. People
6. Physical evidence
7. Process
4. The Marketing Mix
The seven P’s are:
The Marketing Mix
Product
Price
Place
Promotion
People
Process
Physical evidence
5. Product
Product is anything that can be offered to a market that might satisfy a want or need.
There are two concepts of product- Narrow concept and wide concept.
In its narrow concept, a product is a bundle of physical or chemical properties which
has some utility. A product means an object which satisfies the need of the customer.
Thus fan, table, pen, chair etc. are products.
In its wider concept all the brands, all the packaging, all the colors or all the designs
of a product is taken to be different products. for example, if a toothpaste is produced
in three different sizes, these are three products because they satisfy needs of
different customers.
According to Phillip Kotler, “ A product is a bundle of physical services and symbolic
Particulars expected to yield satisfactions or benefits to the buyer.”
6. Price
The price is a key element of the marketing mix; it must be acceptable to target
Customers and it must reflect the other components of the mix accurately. The
Price of the service is the value attached to it by the service provider and it must
Correspond with the customer’s perception of value.
Place
The place is an another element of marketing mix; it means where and when
the product and services can be purchased. The answer is likely to reflect customer
needs and expectations, competitive activity, and the nature of the service operation.
7. Promotion
The word ‘promotion’ is derived from the Latin word ‘promovere’, meaning ‘an
Attempt to shift the attention of people from one end of the spectrum to the other’.
Service marketers have used this marketing tool to great advantage in positioning
Their service, adding tangibility and value to their offer. Promotion is used
Temporary tool and is communication oriented.
According to Phillip Kotler, “ promotion compasses all the tools in the marketing
mix whose major role is persuasive communications”.
Process
The process is an element of augmented marketing mix and vital point of the value
Chain process is the way of undertaking transaction, supplying information and
Providing services on a way, which is acceptable to the consumer and effective to
the organization.
8. People
‘People’ as the sixth element in the services marketing mix applies not only to
Service personnel, but also recognizes the role that other people- the customers-
Play in service delivery. Sometimes the role of the customer is an important part
Of the service itself, as in education, for example, where the students must follow
The learning programme or in car hire where the benefit – transportation – can only
Be achieved through the customer’s driving. In many services like this, participation
Of some kind is essential to derive the service benefits.
Physical Evidence
The physical evidence is defined as the environment in which the service is delivered
And where the firm and customers interact; and any tangible commodities that
Facilitate performance or communicate the services. It plays a role in enhancing
Customer’s perception of the service quality.
Physical evidence is everything that a company physically exhibits
To the customer. it includes the physical environment of the service outlet, the
Exterior, the interior, all tangibles like machinery, furniture, vehicles, stationery, sign
Boards and so on. the physical environment facilitates performance of service by
the service provider as well as the service customers.
