Marketing Mix
The term “marketing mix” is used by marketing experts to describe the various elements that influence a company’s attempt to attract customers. A company needs to do several things in addition to producing a product to market it successfully. The most important of these responsibilities is establishing a target market (the demographic group most likely to purchase the goods under consideration). Based on this information, a firm must decide on the best marketing strategies for a product. The specifics of persuading consumers to buy a product may be broken down into decisions concerning the components that comprise the marketing mix. The elements of marketing mix are as follows:
Product is anything, service, or combination of products and services that are sold to customers.
Price is the amount of money that the firm charges its customers for its goods and services.
Place refers to the product location where it is sold to the consumers. It includes its route of distribution (the path the product follows between manufacturing and final purchase).
Promotion is a kind of communication-oriented to informing, convincing and recalling a certain intended audience.
Each decision involving these elements must be considered about the target market. If the company properly knows the requirements and desires of the target market and balances its judgments accordingly, it has a good chance of engaging with customers
Services Marketing
Service marketing is simply planning the marketing for the supply of services as a business serving a customer as well as a business serving another business.
Tax and accounting services, hospitality sectors, telecommunications, hairdressers, tailors, dry cleaners, and so on are examples. It may also incorporate services found in the sales environment of a typical physical product, such as tech and customer support. Finally, a service can be defined as an intangible economic activity. Thus, it does not result in the transfer of ownership and does not have a store value. Instead, it is consumed on the spot where the sale is made. With this concept in mind, the three new Ps have been introduced to the traditional marketing mix, adding many additional dimensions to it.
Elements of Services Marketing Mix
Three new elements have been added to the traditional marketing mix, making it the seven Ps of marketing. A company can employ these elements to elicit the desired response from its target audience.
People: When a company provides a service, the company providing that service is separate from the service itself. Even if a nasty waiter brings food to a fancy restaurant, customers will be dissatisfied. This is why a company works so hard to ensure that the correct people serve their customers and go through enormous efforts to train them properly.
Process: When it comes to service delivery, there is a delicate line between uniformity and personalization. Maybe that is why the procedure is significant. It must be simple enough for the service provider to understand. They should be able to offer the same level of service to each customer that comes along. However, there should also be sections in this process where the client’s preferences are fulfilled so that each consumer still feels distinct.
Physical Evidence: The location of the service becomes essential. In the services industry, the attractiveness and comfort of a site may make or destroy a company. When the setting is peaceful and welcoming, the client will feel safe and want to return, maybe bringing another customer.
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