Marketing Mix

The Marketing Mix

The marketing mix is the combination of factors (the '7Ps') which affect a customer’s purchasing decision. Customers may buy a product if they find each of the marketing mix factors satisfactory.

People

People is one of the 7 Ps and includes customer-facing staff, such as customer service assistants, and the employees involved in a transaction when a customer purchases a product or service.
- For example, Marks & Spencer prides itself on the quality of its customer service which suggests that the ‘People’ factor of the marketing mix is valued by the customers of this business.

Process

Process is one of the 7 Ps and includes the systems in place to support the transaction which the customer must deal with to complete the transaction successfully.
For example, some doctor’s surgeries have now introduced on-line booking systems which suggests that the ‘Process’ factor of the marketing mix is valued by the customers wishing to visit the surgery.

Physical environment/evidence

The physical environment or physical evidence is one of the 7 Ps and includes physical premises, the design, and layout of premises and the condition and placement of products within a store.

Illustrative background for 4 Ps ?? "content

4 Ps

These three Ps are in addition to the existing 4Ps in the marketing mix:
- Product.
- Place.
- Price.
- Promotion.

Changing the marketing mix

As market conditions and customer tastes and preferences change, a business may update its marketing mix.
For example, Morrisons used to emphasise the importance of its physical stores, which relates to ‘Physical evidence’, but now offers online shopping, which suggests it has re-focussed some of its effort on the importance of ‘Process’.

Factors Influencing the Marketing Mix

When a business is deciding its marketing mix, it may consider the type of product being sold and the influence this may have on the overall decision.

Availability

Convenience items, such as basic groceries, need to be accessed quickly by customers so businesses may focus on marketing mix factors related to speed and availability.

Product information

Shopping items, such as computer tablets and clothes, may be considered for purchase by customers for a longer period so a business may focus on the customer service ‘people’ factor so that customers can access product information easily.

Luxury products

Specialty products, such as cars and jewellery are luxury purchases for customers. Consumers who buy luxury goods may expect sophisticated stores and customer service processes to support the transaction. Businesses operating in luxury or specialty goods is likely to focus on processes & physical evidence, whilst making sure the other Ps are consistent with their brand.

1Exploring Business

2Marketing Campaigns

2.1Marketing

2.1.1Setting Marketing Objectives

2.1.2Customer Needs

2.1.3The Market

2.1.4Competition & The Market

2.1.5Consumer Behaviour

2.1.6Market Research

2.1.7Forms of Market Research

2.1.8Market Segmentation

2.1.9Cultural & Social Factors in Marketing

2.1.10Promotional Decisions 3

2.1.11Pricing Strategies

2.2Marketing Mix

2.2.1Marketing Mix

2.2.2Product Life Cycle

2.2.3Pricing Decisions & Price Skimming

2.2.4Pricing Decisions & Price Penetration

2.2.5Promotional Decisions

2.2.6Promotional Decisions 2

2.2.7Promotional Decisions 3

2.2.8Market Mapping

3Business Finance

3.1Sources of Finance

3.1.1Internal Finance

3.1.2External Finance

3.1.3External Finance 2

3.1.4Sources of Business Finance

3.2Financial Planning

3.2.1Revenue

3.2.2Costs

3.2.3Cash & Cash Flow

3.2.4Cash & Cash Flow 2

3.2.5Break-Even Analysis

3.2.6Profits

3.3Financial Statements

3.3.1Balance Sheets

3.3.2Income Statements

3.3.3Liquidity

4International Business

4.1Globalisation

4.1.1Growing Economies

4.1.2Specialisation & Trade

4.2International Business

4.2.1Internationalisation

4.2.2International Trade

4.2.3MNCS

4.2.4Conditions that Prompt Trade

4.2.5Assessment of a Country

4.3International Economic Environment

4.3.1Globalisation

4.3.2Factors Contributing to Globalisation

4.3.3Protectionism

4.3.4The EU & the WTO

4.3.5Trading Blocs

4.4Factors Affecting International Business

4.4.1Global Competitiveness

4.4.2Ethics of Global Business

4.4.3Controlling MNCs

4.4.4Cultural & Social Factors in Marketing

5Principles of Management

5.1Management & Leadership

5.1.1Managers

5.1.2Management Theories

5.1.3Managing Organisational Culture

5.1.4Management Style

5.2Theories of Motivation

5.2.1Motivating & Engaging Employees

5.2.2Taylor's Theory

5.2.3Mayo's Theory

5.2.4Maslow's Theory

5.2.5Herzberg's Theory

5.3Managing Change

5.3.1Change

5.3.2Key Factors in Change

5.3.3Scenario Planning

5.3.4Managing Change

5.3.5Managing Strategic Implementation

6Business Decision Making

6.1Business Principles & Practices

6.1.1Influences in External Environments

6.1.2Product Decisions

6.1.3Competitive Environment

6.1.4Corporate Strategy

6.1.5Quantitative Sales Forecasting

6.1.6Legislation

6.2Quality Management

6.2.1Importance of Quality

6.2.2Measuring Quality

6.2.3Total Quality Management

6.2.4Evaluating TQM

6.3Human Resources

6.3.1Contracts

6.3.2Recruitment

6.3.3Training a Workforce

6.4Documents & Business Decisions

6.4.1Sales Forecasts

6.4.2Managing Strategic Implementation

6.4.3Problems with Strategy

Jump to other topics