Task 2The extended marketing mix includes the elements of the classical marketing mix or the 4Ps – product,price, place and promotion, as well as, there additional factors, such as people, processes and physicalevidence.
What are the 4 types of marketing strategies
The four Ps are a “marketing mix” comprised of four key elements—product, price, place, and promotion—used when marketing a product or service.
Typically, businesses consider the four Ps when creating marketing plans and strategies to effectively market to their target audience.
What is the combination of products and services
The combination of a product and a service is a product-service hybrid. For example, the iPod and iTunes were a famous example of this approach.
Yet, they were complementary hybrids – it was possible to use an iPod without iTunes and vice-versa.
What are the four categories of services?
- Service processing involving people
- Service processing involving objects
- Mental stimulus
- Information processing
What are the 4 features of services
There are four characteristics of service: Intangibility, Inseparability, Variability, and Perishability (Kotler and Keller, 2007).
What are the categories of service mix?
- Pure tangible good
- Tangible good with accompanying
- Hybrid
- Major service with accompanying minor goods and services
- Pure service
What are the most essential 7 M’s in marketing
Seven cyclical elements to a successful integrated marketing program are: mindset, measure, model, map, make, modify, and monetize.
Why the additional 4Ps are needed in the service marketing mix
The 4Ps of marketing is a model for enhancing the components of your “marketing mix” – the way in which you take a new product or service to market.
It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
Why product marketing mix is not sufficient for services marketing mix
Service marketing Service cannot be separated from its provider. Product marketing Products cannot be customized as per requirements.
Service marketing Services vary from person to person and they can be customized. Product marketing They are imagery and hence, receive quick response from customers.
What is the difference between marketing mix and service marketing mix
In a product marketing, only 4 P’s of the marketing mix are applicable which are product, price, place and promotion, but in the case of service marketing, three more P’s are added to the conventional marketing mix, which are people, process and physical existence.
What is an example of a service business
Examples of pure service businesses include airlines, banks, computer service bureaus, law firms, plumbing repair companies, motion picture theaters, and management consulting firms.
What are the 4 principles of customer service
There are four key principles of good customer service: It’s personalized, competent, convenient, and proactive.
These factors have the biggest influence on the customer experience.
Who introduced the extended marketing mix
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated.
This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle.
What are the 4 characteristics of a service
There are four characteristics of service: Intangibility, Inseparability, Variability, and Perishability (Kotler and Keller, 2007).
As service’s nature is intangibility, therefore manufacturing and service delivery is more complex than a product.
What are the characteristics of service?
- Lack of ownership
- Intangibility
- Inseparability
- Perishability
- Heterogeneity or Variability
Which of the 7 Ps is crucial in the service industry
Place. Place and distribution is a very crucial part of the marketing mix. The place of distribution of products and services must be accessible to potential buyers.
Thus, it is very important to get the most efficient place or distribution channel that can directly reach the target audience.
What are examples of service products?
- Fast food;
- Hotels;
- Holidays;
- Travel;
- Insurance and banking;
- Education;
- Health care;
- Public transport;
What is product/service mix
Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm.
A product mix consists of product lines, which are associated items that consumers tend to use together or think of as similar products or services.
What is the importance of marketing mix in customer satisfaction
Customer satisfaction is significantly affecting loyalty. Lastly, marketing mix, which consists of product, price, promotion, and place, is simultaneously and significantly affecting loyalty.
The result also shows that product and price are the most dominant variable in affecting loyalty.
What are the 7 P’s in banking services
Seven ‘Ps’ are essential for better marketing of bank services, according to Dr K. Rajesh Nayak, Director (Training), Central Bank of Oman’s College of Banking and Financial Studies, Oman.
The seven ‘Ps’ are: product, price, promotion, place, people, processes and physical evidence.
What are the factors affecting services
Some of such factors influencing service quality include inadequate staffing, poor planning, high employee turnover, education and training of property managers, inadequate adoption of technology and lack of communication among others (Wanjau et al., 2012; Ihtiyar et al., 2014; Githiri, 2015).
What is the concept of service
The service concept defines the how and the what of service design, and helps mediate between customer needs and an organization’s strategic intent.
We define the service concept and describe how it can be used to enhance a variety of service design processes.
What is the significance of people in the service mix
People, in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise.
That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.
What is marketing mix and types
A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan.
The term often refers to a common classification that began as the four Ps: product, price, placement, and promotion.
Effective marketing touches on a broad range of areas as opposed to fixating on one message.
What is 4 C’s marketing mix
The 4Cs (Clarity, Credibility, Consistency, Competitiveness) is most often used in marketing communications and was created by David Jobber and John Fahy in their book ‘Foundations of Marketing’ (2009).
What are characteristics of services
The defining characteristics of a service are: Intangibility: Services are intangible and do not have a physical existence.
Hence services cannot be touched, held, tasted or smelt. This is most defining feature of a service and that which primarily differentiates it from a product.
Why is extended 3 PS required
Why additional P’s? These additional 3P are required because of the special characteristics of the Service Industry.
The product of a service industry is not tangible. The Service cannot be manufactured and inventoried but are often produced & delivered simultaneously.
What are the importance of services
It’s no secret that how well you serve customers will define your company’s long term success.
In fact, great customer service leads to better customer loyalty, higher revenue, and lower costs.
How do you give a 5 star customer service?
- 5 good customer service examples to provide great service
- 3 ways to improve customer service
What are service components?
- The Physical Product: The physical product is whatever the organization transfers to the customer that can be touched
- The Service Product:
- The Service Environment:
- The Service Delivery:
Citations
https://www.mindtools.com/pages/article/newSTR_94.htm
https://www.toolshero.com/marketing/service-marketing-mix-7ps/
https://research-methodology.net/hilton-hotels-marketing-mix/
https://brittanyhodak.com/the-3-important-qualities-of-customer-service/
