By Susan Song - Jetek Staff
The following graphs describe the roles of the expanded marketing mix.
The expanded marketing mix emphasizes the importance of people, physical evidence, process, and partnerships for making good marketing decisions and achieving competitive advantages in any industry.
Page 2: Traditional 4Ps and 4P expanded
The traditional 4Ps of product, price, place, and promotion. The expanded marketing mix – people, physical evidence, processes, and partnerships. An expanded marketing mix includes all the above 8 essential variables which an organization can use to manage its markets under changing market conditions.
Page 3: People
Refers to the human element of the product. This human element includes those involved with preparing, producing, and presenting the product, who are typically employees of an organization and are paid to do a quality job.
Page 4: Physical evidence
The location, décor, lighting, and other physical elements associated with the product also contribute to the customer’s perception of the product or service.
Page 5: Processes
Processes are another element of the marketing mix that is used to enhance customer satisfaction. Processes involve things such as automation or the use of self-service technology.
Page 6: Partnerships
Establishing, maintaining, and nurturing partnerships throughout the supply chain is another element of the expanded marketing mix
Partnerships can be established, maintained, and nurtured with the assistance of technology.
Examples: Social media like Facebook, Twitter, Instagram, and so on.
Comments