Individual Elements of the Extended Marketing Mix

Individual Elements Of The Extended Marketing Mix

As said by Karen Beamish (2005) the term Marketing Mix is one of the most important marketing tools. The components of the marketing mix are the most useful and tactical part of a marketing plan. These provide a very good level of assistance for a marketing person in following up their objectives. The quantity of each element may vary according to the requirements of the marketing plan. Initially the marketing mix consisted of 4Ps (Product, Price, Place, and Promotion) but these elements were sufficient only for a limited period and when the transformation of business and customer were realized then 3 new service elements (People, Process and Physical Evidence) were added to the mix. (Marketing Mix)

Product:

From Three Levels of Product In general the term product refers to a physical service or product provided to the customer. This element of marketing mix needs research on the requirements of the potential market to provide a product that fulfils their needs and makes their life easy. (Curtis, 2007) Every product and service offers 3 levels of product to the customer. The CORE (functionality and safety) product is the intangible product. It is the benefit of the ACTUAL product that makes it worth. The AUGMENTED (warranty, accessories and services) product is the other abstract part of the product which may consist of some value added services.

Price:

As discussed in pricing Strategies pricing is of utter importance in the mixture of marketing mix. It is the only element that generates revenue for the business. The pricing strategies may vary at times based on many factors like the nature of the product, condition of market, current position of the organization in the market. (Curtis, 2007) These strategies are implemented in the pricing gap i.e. the difference