Question: What Are The Three Extended P’S Of The Marketing Mix?

What are the 4 P’s and 4 C’s of marketing?

For many years, aspiring marketers were drilled in the Four Ps of marketing: Product, Price, Place and Promotion.

However, in recent years, marketing gurus have replaced this old mantra with a new one, the Four Cs: Customer, Cost, Convenience and Communication..

What are the 7 P’s of service marketing?

The marketing mix is an acronym that encompasses 7Ps: Product, Place, Price, Promotion, Physical Evidence, People, and Processes.

Why is the extended marketing mix important?

Companies need the right people to execute promotion of the product or service. To put the connection between the mixes in a different way, the extended mix is a customer-facing toolkit for enhancing the marketing mix. The extended marketing mix helps companies define their marketing strategy in a well-rounded system.

What is STP in advertising?

STP in marketing stands for Segmentation, Targeting, and Positioning. The STP model helps marketers craft their messaging and develop and deliver tailored and relevant messages that engage segmented, target audiences. … This is an audience and customer approach to marketing.

What are pure services?

Any supply which is either deemed as services under Schedule II of CGST Act or which is not covered under the definition of goods shall be categorized as pure services. Services without involving any supply of goods would be treated as supply of ‘pure services’.

Why is product marketing mix not sufficient for service marketing mix?

1) Product The product in service marketing mix is intangible in nature. Like physical products such as a soap or a detergent, service products cannot be measured. Tourism industry or the education industry can be an excellent example. At the same time service products are heterogenous, perishable and cannot be owned.

Which of the 4 P’s is most important?

Marketing has 4Ps too: Product, Place, Promotion and Price. The most important P (arguably) is Price. … All the Ps are needed to ensure successful marketing but it’s worth thinking about how important each one is.

What is price in 4ps?

Description: What are the 4Ps of marketing? Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply – demand and a host of other direct and indirect factors.

What are the 9 P of marketing?

It’s dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels and distribution, promotion, partners, presentation media, sales areas and others.

What are the 4 P’s?

The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy: product, price, place, and promotion.

What is marketing mix and why is it important?

Marketing mix is a set of actions a business takes to build and market its product or service to its customers. It helps to make sure that you are able to offer your customers the right product, at the right time and at the right place for the right price.

What is the extended marketing mix?

The extended marketing mix (7P’s) is the combination of seven elements of marketing that aim to work together to achieve the objectives of a marketing strategy. These 7 elements are: product; price; place; promotion; people; process and physical.

What are the 8 P’s of marketing mix?

Using the eight ‘P’s of marketing – Product, Place, Price, Promotion…

What is the difference between 4ps and 7ps?

The 4Ps are price, place, product and promotion. The services marketing mix is also called the 7Ps and includes the addition of process, people and physical evidence. … It is the same with the marketing mix. The offer you make to your customer can be altered by varying the mix elements.

How many P’s does marketing have?

7 PsThe 7 Ps are a set of recognised marketing tactics, which you can use in any combination to satisfy customers in your target market. The 7 Ps are controllable, but subject to your internal and external marketing environments.

What are 7ps people?

One of the essential elements of the marketing mix is people. This includes everyone who is involved in the product or service whether directly or indirectly. … But all these people have their own roles to play in the production, marketing, distribution, and delivery of the products and services to the customers.

What makes a good marketing plan?

A good marketing plan is full of dates and details. Strategy probably drives a good plan, but tactics, programs and details make the difference. As much as possible, the plan has to tie results back to activities and come up with hard numbers to measure those results.