EXPANSION OF MARKETING MIX
The marketing mix is the combination of marketing activities that an organization engages in so as to best meet the needs of its targeted market. The marketing mix consists of four main elements:
1. Product - The product is the physical product or service offered to the customer. In the case of physical products, it also refers to any services or conveniences that are part of the offering. Product decisions include aspects such as function, appearance, packaging, service, warranty, etc.
2. Price – pricing decisions should take into account profit margins and the probable pricing response of competitors. Pricing includes not only the list price, but also ...view middle of the document...
These 3 extra Ps are particularly relevant to this new extended service mix. The three extra Ps are:
1. Physical layout - in the days when manufacturing dominated the UK economy the physical layout of production units such as factories was not very important to the end consumer because they never went inside the factory. However, today consumers typically come into contact with products in retail units - and they expect a high level of presentation in modern shops - e.g. record stores, clothes shops etc. Not only do they need to easily find their way around the store, but they also often expect a good standard or presentation. The importance of quality physical layout is important in a range of service providers, including:
* Students going to college or university have far higher expectations about the quality of their accommodation and learning environment than in the past. As a result colleges and universities pay far more attention to creating attractive learning environments, student accommodation, shops, bars and other facilities.
* Air passengers expect attractive and stimulating environments, such as interesting departure lounges, with activities for young children etc.
* Hair dressing salons are expected to provide pleasant waiting areas, with attractive reading materials,...