The expanded marketing mix in 1981, adding three new elements to the 4ps principle. This made the marketing mix applicable to services, not just physical goods. In the following section, This led booms & bitner to we will point out some of the differences between the 7p model and the previous 4p model. The role of marketing mix – for the business itself thanks to marketing mix, businesses are able to adapt to market fluctuations, and at the same time know how to plan the right direction in meeting the needs and capabilities of consumers through the marketing funnel .
It is not too much to say
that marketing mix is the basis for ensuring the sustainable development of businesses. Besides, marketing mix is also a bridge between the market and the business. It both collects information in the market for the business and disseminates information from the business to the market. – for consumers not only does marketing mix benefit businesses, it also brings many benefits to consumers.
From there, businesses will
continuously create new products/services, or improve the quality of existing products/services to satisfy those needs and desires of consumers. – for society not all businesses pursue a product-based marketing strategy. In fact, many businesses have successfully pursued a social ethics marketing strategy and created a big buzz for their products and brands. That is, instead of focusing on how good their products are and what special features they have, businesses aim to bring practical values to the community.
Some typical examples include the program
“Collecting cartons, spreading green living” of th true milk; the program “Firefly lights” of dutch lady; the program “School milk” of vinamilk; the program “Dynamic vietnam” of nestlé milo,… 4p in marketing mix as mentioned above, the 4p model includes: – produc price fantuan Database promotion. distribution. Product a product is not limited to a tangible product. It can also be an intangible gift or a service like a massage service, web design service, etc.
Customers do not pay for the product itself
but for the benefits it provides. For example, customers pay for shoes because they are looking for comfort and style. They pay for ice cream because it tastes good and quenches telegram as a marketing tool: why it’s essential for 2024 their thirst on a hot summer day. They pay their internet bill because it allows them to access the world wide web at a stable browsing speed. Therefore, a product can also be defined as a set of benefits offered to a customer at a given price.
Selling price price is the actual amount of money
that a customer has to pay for a business’s product. There are various factors that affect the price of goods, such as: – increase in input costs; – customer’s buy lead ability to pay; – prices listed by competitors; – government policies and restrictions,… Price has a significant impact on the entire marketing mix strategy and determines the sustainable development of the business in the market.