Why Is The Extended Marketing Mix Important?

What do you mean by 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 is the most important element of the marketing mix?

The product is the most important element of the marketing mix. Developing a total marketing programme involve the marketing manager arming himself with the 4p’s of the marketing mix, i.e. product, place (distribution), pricing, and promotion.

What are the 7 elements of a marketing plan?

Here are the essential components of a marketing plan that keeps the sales pipeline full.Market research. Research is the backbone of the marketing plan. … Target market. A well-designed target market description identifies your most likely buyers. … Positioning. … Competitive analysis. … Market strategy. … Budget. … Metrics.

What makes a good marketing mix?

It is made up of Customer needs and wants (the equivalent of product), Cost (price), Convenience (place), and Communication (promotion). In this article, we focus on the 4Ps model as it is the most well-recognized, and contains the core elements of a good marketing mix.

What is more important product or marketing?

By far, the most important is Marketing. And you can learn a lot by looking around. See how an ordinary product (laundry detergent) is selling like crazy because of great marketing. Procter & Gamble have captured market share based not on a superior product, but on superior marketing.

Why is pricing such an important element of the marketing mix?

Price is important to marketers because it represents marketers’ assessment of the value customers see in the product or service and are willing to pay for a product or service. … Both a price that is too high and one that is too low can limit growth. The wrong price can also negatively influence sales and cash flow.

What is the importance of 7ps in marketing?

Today, it’s recommended that the full 7Ps of the marketing mix are considered when reviewing competitive strategies. The 7Ps helps companies to review and define key issues that affect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.

Which marketing mix is the most important?

Although the product is the most important part of the marketing function, it needs other elements intertwined in order to succeed, such as promotion, place, and price.

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.

What are the 7 marketing strategies?

The 7 P’s of marketing include product, price, promotion, place, people, process, and physical evidence. Moreover, these seven elements comprise the marketing mix.

What is the most important thing in marketing?

One of the most important elements of a marketing strategy is the development of an ideal customer profile. Understanding who makes an ideal customer allows you to build your entire business, message, product, services, sales and support around attracting and serving this narrowly defined customer group.

What are the 9 marketing functions?

All of these enterprises — production, advertising, transportation, processing, packaging, and selling — are included in the marketing process.