Most of those reading this article are likely familiar with…
Most of those reading this article are likely familiar with a marketing mix. It’s an integral part of any campaign and helps marketers determine the best allocation of a marketing budget. An extended marketing mix introduces three elements to increase the effectiveness of your overall strategy.
What Is an Extended Marketing Mix?
An extended marketing mix adds three more elements to the original. People, processes, and physical services make room for services marketing and round out a complete marketing mix method.
The original marketing mix includes:
The extended marketing mix introduces these three elements to the mix:
- Physical Evidence
The main idea behind an expanded marketing mix can be likened to a sandwich. All you need for a sandwich are its main components – bread and spread.
An expanded marketing mix adds more ingredients to your marketing sandwich to create something significantly better than the original.
Why Is It Important?
An expanded marketing mix is crucial because it is a measure that helps companies adjust to the changing times. The modern marketing landscape is different from decades ago. There are new factors to consider, and modern customers now have different outlooks and priorities.
The expanded marketing mix accommodates market changes by adding more aspects to create a more thorough marketing strategy relevant to modern standards.
An expanded marketing mix also allows businesses to market their services.
The Extended Marketing Mix
The following are the new additions to the standard marketing mix.
It refers to the people behind the company. Regardless of the role, the people working on the business and its products are as important as customers.
A local restaurant in my area cooks some of the best ramens in town. But, what keeps me coming back are the staff who greet me by my name and who know the usual food I order.
This extended marketing element recognizes the value of employees and their ability to provide a unique customer experience in their little way.
It refers to the way you meet customer expectations. A standard operating procedure serves as a guarantee of service quality by setting business standards to follow.
I am citing the restaurant I mentioned earlier. The cooks likely follow a ramen recipe to ensure that customer experience is always on par with customer expectations.
Business processes ensure that even when the food is prepared by different people, customers can expect the same level of quality.
3. Physical Evidence
It refers to the physical elements that help round up the customer experience. These physical elements set the business apart from its competitors by adding to the customer experience. Physical evidence can come from promotional materials, decorations, and hobby-centered objects.
A local barber shop displays hipster decorations as a way to change the ambiance of the place. The place attracts clients born in the 90s because of the toys and designs that pay homage to the 90s.
Physical evidence is used to provide an authentic customer experience. It often relates closely with your overall business theme and marketing.
The Bottom Line
All these elements add another dimension to the elements of a marketing mix. Primarily, these additions help businesses determine the right mix to help them sell their services. If you’re running a business that mainly provides services, these are the elements you shouldn’t overlook.
Frequently asked questions
What are the 7 Ps of the extended marketing mix?
This is also known as the seven Ps of marketing, which include product, price, promotion, place, people, process, and physical evidence.
What is the importance of marketing mix in business essay?
Marketing mix can be very useful in creating a successful campaign and implementing it through effective tactics. How you evaluate the role of your product, promotion, price, and place plays a significant role in your marketing strategy.
What is extended marketing mix PDF?
Task 2Extensive marketing mix includes the elements of the classical marketing mix or the 4Ps – product, price, place, promotion, as well as, additional factors, such as people, processes and physical evidence.
Who created the extended marketing mix?
Mary J. Booms and Booms. This is a continuation of the traditional marketing mix developed by American Professor of Marketing Jerome McCarthy into the extended marketing mix for services marketing. This service marketing mix is also called the 7P model or the 7 Ps of Booms and Bitner.
What is an extended marketing mix?
An extended marketing mix (7Ps) consists of 7 elements of marketing that work together to achieve the objectives of a marketing strategy. This is what these seven elements are: product; price; place; promotion; people; process and physical.
What is the most important marketing mix?
Marketing mix should include pricing. Price is the amount of money that the customer must pay for its purchase.
What are the extended 3 P’s of marketing mix?
Depending on where services and physical products are located, the 4Ps’ marketing mix is as follows:. It is now possible to add three additional 3Ps to the product, process, pricing and promotion: People, Physical Evidence, and Process.
What is the importance of 4Ps in marketing?
Marketing’s 4Ps are a model for enhancing your “marketing mix” – the way you launch a product or service into the market. You are able to define your marketing options in terms of price, product, promotion, and place so that it meets your specific customer needs or demands.
What is marketing mix with examples?
Marketing mix refers to the range of actions, or tactics, that a company uses to promote its brand or product in the market. Marketing Mix consists of a number of 4Ps: Price, Product, Promotion, and Place.
What is marketing mix and its benefits?
Marketing mix is the set of actions a business takes to promote and market its product or service to its customers. Make sure that you are able to offer your customers the right product at the right price, at the correct time and at the best place.
What are the 7 strategies of marketing?
Among these seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers, and needs change rapidly, you should continually revisit these seven Ps to ensure you are on track and that you achieve the best results possible in today’s marketplace.
What is the importance of the extended marketing mix?
In an integrated marketing mix, companies can define their marketing strategy. Identification of each ingredient in the mix will bring you one step closer to a functional, complete package.