Btec Business Level 3 Unit 9 P3
P3 Compare the way in which at least two organisations of your choice apply the marketing mix (7P’s) to the marketing planning process to achieve business objectives.
• Definition of Marketing Mix
The Chattered Institute of Marketing defines the marketing mix.
“The combination of marketing inputs that affect customer motivation and behaviour these inputs traditionally encompass four controllable variables ‘the 4 Ps”: product, price, promotion, and place. The list has been extended to 7 Ps, the additions being people, process and physical evidence.
• The Marketing Mix 7 Ps:
Product – The Product should fit the task consumers want it for, it should work, and it should be what the consumers are expecting to get.
Place – The product should …show more content…
This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works well for them.
Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are services and not just physical things.
People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are …show more content…
It uses different pricing strategies at different situation and with different products. Firstly, company uses penetration pricing strategy to make the position in the market to expand its market coverage. Later with the introduction of first 4G services, company uses premium strategy of pricing to earn the early profits associated with the new product introduction. Vodafone generally use penetration pricing methods to compete with the competitors. This is because the telecom industry works with very competitive prices.
(Vodafone.co.uk, 2016)
Place Place considers the involvement of the intermediaries and the location where the product is available. EE limited uses different methods to make the product available in the market. This involves direct marketing by using the internet catalogues. The intermediaries play an important role in distribution of the EE products. (Duedil.com, 2016) There are 300 stores of Vodafone in UK from where it operates. Independent retailers also contribute in selling the Vodafone products to the customers.
Promotion Direct marketing and public relations are the two major methods that have been used by the company. Promotional tools like advertising, magazine ads etc are used by the company. It offers customized services to the customers according to their
• Definition of Marketing Mix
The Chattered Institute of Marketing defines the marketing mix.
“The combination of marketing inputs that affect customer motivation and behaviour these inputs traditionally encompass four controllable variables ‘the 4 Ps”: product, price, promotion, and place. The list has been extended to 7 Ps, the additions being people, process and physical evidence.
• The Marketing Mix 7 Ps:
Product – The Product should fit the task consumers want it for, it should work, and it should be what the consumers are expecting to get.
Place – The product should …show more content…
This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works well for them.
Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
In the late 70’s it was widely acknowledged by Marketers that the Marketing Mix should be updated. This led to the creation of the Extended Marketing Mix in 1981 by Booms & Bitner which added 3 new elements to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are services and not just physical things.
People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are …show more content…
It uses different pricing strategies at different situation and with different products. Firstly, company uses penetration pricing strategy to make the position in the market to expand its market coverage. Later with the introduction of first 4G services, company uses premium strategy of pricing to earn the early profits associated with the new product introduction. Vodafone generally use penetration pricing methods to compete with the competitors. This is because the telecom industry works with very competitive prices.
(Vodafone.co.uk, 2016)
Place Place considers the involvement of the intermediaries and the location where the product is available. EE limited uses different methods to make the product available in the market. This involves direct marketing by using the internet catalogues. The intermediaries play an important role in distribution of the EE products. (Duedil.com, 2016) There are 300 stores of Vodafone in UK from where it operates. Independent retailers also contribute in selling the Vodafone products to the customers.
Promotion Direct marketing and public relations are the two major methods that have been used by the company. Promotional tools like advertising, magazine ads etc are used by the company. It offers customized services to the customers according to their