Effective Marketing Mix
“Empirical evidence shows that there is a positive relationship between having a market orientation and having good business performance”
- Must match customer’s needs
- Must match corporate resources
- Must be consistent (e.g. price reinforces product quality and location of stores)
- Should beat competitors -> highest benefits to consumers or lower costs than competitors (see B-C framework); i.e. the marketing mix should provide a competitive advantages.
Limitations
- over simplistic
- services marketing (people often are the service itself -> it is important to consider the processes involved in delivering the service to the customer)
- consider also long-term relationships as part of your overall success strategy
Overcoming the limitations
- 4 + 3P= 7P’s -> include: people, processes and physical evidence
Tags: 4 + 3 p's, 4p's, 7p's, effective marketing mix