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Topic 3 The Marketing Mix (Original Marketing Mix Borden (1964) (Product…
Topic 3 The Marketing Mix
Marketing as an Exchange
Two way exchange process
A conversation
Marketing Mix
Builds on exchange concept
Developing a marketing “recipe” to meet customer needs
Marketing managers as “mixers of ingredients”
Original Marketing Mix Borden (1964)
Product Planning
Pricing
Branding
Channels of distribution
Personal Selling
Advertising
Promotion
Packaging
Display
Servicing
Physical Handling
Fact finding and analysis
Simplified Marketing Mix McCarthy (1964)
Place
Product
Price
Promotion
Still relevant?
Produced over 50 years ago
Internet changed things
Mobile devices
Four C's
Consumer Solution
Customer Cost
Convenient
Communication
4 P's not relevant for services, extended to 7 P's
Physical Evidence
People
Process
Relationship Marketing
Marketing mix too product based?
Customer retention over customer acquisition
Aim for loyal customers
Intergrates
Long term relationships
Service Dominant Logic