Marketing
Question 1
Describe the 7 Ps of marketing and provide examples with which you are familiar.
Question 2
Discuss the importance of the ‘marketing mix’ to the success of a firm.
7Ps of marketing:
Philip Kotler elaborated McCarthy’s (1960) traditional marketing mix; according to him it consists of 4Ps namely Product, Price, Place and Promotion. These 4Ps of marketing mix were considered as the main areas where marketing managers try to use limited business resources to achieve their objectives. On the other hand services have some distinctive features i.e. Intangibility, heterogeneity, indivisibility and expiry. So in order to eliminate the differences between services and physical products, Booms and Bitner(1981) suggested the extension of the 4Ps and places 3 further P’s which include People, Process and Physical evidence as marketing mix variables for services marketing.
Mohammed and Pervaiz (1995) explain the application of 7Ps framework can be to consumer goods. They account the results obtained from a study of UK and European marketing academics, the results show the presence of extreme discontent with 4Ps conclude. They also proposed that the 7Ps framework won extreme acceptance amongst both sets of participants as a standard marketing mix. In short, it has been proved that Booms and Bitner 's 7Ps framework must swap McCarthy 's 4Ps framework.
Adapted from: Palmer (2004) 1. PRODUCT:
Product can be tangible (if we produce goods), or intangible (if we produce/generate services). It is something seller offers to satisfy his customers’ wants and needs. For example, Dell laptops, Apple iphones, and Dominos are few examples of tangible products in current UK market. And Thomson Travel Company, British Gas and Co-Operative Insurance are the examples of intangible product. Goldsmith (1999) suggested that in the goods/services range, many products may have tangible goods and intangible services, features all together. In marketing mix this P refers to
Describe the 7 Ps of marketing and provide examples with which you are familiar.
Question 2
Discuss the importance of the ‘marketing mix’ to the success of a firm.
7Ps of marketing:
Philip Kotler elaborated McCarthy’s (1960) traditional marketing mix; according to him it consists of 4Ps namely Product, Price, Place and Promotion. These 4Ps of marketing mix were considered as the main areas where marketing managers try to use limited business resources to achieve their objectives. On the other hand services have some distinctive features i.e. Intangibility, heterogeneity, indivisibility and expiry. So in order to eliminate the differences between services and physical products, Booms and Bitner(1981) suggested the extension of the 4Ps and places 3 further P’s which include People, Process and Physical evidence as marketing mix variables for services marketing.
Mohammed and Pervaiz (1995) explain the application of 7Ps framework can be to consumer goods. They account the results obtained from a study of UK and European marketing academics, the results show the presence of extreme discontent with 4Ps conclude. They also proposed that the 7Ps framework won extreme acceptance amongst both sets of participants as a standard marketing mix. In short, it has been proved that Booms and Bitner 's 7Ps framework must swap McCarthy 's 4Ps framework.
Adapted from: Palmer (2004) 1. PRODUCT:
Product can be tangible (if we produce goods), or intangible (if we produce/generate services). It is something seller offers to satisfy his customers’ wants and needs. For example, Dell laptops, Apple iphones, and Dominos are few examples of tangible products in current UK market. And Thomson Travel Company, British Gas and Co-Operative Insurance are the examples of intangible product. Goldsmith (1999) suggested that in the goods/services range, many products may have tangible goods and intangible services, features all together. In marketing mix this P refers to
References: Avlonitis, G.J. (1985a), “Product elimination decision making: does formality matter?”, Journal of Marketing, Vol Bitner MJ, Booms BH (1981). Marketing Strategies and Organization Structure for Service Firms. In Donnelly JH, George WR. (Eds), Marketing of Services, Conference Proceedings: American Marketing Association, Chicago, IL, pp. 47- 52. Mohammed R, Pervaiz KA (1995). Using the 7Ps as a generic marketing mix: an exploratory survey of UK and European marketing academics. Mark. Intell. Plann., 13(9): 4 – 15 Palmer A (2004) Goldsmith RE (1999). The Personalized Marketplace. Beyond the 4Ps. Mark. Intel. Plann., 17(4): 178-185. William D. & McCarthy J. E. Product Life Cycle: “Essentials of Marketing”, Richard D Irwin Company, 1997. Komninos I. (2002), Product lifecycle management, http://www.urenio.org Clifford D Avlonitis G. (2001) “Strategic Industrial Marketing”, Stanoulis, 2001 Smith, W Marketing Strategies", Journal of Marketing, Vol. 21, 1956, pp. 3-8. 2. Kotler, P., Marketing Management: Analysis Planning and Control. 7th edition, Engelwood Cliffs: Prentice-Hall, 1991. 3. Tynan, A. C. & Drayton, J., "Market Segmentation", Journal of Marketing Management, Vol. 2 No. 3, 1987, pp. 301-335. Masterson, R., and Pickton, D. (2004) “Marketing. An introduction”, London, McGraw-Hill, pp 79 Doyle, P., and Stern, P