Extended Marketing Mix

Komal Gaikwad
Roll no. 82
Marketing Mix -
The marketing mix pillars
work together to help you
make business decisions
that'll define marketing
strategy and activities.
Identifying these pillars
points out what you need,
where your company excels,
and where it can improve.
•Price - It depends on costs of production, segment targeted, ability of the
market to pay, supply - demand and a host of other direct and indirect factors.

•Product - The product must deliver a minimum level of performance;

otherwise even the best work on the other elements of the marketing mix
won't do any good.

•Place - In every industry, catching the eye of the consumer and making it
easy for her to buy it is the main aim of a good distribution or 'place' strategy. 

•Promotion - This can include advertising, word of mouth, press reports,

incentives, commissions and awards to the trade.
Extended Marketing Mix -
What is the extended marketing mix?

• The extended marketing mix describes three

more P's added to the original four. People,
processes, and physical services make room
for services marketing and round out a
complete marketing mix method. Marketers
can use the extended marketing mix to flesh
out a structure if their business sells a
service instead of a physical product.
People -
Describes the people behind the
company. No matter the role, the
people working with the product
are as essential as customers.
They advocate for the company
and communicate the business'
value to their customers.
Steps in marketing mix process
 Processes -

• Identifies how you will meet

customer expectations. Outline
what you will do to deliver a
fantastic consumer experience
every time. Consider
creating standard operating
procedures (SOPs) to solidify
processes.
 Physical Evidence -

• Notes the physical elements needed to complete the mix. Even if a

company provides services, there are physical aspects that
companies use to delight customers and set themselves apart from
competitors, like promotional materials.
Why is the extended marketing mix useful?

• Using the extended marketing mix is useful for marketers because it

provides a clear framework to approach their work. Each of the seven
pillars acts as a category of importance, which can help professionals
prioritize certain aspects of their plan. 
Making informed decisions - By incorporating seven
different elements of marketing and business strategy, professionals
may feel equipped to make informed decisions. The pillars work in
unison to ensure that marketers observe the situation from several
perspectives.

Developing a budget - By analyzing seven different pillars, it's

possible to develop a thorough budget for a particular marketing campaign.
Each pillar provides a different perspective, which can help you better
understand where to allocate your resources. 
Creating a complete plan - Using seven different
indicators to direct your planning can help create a complete
marketing plan. These plans may reflect nuance, and outline the areas
that need improvement.