Assignment # 1

What is a marketing mix?

Marketing is a combination of factors that can be controlled by a company to influence
customers to purchase its products or services.There are 7p’s of marketing mix.

1:- Write the details about 7p’s of marketing mix.

There are 7p”s of marketing mix;

1:- Product;
Product means goods-services combinations that offers the company into target
market.Product can be tangible and intangible.In both cases, if the product quality is good then
it can promote itself in the market.Otherwise if the product quality is not good then it cannot stay
for longer in the competitive market.Before producing or servicing products market research is a
very important process.Producers must sure that there is sufficient target. Successful
companies always look for the demands and wants and then they develop products or services.
2:- Price;
Price is the amount of money that customers must pay to obtain the products. Pricing
not only determines the amount of the profit of the business but also affects the value of the
products.There are many customers who will use products's pricing to judge the quality. Again
there are customers who will compare prices before deciding to purchase.
3:- Place;
Place involves market activities that make the products available for the target
consumers. Places are familiar with a term, "being in the right place at the right time".It means
place is very important in terms of marketing. A company should be where it's customers want it
to be for both biological and service products.Place plays a vital role in marketing mix.
Businesses should review the location where the customers meet their demand conveniently.
4:-Promotion;
Promotion refers to activities that communicate the merit of the product and
persuade target consumers to buy it. It is an art. Promotion consists of a wide range of activity
like advertising, PR special offers and discounts. Good promotions are to communicate the
benefits of the products and services. In some cases, websites are also the signs of promotions.
5:- People;
People are the most important part or element in a service marketing mix. Every
company depends on the people who run them from front-line sales staff to the managing
director. Know how employees, staff members, operating along with other customers add
benefits and values in the service or product. Customers are the assets of the company.
6:-Process;
Process is like the system and tactics through which a service or product is
delivered to the final customer. Again how the service is delivered is a part of what the
consumers are paying for it. It is more about the customer interface between the business and
consumer and how they deal with each other in different stages. Business processes should be
designed with the customer.

7:- Physical evidence;

 Physical evidence is the material part of business or service.It is also about the
customer experience. Customers are not familiar when they first engage in the company. In this
case, the company needs to provide the customer with physical evidence which will inspire their
confidence.

2:- Examples of 7p's of marketing mix.

Product ;
For example, if a company wants to produce a Rolls Royce car in a specific country,
they first have to think whether Rolls Royce could meet the demands of the customers or they
would go down in that market.
Price;
For example, if a company wants to sell cars at a high price then that company will go for
expensive and high quality. Customers will be happy to pay more but in exchange for high
prices they want and expect a better quality product and service.
Place;
For example, the best place to open a petrol pump is on the highway or in the city. A
place where there is less traffic is a wrong location to start a petrol pump.
Promotion;
For example, sales, advertising, sales promotion, public relations, direct marketing,
online communication and personal selling.
People;
For example, for an IT company, the software engineers define as people : for a
restaurant, the chefs and service staff define as people.
Process;
For example, more sales staff are now involved in conversion.
Physical Evidence ;
There are many examples of physical evidence including buildings,
equipment, signs and logs, business reports, brochures, websites, and even business cards.

3:- Find out either there is another "p" regarding marketing mix other than these 7p's.
In 2018 these 7p's increases into 12p's of marketing mix.

The remaining P”s are ;

1:- Proof (social) ;
The first to pioneer this is Amazon, where they allow customers to rate the
books sold on the platform. As a result, more purchases happens when there's a lot more
"stars".
2:- Portfolio;
This mostly applies to the service industry, where there's an outcome for the
services rendered. Printing, printing cleaning, public speaking, server installation etc are the
portfolio.
3:-Prestige;
This p is applied to products of higher perceived value especially luxury goods
such as pada handbags, breitling watches etc. To play this "p" you would need celebrities, world
class athlete, high class people, instagram famous etc.
4:-productivity and performance ;
This p is what it can do for customers. Let's take the most common
example, iphone. Every year, they up the game, calling it the fastest iPhone ever. This p is
especially good to show your product can do wonders for the users.
5:- Packaged (Bundle product) ;
Packaged,Bundle or Product, is quite similar to price, except it's more
specific. Customers are more curious about its value. For example, a traveling kit package
consists of facial wash, moisturiser and eye cream.

The End