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Marketing Mix can be defined as a tool which is used by a company in devising its marketing strategy. The concept plays a significant role in determining a companyâ€™s offer to its consumers. Marketing mix is said to comprise of 4 Pâ€™s. However, in case of Service Marketing, these 4 Pâ€™s are extended to 7 Pâ€™s and in a more consumer driven approach, 4 Câ€™s are also added to the mix.
The 4 Pâ€™s in Marketing Mix are:
In case of Service marketing, 3 more Pâ€™s are added to the Mix and they are:
- Physical environment.
The 4 Câ€™s from the perspective of the consumers, which are included in the market mix, are:
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Significance of â€˜Processâ€™ in the Marketing Mix
â€˜Processâ€™ is one of the seven Pâ€™s which make up the marketing mix in case of Service Marketing. Like all other elements in the mix, it brings in its own distinct features, and is of course of enormous significance.
The â€˜Processâ€™ in marketing mix can have the following influences:
- It can affect the execution of services.
- The processes adopted by an organization greatly influences the costs incurred.
- Systematic and organized procedures ensure an effective and efficient running of the business organization as a whole.
- The right process can help an organization to maximize profit.
Thus the process adopted for various functioning of the organization is of real importance.
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