What is the extended marketing mix?
The extended marketing mix is a framework for that helps companies create and execute their marketing strategies.
It include seven key elements, known as the 7Ps: Product, Price, Place, Promotion, People, Process, and Physical Evidence.
Elements of extended marketing mix
- Product: Product refers to what a company offers to customers, including its design, packaging, and branding.
- Price: Price is the amount of money customers pay for the product.
- Place:Place refers to how and where customers can buy the product.
- Promotion:Promotion includes the ways a company markets and advertises the product.
- People: People are the employees who help sell and deliver the product, and their skills and training are important for customer satisfaction.
- Process: Process refers to the steps a company takes to get the product to the customer, like order fulfillment and delivery.
- Physical Evidence: Physical Evidence refers to the tangible elements of the customer experience, such as the quality of the product and the store or office environment.
Companies can create better marketing strategies by considering all of above elements that addresses all aspects of the customer experience using extended marketing mix.
Who extended the 4Ps of marketing mix?
The 4Ps of marketing mix (Product, Price, Place, and Promotion) were first introduced by E. Jerome McCarthy in 1960.
But the 7Ps of marketing or extended marketing mix were proposed by Bernard Booms and Mary Bitner.
They introduced three additional elements: People, Process, and Physical Evidence to the E. Jeromes 4Ps of marketing mix.
This was in their 1981 article “Marketing Strategies and Organization Structures for Service Firms”
That article was published in the Journal of Marketing.
why is the extended marketing mix important
The extended marketing mix (7Ps) is really important because it provides a better and more complete way of thinking about marketing.
The original 4Ps of marketing mix were useful in addressing some of the important parts of marketing, but they didn’t cover everything that customers experience.
But when we add People, Process, and Physical Evidence to the 7Ps framework,
- we can think about the people who deliver the service or product
- the processes used to deliver it
- physical evidence that customers see and touch.
By looking at all of these factors, businesses can create a marketing plan that really fits what their customers want, which can make them happier, more loyal, and more likely to buy from the company again.
How can businesses use the extended marketing mix to differentiate themselves from competitors?
Businesses can use the extended marketing mix to make themselves stand out from their competitors, By focusing on the additional elements of People, Process, and Physical Evidence.With them businesses can create a unique and memorable customer experience.
-This means hiring passionate employees who provide excellent customer service
-Creating a unique physical environment with branding.
By doing this, businesses can attract more customers, which can lead to more money in the long run.
What is the difference between the traditional marketing mix and the extended marketing mix?
The traditional marketing mix consists of the 4 Ps of marketing: Product, Price, Place, and Promotion.
These elements focus on the product or service being sold, how much it costs, where it’s sold, and how it’s promoted.
On the other hand, the extended marketing mix includes the traditional 4 Ps as well as 3 additional Ps: People, Process, and Physical Evidence.
These additional elements focus on the customer experience and the environment in which the product or service is delivered.
People: element of the extended marketing mix refers to the people involved in the delivery of the product or service, such as employees and customer service representatives.
Process: element refers to the procedures and systems used to deliver the product or service.
Physical Evidence: element refers to the physical environment in which the product or service is delivered, such as the store or website design, packaging, or branding.
In summary, while the traditional marketing mix focuses on the product, price, place, and promotion, the extended marketing mix includes these elements as well as additional focus on people, process, and physical evidence to create a better customer experience.