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Writing About Extended Marketing Mix

In: Business and Management

Submitted By asif5130
Words 722
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The Extended Marketing Mix also known as the 7 P’s of the marketing mix. The Original 4 P’s of marketing is consists 4 original elements or specific topics. Created by Edmund Jerome McCarthy an American Marketing Professor in 1960’s simplified the marketing mix concepts of these 4 Specific elements.

The four elements of marketing mix is:

1. Product (or Service): In this Portion we discuss the aspects of the products deal the specification of actual good of product or services. We have to think what does the customers or clients need. Also we have to think what the customer satisfies. What feature does the product have to meet such need? As a Provider we have to know what features have to add to meet such needs, how and where it will use, what would be the cost, and also what will be maximum cost in sufficient and sustainable profit etc.

2. Place: In this portion we discuss how can be the products gets to the customers. Where will be the buyer’s looks for my product? If in a store what kind of Store? Do we have to provide catalog? What are the competitors doing? How can we provide different from them? We have to find the answers and keep it in our knowledge.

3. Price: In this portion we discuss the process of selling the price. The discount associate with the Products. We have to know what price we would set for the product. What price is asking by our competitors?
How we set the discount values. We also have to find the answers for our product.

4. Promotion: In this portion we discuss the Advertising of the product is publicity or branding. Where will we promote our product such as in television or radio or in bill boards or by personal mail or in social media sites? What is the best time to promote? Seasonally if it is a seasonal item. We also have to compare our promotion to the competitor’s promotion. How do they do it? And How actually we have

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