Reference no: EM132105481
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Post: Marketing mix is a term which derives the ingenious nature or the features of the product, which makes it stand out in comparison with the competition and make it sell better due to those unique features. Same applies for the service providing brand's. Marketing Mix concept was first introduced by Neil Borden. The marketing mix vary by the number of phases involved in each marketing model. Applied for two different classifications such as product marketing and a service marketing. There are two marketing models which are in applications 4P's and the 7P's.
• 4Ps model consists of Product, Price, Promotion, Place.
• 7P's model consists of additional 3 P's along with 4P's they are People, process, Physical Evidence.
The scope for marketing by applying 4P's Model is more inclined towards product selling. 4P's doesn't serve well to promote services. It concentrates on promoting the best viable features of a product and also the price compatibility of the product is promoted in comparison with the competing firm's product. Promotion is a crucial stage of product marketing the 4P's model also includes the scope for the better outreach promotion of the product to maximum areas. Promoting the right product in a right place is important the scope includes in selecting the right places to promote the product.
After a while in the marketing environment an addition of 3 more P's was added to bolster the marketing for service providing brand's. In the current day 7P's is the most successful model to sell the service. Promoting a new service is quite challenging apart from applying the scope from 4P's also the other factors such as approaching the right people who are potentially interested in the service provided. Improving the process by involving more marketing staff and professionals. and proving a hard evidence by giving a better infrastructure service staff and facility. These are the steps involved in the 7P's model to successfully promote a service brand.