Marketing Mix Tamil – Sasikumar Talks about 6P’s #SasikumarTalks

The Marketing Mix for both service-based and product-based businesses can be explained using the traditional 4Ps and the additional 2Ps, which are particularly relevant for service marketing.

Marketing Mix for Product-Based Businesses
Product:

Definition: The tangible good that satisfies a customer’s need or want.
Considerations: Design, quality, features, branding, packaging, and after-sales service.
Example: A smartphone with features like high-resolution camera, long battery life, and sleek design.
Price:

Definition: The amount of money customers must pay to acquire the product.
Considerations: Pricing strategy (penetration, skimming, competition-based), discounts, financing options, and price sensitivity.
Example: Competitive pricing for a new smartphone model compared to other brands.
Place:

Definition: How the product is distributed and made available to customers.
Considerations: Distribution channels (online, retail stores), logistics, inventory management, and coverage.
Example: Availability of the smartphone in major electronic retail stores and online marketplaces.
Promotion:

Definition: Activities that communicate the product’s features and benefits and persuade customers to purchase it.
Considerations: Advertising, sales promotions, public relations, direct marketing, and social media.
Example: A marketing campaign showcasing the smartphone’s innovative features across TV, social media, and online ads.
Marketing Mix for Service-Based Businesses
Product (Service):

Definition: The intangible offering that satisfies a customer’s need or want.
Considerations: Service quality, experience, reliability, and customization.
Example: A financial consulting service providing tailored investment advice.
Price:

Definition: The amount of money customers must pay to avail the service.
Considerations: Pricing strategy (hourly rate, subscription, value-based), payment terms, and perceived value.
Example: Hourly rates for consulting services or a subscription fee for ongoing financial advice.
Place:

Definition: How the service is delivered and accessed by customers.
Considerations: Service delivery channels (physical locations, online platforms), accessibility, and convenience.
Example: Availability of financial consulting services through both in-person meetings and online consultations.
Promotion:

Definition: Activities that communicate the service’s benefits and persuade customers to use it.
Considerations: Advertising, sales promotions, public relations, direct marketing, and social media.
Example: A promotional campaign highlighting the expertise and success stories of the consulting firm across various media channels.
Additional 2Ps for Service-Based Businesses
People:

Definition: The personnel involved in delivering the service.
Considerations: Training, professionalism, customer service, and interaction with customers.
Example: Highly trained financial advisors who provide personalized service and build trust with clients.
Process:

Definition: The procedures and flow of activities by which the service is delivered.
Considerations: Service delivery process, efficiency, consistency, and customer experience.
Example: A streamlined process for onboarding new clients, conducting financial assessments, and providing ongoing support in a consulting firm.
By understanding and effectively managing these elements, businesses can better meet the needs of their customers and achieve their marketing objectives.