Marketing Mix - Assignment Example

Services marketing mixes can be illustrated as the concept of employing the elements that makes or defines a given product or service offered in the market. Marketing mix is the key model in the marketing undertakings. It is the approach employed to execute marketing obligations. Marketing mix according to the established studies is the designed enclose of elements which sustains a business in reaching its aimed markets and particular objectives.

On the other hand Product Marketing Mix entails the concepts of dealing with anything that can be provided in the market to satisfy a given need or a want. The product can either be intangible or non-tangible form. Therefore, in relation to the scope of product mix, a product cannot be perceived in the concept of physical form; however, it is accepted as a perception of the user or the consumer. Thus a product illustrates the total satisfaction of the user rather than a physical good.

Therefore, product marketing mix illustrates the amalgamation of diverse product lines that the business holds. Subsequently, service market mix plays an integral role in marketing due to the fact that, the services marketing mix is a conservatory of the 4-Ps structure (Churchill,et al,2005). The indispensable rudiments of promotion, product, price and place stay put, but three supplementary variables – process, people, and physical evidence – are incorporated to 7–Ps mix (Shimizu,2009).

The call for for the expansion is due to the high amount of express contact between the service providers and the clients, the highly visible nature of the service procedure, and the simultaneity of the making and utilization. While it is feasible to converse people, physical verification and procedure within the original-Ps structure (for example individual can be regarded as part of the product tendering) the extension permits a more thorough scrutiny of the marketing ingredients essential for triumphant services marketing.

Product Marketing Mix distinctively presents a more broad approach to the manner diverse market aspects are shaped as well as dispensed. Consider the fact that, in relation to product market mix, typically a product whether tangible or intangible is often divided into three fundamental phases, which include, the first level or the core level which is commonly depicted as the measure of what a client purchases in terms of benefits, while the subsequent phase is denoted as the second phase or actual product, this is basically developed around the core product.

Finally, the third phase pertains to augmented component, this includes supplementary services and benefits that encompasses the initial two levels of any given product Therefore, the advantages of product market mix revolve around the scope of providing the consumers with a range of diverse products with diverse qualities and significance (Boone, et al, 2004). Thus, it is essential to posit that, from the scope of branding, publicity and classification, the aspects of product market mix equally helps to develop a solid foundation by which both industrial and consumer products are purchased.

Pertaining to the market, this scope helps in that, it provides a profound analysis of what the consumers needs and more so helps to define which venues to be employed or approached in order to produce satisfying products and services. Therefore, product market mix can be defined as the base by which all elements of satisfying any given consumer are modelled and this involves all activities and advantages of product market mix. The product or service you offer requires being able to handle a definite, active marketplace requirement.

Or, you must to be capable to put up a market position through structuring a strong trademark. Differences between product and service market mixes Basically, service marketing is depicted by the concept of providing intangible offerings or services. This is commonly depicted by the transfer of services without any physical products to the client. Though in this segment the major aspect is offering services, it is pivotal to assert that, in product marketing mix, physical products are seen to be the major foundation of this marketing strategy, however, in some cases product marketing mix equally transfer services.

It should be noted that, in both cases, customer satisfaction determines the success of each branch; hence the combination of the two must provide adequate customer satisfaction. The major difference between the two lies in that, product marketing mix heavily dwells on the aspects of providing tangible aspects as is evidenced by product elements such as product variation, differentiation, innovation and elimination, also another notable factor pertains to pricing where such factors as cost recovery pricing, penetration as well as price skimming determines the scope of product marketing mix (Shimizu,2003).

However, service marketing mix is typically anchored within the borders of intangible products, this is instrumentally established by the fact that, diverse tools such as mass communication, direct and indirect sales,E-commerce as well as brand management and equally corporate identity defines the entire scope of service market mix. Therefore, it can be argued that, service marketing mix entails executing an action for someone or something. It is predominantly intangible, this is due to the fact that, a service is always an experience that is consumed at the point of purchase, and hence it cannot be owned for it quickly perishes.

And that is why unlike product marketing mix which is defined by physical attributes, on a more open scope it is fundamental to posit that, service marketing mix is enshrined under such attributes as Inseparable, intangible, perishable, and Variability among others. This can be linked to the fact that, service pertains to experiences or actions. All in all, the two marketing aspects divers in the manner they are individual executed, from the point of purchase to the eventual point of consumption, they exhibit dissimilar attributes as well as usage. Why these different mixes are necessary

No given business can go without laid down stipulations which are employed to define or execute some given obligations. Equally, marketing mixes defines the scope of business as well as providing definite ground by which all the necessary measures are employed to provide the appropriate requirements for the given market. Therefore, both product and service marketing mixes plays a principle role in as far as the scope of providing satisfying needs or goods and services to customers is concerned. Instrumentally, diverse studies have established that, no market can progress without embracing the two marketing aspects.

It should be noted that, both goods and services providers requires the stipulated aspects of either the product marketing or service marketing mixes in order to have any impact in the target market. Though the two aspects are distinctively dissimilar, but they help to mould the destiny as well as the scope of the required values in the market. Another profound importance of these two concepts entails the development of marketing strategies as well as and planning procedures. This infers that, market mixes establishes the principles on which target markets, as well as the creation of specific market mix and positioning are designed.

According to the recent studies, market mixes were declared to be the core foundation of healthy marketing both locally and internationally. This was linked to the fact that, product marketing and service marketing mixes in essence dwelt on the principle of developing competitive business environment while giving the customers satisfaction the lead priority. Also, in relation to benefits and customer satisfaction, the two elements necessitate the establishment of sound marketing strategy where the essence of providing competitive goods and services is encompassed in total (Kotler, et al, 1993).

Equally, despite the scope of customer satisfaction, the commercial aspect diverse marketing mix holds that, qualitative evaluation also plays a cardinal role in establishing the values or key attributes of the market as well as the anticipated clients. It is from such an observation the examination of market structure is necessitated by the dissimilarities established by the marketing mixes (Farese,et al,1991).

Though the approaches and application of the dissimilar marketing mixes differs, it is paramount to assert that, market mixes helps in providing unique approaches to diverse market segments as well as establishing strong marketing networks, whereby the scope of supplies including demands are highlighted in relation to the market requirements as well as customer satisfaction . Basically, these different marketing mixes act as the foundation on which the targeted and efficient marketing structures are modelled.

Therefore analysis of these dissimilar marketing mixes enables the assessments of diverse marketing tasks to be effectively executed. A marketing mix marketing approach provides a broad range of benefits for both, client and the business (Rakesh, 2005). Therefore, pertaining to the importance of these marketing mixes, there attributes makes it possible to provide a number of varied but satisfying needs with a minimal range of given goods and services using the dissimilar such as incentives,bundles,forms as well as promotional activities.

More so, these different marketing mixes help to sustain healthy profit margins if soundly implemented. It should be noted that, though it is a daunting task to increase prices for a complete market, however, these aspects significantly makes it possible to develop strong marketing segments in which diverse products and services are delivered without affecting the customers or the projected markets due to the price increments (Semenik, et al, 1995).

It is from such observation that, different marketing mixes helps in developing parameters to be employed in distinguishing such market attributes as exclusive points of sale, product variations, additional services, and the like. A distinctive segment-based cost discrepancy is often illustrated by a given or a specific region. It is from such approaches that these marketing mixes help in differentiating market as well as price segments in order to alleviate any instances of cannibalization in relation to the available products or services in terms of market segment or price margins.

Equally, these different marketing mixes sustain opportunities for growth in any given market. Therefore, marketing requirements for a specific need permits individual approach to particular customer segments and requirements. More over, where they are established with clear objectives, these marketing mixes help in providing sound and superior products and services to diverse customer clusters. Hence, this result in a market expanded with well structures venues of handling competition while attracting new clients.

Thus, by increasing reliance on the aspects of marketing mixes, product and service segments tend to economically grow with unprecedented rate. And this can be said to be an economical aspect of utilizing the different marketing mixes in order to create market and customer satisfaction. Conclusion Effective marketing mixes entails the application of diverse product or service attributes, some of these attributes may be employed to sustain attention, arouse desire and in some instance elicit interest which may eventually lead to an action fro either the clients or the market players.

Thus it is instrumental to assert that, these market mixes defines the market preferences as well as competitive conditions necessary for a product or service progression in any given market (McCarthy, 1975). As is illustrated by ever changing marketing trends and increased consumer awareness, marketing mixes forms a considerable segment in as far as corporations or service providers are concerned in relation to satisfying the given clients or their preferred market segments. In essence, these different marketing mixes are paramount in that, they help in developing strong product and service ties in the market.

Also, due to the diverse social and economic aspects tied to diverse marketing strategies, they help to overcome dissimilar cultural trends which may in one way or the other alter the scope of offering the appropriate products and services. Thus, it can be argued that, marketing mixes are the foundation of sustainable product and service markets in relation to both market and consumer satisfaction as is enshrined within the principles of extended marketing mix (Schullz, et al, 1993).

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