You may have heard the term “the marketing mix.”
This was a term coined in the 1960s to describe the four elements that can be modified or manipulated to generate profit.
The marketing mix is also known as the four Ps.
Product – including the innovations, packaging, purpose.
Price – how much will you charge? Pricing affects the positioning of the brand in the mind of the consumer. Price serves as a quality indicator.
Promotion – advertising, public relations, direct response, sales promotion, personal selling, sponsorships.
Placement (or distribution) – channels or outlets to get it.
In the Services industry, we add another three.
People – the friendly faces, the service, the personality. What is the atmosphere? How is the service experience?
Processes – the systems and customer experience. Is it seamless, smooth? Is there after-sales service or follow up?
Physical Evidence – what can you provide to demonstrate your service has credibility and value when it is intangible? Do you have a guarantee? A certificate? Quality materials?
Such signs of quality and physical evidence can help reduce buyer remorse. They reassure that the mortgage was a good idea or the Certificate of Investment of a large Term Deposit reassures that the money is under safekeeping.