16 Nov The Marketing Mix – For Services Posted at 02:54h in Strategy 101, Tools by Danielle Spinks-Earl Share 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. Tags: 4 Ps, 7 Ps, marketing mix, people, physical evidence, place, price, processes, product, promotion, services marketing Danielle Spinks-Earl BA Comm. M Mktg. Freelance writer, designer, marketing communications manager.