The Marketing Mix – For Services

16 Nov The Marketing Mix – For Services

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.