05 Nov Marketing Mix
The Marketing Mix is an essential marketing tool used to describe the brand’s product or service offering. The initial Marketing Mix was defined through the 4 Ps, those being: Product – Price – Place – Promotion. Recently with the rising awareness of the importance of customer driven organizations, the model was redefined through the 4Cs, these being: Commodity (Customer Needs) – Cost – Convenience – Communication.
For the newer models to incorporate the service offerings, the term 7Ps and 7Cs was introduced. The 7Ps “Extended Marketing Mix” adds: People – Process – Physical Evidence to the initial four. The 7Cs “Compass Model” places the Corporation and Competition in the center surrounded by: Commodity – Cost – Channel – Communication and then around these four comes: Customer – Circumstances.