marketing

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Recommended: Chapter 2 developing marketing strategies and plans

The marketing mix is one of the basic elements of marketing and has been described by Kotler and Armstrong (2001:45) as “a set of controlled parameters of marketing that a company can ‘produce’ its response to the needs of a targeted group’ .
The marketing mix has traditionally been characterized by its 4Ps. This theory was introduced by McCarthy in the 60s and since then it is the most popular theory of the marketing analysis studies.
Apart from these four elements, another three have been introduced (3Ps) and have created the extended marketing mix to better understand the role of the services in modern marketing, since many businesses provide goods that can be characterized as services and not products . The marketing mix consists of the following elements:
Product
It is the item or the service, made to satisfy the targeted group of consumers - market segment. It refers to the development, manufacture of the form of the product with suitable properties and shape, test, possible improvement, development of new product series, brand name, packaging etc. in order to attract and satisfy the selected customer segment(s). When consumers buy a new product or service, they do not purchase only the product itself but also something more.
Price
It is the amount of money given by the consumer to purchase a good or a service. The final price is a reflection of the expectations of consumers for the product and of the competitive environment of the company. The more the consumers’ expectations are, or the less competitive the environment is, the higher the price will be and vice versa.
Place
It is the place where the product is available, the store, the neighbourhood, the city, the region, etc. Of course ‘place’ doesn’t only refer to the g...

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...se of experts reassures consumers and the advertisements that indicate the views of others, are likely to be appealing.
Favorable experiences of customers and advice from respected sources provide reliability and describe better the benefits of the product. The use of respected traditional figures (grandmothers, mothers) and testimonials by satisfied clients gain popularity. The advertisements are recommended to have a more consultative style.
It is important that companies give weight to public relations also in order to attract publicity. Publications in magazines and the press are free and are honest and objective sources of the public. Finally loyalty programs provide significant benefits. By rewarding customers they remain loyal to the brand, which is important since they tend to turn to others when there are economic difficulties (Lee, Chung and Taylor, 2011).

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