The Extended Marketing Mix
In last weeks assignment the writer identified the concept in Marketing that a business person should never confuse advertising and marketing. In a successful business Marketing is more of a complete process. Advertising is still just a portion of what goes on in that process. The Marketing process starts early and continues on through the very conclusion of any sale. In fact the main reason anyone buys a product or service is because someone marketed the product/service effectively. Like last weeks assignment when we talk about the "marketing mix" it's all about knowing your customers. The customer driven marketing plan (unlike advertising) is very much like a strong first paragraph. The plan has to include the five W's (who, what, why, when, where, and how) to be accurate and effective. In this case the four P's (Product, Price, Presentation, and Promotion) represent the five W's of the marketing mix.
In the Marketing Mix a business has to use those four principals effectively in order to be successful. The mix has to be able to identify what customers want and desire. Also the mix has to be shaped to the needs of its intended market. A business has to be properly positioned to give customers what they need, on a personal level, rather than forcing something that is unwanted. "Trying to convince a market segment to buy something they don't want is extremely expensive and seldom successful (Answers, 2006). In the old days we were a society of consumers who were product-focused. As people developed their own tastes and more avenues to obtain products were developed the business world became more market-based. In other words businesses became customer centered. Marketing is most commo ...