extended marketing mix

The 7 Ps of Marketing for Online Course Selling

Many tools are used in the business sector to perform specific goals, and this is true when it comes to marketing a product or service. Sometimes these tools are sophisticated and extensive, and other times they get right to the heart of the subject. One of the most well-known of these marketing tools, known as the marketing mix, is one of the most straightforward business tools. The extended marketing mix is a mixture of seven aspects, or types of choices, that a firm must deal with in order to sell its products and services appropriately and efficiently. What started with the four Ps has grown to seven, but more on that later.

Today, we’ll discuss the extended marketing mix, how it originated, and what each of the Ps is all about. Marketing a product or service to consumers is a difficult process that requires a lot of luck. However, in the corporate world, it would be irresponsible to leave anything to chance or chance, therefore there is also a healthy dose of detailed, well-planned strategy with a proven track record.

The 7 Ps of the Marketing Mix – Extended Marketing Mix

Now that we’ve discussed the history and evolution of the extended marketing mix, let’s move on to the actual components, all of which begin with the letter P.

Product

The first P is concerned with the actual thing being offered to the consumer, whether it is a physical product or an intangible service. In the case of products, this strategy includes any services or perks that may come with them. The company must consider what the customer expects and requires from the product, and then work to meet those requirements and expectations. This P also includes crucial notions like the product’s appearance, name, packaging, and so on.

Price

The second P addresses any pricing difficulties that may arise with the product. The price of the product is determined first and foremost by the profit margin and the pricing of the competition. Pricing problems such as leasing, financing, and related discounts are also taken into account. The pricing strategy will influence the sort of store where the product will be sold, as well as how price sensitive the customer is.

Promotion

When selecting how to promote and market the goods to clients, the costs can rise in relation to the real production costs. To make promotional decisions, a break-even analysis should be undertaken at this step. Promotion decisions include the medium to utilize (TV, print, etc.), as well as when and where to promote.

Place

The final P in the original marketing mix, location, deals with distribution methods and delivering the product to the consumer. Transactional, functional, and logistical challenges are examined here, and judgments are made on where to obtain the goods and whether or not a sales team is required, among other things.

People

The first P in the extended marketing mix is concerned with the company’s employees. Because this is who the clients will be dealing with, it is critical to recruit and train the correct individuals. Customer service agents, salespeople, and anyone else who represents a firm are examples of this.

Physical Evidence

It is critical to consider how a product is presented to the customer, including its surroundings. Brick and physical stores that sell a product must be friendly, easy to browse, and, if the product being sold is expensive, finer than other places.

Process

The last P, procedure, relates to customer service and a company’s capacity to provide a service, resolve complaints, and anticipate problems before they occur. Customers should have faith in the company’s ability to manage any concerns as a result of these clearly defined and efficient processes.

How does the extended marketing mix apply to digital marketing?

Your website is your business in the world of digital marketing. Because it symbolizes your company’s ideals and ideas, the content on your website must be valuable and relevant to your customers. You will be well on your way to producing a successful campaign if your digital marketing efforts also adhere to the extended marketing mix.

The seven Ps of the extended marketing mix address virtually every difficulty that may arise when providing a good or service to consumers. When you go to Target or Bed, Bath, and Beyond, take a moment to consider all of the work, effort, and money that went into each of those thousands of things, from conception to sitting on a shelf with a price tag.

Stay tuned with Teachmore for more informationrelated to course selling.

Related: Facebook for Online Course Selling & Marketing

 

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