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 Рthe 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.