MARKETING

Analysis of Extended Marketing Mix in Context to Service Marketing

[Name of the Course]Table of Content

Introduction of the Assignment1

Aims and Structure of the Assignment2

Characteristics of Service Marketing2

Intangibility3

Inseparability3

Perishability3

Heterogeneity4

Service related Challenges to the Marketers4

Third Party Accountability4

Client Uncertainty5

Experience is Essential5

Limited Differentiability6

Maintaining Quality Control6

Extended Marketing Mix7

Clarification of Traditional Marketing Mix Elements9

Product9

Price9

Place9

Promotion9

Clarification of Extended Marketing Mix Elements10

Process10

People11

Physical Evidence11

Relevance of three additional Ps in Goods Marketing12

Conclusion14

References15

Analysis of Extended Marketing Mix in Context to Service Marketing

Introduction of the Assignment

Marketing as a practice evolved in late 1950s when Philip Kotler published his first article on marketing. Initially, it got practiced as a management process and has no separate recognition; thus, it was also not taken as something serious to consider. After its introduction, businesses across the globe started practicing it into their regular plans, to generate more sales, profitability and market share. Since then, marketing got treated as a separate process, which identifies consumers' needs and fulfill them profitably through an exchange process.

In the early stages, marketers were unable to realize the fundamental difference between marketing a product, and marketing a service. The experts of marketing set four fundamental principles, also known as 4Ps, which got considered as the foundation of a marketing plan. The 4Ps includes Product, Price, Place and Promotion. Everything that a marketing oriented company offers to it audience got considered as a product, despite the fact that whether it is tangible or intangible. Initially, the practice was revolutionary and benefited every market oriented company. But with the increasing competition in the market, marketers have identified that the four fundamental principles are not enough to market an intangible product. It was the first time that marketers differentiated between a product and a service, therefore decided to add-on some more fundamental principle so that it will also become relevant for services i.e. intangible products. The marketing mix, which than consists of just 4Ps, is now got extended to 7Ps, especially for service marketing, and thus it becomes an “extended marketing mix”.

This paper got formulated to analyze the additional three Ps, which are Process, People and Physical Evidence, added in the marketing mix and how they are catering the problems associated with the marketing of service industry. This paper will provide a critical analysis of the extended marketing mix and its distinguished characteristics that how it is contributing in the effectiveness of the marketing of service industry.

Aims and Structure of the Assignment

The aim of this paper is to critically evaluate the extended marketing mix. How Process, People and Physical Evidence, got introduced in marketing plan for services. It will also be considered in this paper that to what extent these three add-ons are also relevant for goods marketing.

The structure of the paper will include a detailed explanation of the nature of service, and what challenges it brought up for the marketers. It will also be discussed that, to what extent, extended marketing mix is effective in dealing with those challenges and intrinsic nature of the service. Furthermore, it also got discussed that how much the extended marketing mix can ...