This assignment discusses the marketing principles, their relation and the importance of marketing mix analysis. Also, the marketing mix consists of four different factors that businesses need to get right to successfully sell their goods and services. These four factors are also called the marketing mix 4ps. They include the product, promotion, price, and place. In the late 1970’s it was widely acknowledged by marketers that the marketing mix should be updated. Additionally, it leads to the creation of the extended marketing mix in 1981 by Booms & Bitner. Finally, the extended marketing mix added three new elements (people, processes and physical evidence) to the 4 Ps Principle. This now allowed the extended Marketing Mix to include products that are services and not just material things.
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MARKETING PRINCIPLES, THEORIES, AND PROCESS IN MARKETING MIX ANALYSIS
Process is one of the elements of the extended marketing mix. Process refers to the flow of activities or mechanisms that take place when there is an interaction between the customers and the businesses. Processes add to the importance of the marketing mix by adding value for customers. The marketing mix can be changed depending on the feedback from the customers. There are three essential elements in the process that is inputs, throughputs, and outputs. Therefore, the extended marketing mix adds value to the marketing mix 4ps for customers. Finally, marketers can expound their knowledge on the marketing principles and their relation to the marketing mix.
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FACTORS INFLUENCING MARKETING MIX
Various decisions on the marketing mix 4ps depend on relevant internal and external factors. Marketing operations and marketing principles are dynamic because of the ever-changing marketing environment. Control of Internal organizational factors helps to realize the importance of the marketing mix. Regarding internal factors, managers have more freedom to make decisions. Internal factors may include resource availability and nature and types of employees. External factors are uncontrollable. They emphasize the need for the extended marketing mix. Also, In marketing principles, external factors shape the marketing environment. They include competition, suppliers and intermediaries, and other demographic factors.
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