Monday, August 20, 2012

Expand the Marketing Mix to Include the Intangibles

Traditional marketing centres on controlling the elements used to satisfy or communicate with customers: Product, Place, Promotion, and Price. This model of marketing-known as the Marketing Mix or 4 Ps-was fine until the upsurge in the service-based economy started. It was then found wanting as it didn't cover the intangibles of delivering services to customers. To complement and enhance the Marketing Mix model, service marketers have adopted an expanded version that includes three more essential elements: People, Physical Evidence and Process

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