What Are The 7ps Extended Marketing Mix Explain Briefly

What is Uber's marketing mix?

According to my observation and experiences with Uber, I can easily consider as the best cab aggregator company across the globe. In India, it aggressively competes with Ola cabs, Tab cab, Meru and so on.In brief, the following would be the Marketing Mix of Uber:Product: Uber is considered as a Service Company. It does not have any assets (Car) of its on. It is a platform, which invites drivers to register and offer the taxi service in return for a fixed percentage of the drivers earning. Hence, the first P for Uber is its Platform to bring drivers and provide the taxi service to its subscribers. In simpler terms, the tangible product Uber has to offer is its App which integrates everything from Cab booking, tracking, payment, Queries/Support, Referral etc.Price: The price of each ride is controlled by Uber on various parameters like number of Kilometers, Ride time, waiting time etc, which defers from the class of vehicle chosen. In sync with promotion offers, Uber may also alter its prices to lure more riders. The Price points of Uber for the drivers as well as for riders may vary from City to City, State to State and ofcourse Country to Country.Example: For a Hatchback car option, Uber may Charge Rs 7 per Kilometer and additional Rs 1.5 for every minute of the ride (Plus the additional mandatory taxes ofcourse). In situations of high demand, like other companies, Uber may also impose a Surcharge of 1.5X, 2X etc.Place : In India, Uber is now present in all the major Tier 1, Tier 2 and also some Tier 3 cities. Being a globally trusted Cab aggregator, it has managed to penetrate into a lot of cities , gaining trust of drivers as well as riders.Promotion:1. Uber has a strategic tie Up with Paytm, an ecommerce and payment platform. Through this tie up, Uber offers its riders several incentives like Cash Backs, % discounts and even Referral bonus in terms of Cashback, wallet money or free rides.2. Uber has a lot of incentives for its drivers too, in order to motivate to accept more rides and to be complete more number of hours on duty. Drivers have incentives based on the number of rides completed per day/earnings per day.Example: Uber will pay an incentive of Rs 5000 to each driver if he/she completes 13–14 rides in a day.3. Uber will also come up with seasonal promotions like Monsoons, festival, company anniversary etc.Cheers.

What is the importance of marketing mix?

The goal of developing a marketing mix is to ensure the plan returns the most effective return on advertising investment. Return on investment is determined by reaching the right audience segment with the right message at the right time. The additive effects of media channels can be greater than the sum of the parts. For example, SEM and PPC advertising is often seen as the highest returning media channel. Generally speaking this is an accepted truth. Also generally speaking, TV is the most effective media channel at building brand awareness and increasing brand equities. The two channels are very effective when combined. SEM can be up to 80% more effective when run in companion to a TV campaign. The marketing mix is developed further to ensure the tactics within each channel are used appropriately, which ensures the effective return on spend. There’s a lot more that can be unpacked within this topic, but in short I’d say consider your target audience and the media touchpoints they have in their daily life. Where would advertising for your product/service make sense in the audience’s daily life? How would your message vary between TV, direct mail, social media, digital display, et cetera? What about on a smartphone versus a laptop? What about daytime TV versus network news, or airport TV advertising, or YouTube? Addressing each of the available tactics to build a successful mix requires skilled media experience and access to research tools. Depending on the budget and size of the client/assignment, media planners can partner with a brand strategist and creative team that are developing the communications strategy and framework. Although a channel or tactic within may be effective according to research, there are other considerations that may not afford it within the plan.

What are the four P's of marketing?

The four P’s of marketing are also known as parts of the Marketing Mix.Definition: The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.What are the 4Ps of marketing?Price: refers to the value that is put for a product. It depends on costs of production, segment targeted, ability of the market to pay, supply - demand and a host of other direct and indirect factors. There can be several types of pricing strategies, each tied in with an overall business plan. Pricing can also be used a demarcation, to differentiate and enhance the image of a product.Product: refers to the item actually being sold. The product must deliver a minimum level of performance; otherwise even the best work on the other elements of the marketing mix won't do any good.Place: refers to the point of sale. In every industry, catching the eye of the consumer and making it easy for her to buy it is the main aim of a good distribution or 'place' strategy. Retailers pay a premium for the right location. In fact, the mantra of a successful retail business is 'location, location, location'.Promotion: this refers to all the activities undertaken to make the product or service known to the user and trade. This can include advertising, word of mouth, press reports, incentives, commissions and awards to the trade. It can also include consumer schemes, direct marketing, contests and prizes. Also, a type of promotion can stem from traffic tools (if you’re selling/doing marketing from a site) that will boost your initial promotion and guarantee that your product goes unnoticed.What is the importance of the marketing mix?All the elements of the marketing mix influence each other. They make up the business plan for a company and handled right, can give it great success. But handled wrong and the business could take years to recover. The marketing mix needs a lot of understanding, market research and consultation with several people, from users to trade to manufacturing and several others.

Why is place in the marketing mix important?

A place can be physical or virtual. Regardless of the type, a place is one of the key things in a business, especially when you are just starting it.Location makes all the difference. Think through your sales channels so they match your target customers.For instance, if you plan to sell fine jewelry and luxury watches, it won't be a good idea to locate your store on the outskirts, but rather city center. Likewise, fine jewelry isn't sold in low-cost markets.It’s important to see a wider context when speaking of a place. A place is not just the address where your business is registered. It's much more!A place is:the position of the store itselfhow easy or how difficult is to find a storethe environmenta road infrastructure to the storethe position of a product on the shelfa web shopa website you choose to promote your products and servicesetc.All above mentioned things represent the place, and each of those things affects people's decision to visit your store and buy a product. So, choose your places wisely!

Why do some people refer to 4p's and others, the 7p's of marketing?

When you are considering product marketing 4ps are considered. Which are:ProductPricePlace Promotion Whereas when you are considering service marketing 7ps of marketing are considered. Which are:Product PricePlace PromotionPeoplePhysical evidenceProcessSource: 1. startuploans.org2. Google.comI think next time this would be handy when you wonder what does it mean.