Application: Market Planning
This simple concept focuses on the aspects of marketing which need to be planned, coordinated, and integrated in order to influence the intended buyers. They are:
There is, of course, complexity behind the idea which has developed over the years since it was proposed. Each “P” has many detailed aspects.
Classic marketing training emphasizes that all these elements need to be planned in order to achieve success. However, there are two other ingredients. The first is a clear knowledge of the target market. Suppliers need to know, in detail, the attributes and benefits that the buyers will value so that they can customize each “P” to their needs. The second is the “mix” of components that will most appeal to the buyers. This needs to be planned and balanced carefully.
It is generally accepted that there are further aspects of the marketing mix for services, three extra “Ps” in the “extended marketing mix for services”. They are: