In around 20 years he has taken Ryanair from a single plane company to become the largest airline in Europe. He had a vision and achieved it through masterful leadership. So how did he do it? The business simply has lower costs and those costs are passed on to their passengers in the form of low fares.
Product — A product is seen as an item that satisfies what a consumer needs or wants.
It is a tangible good or an intangible service. Intangible products are service based like the tourism industry, the hotel industry and the financial industry. Tangible products are those that have an independent physical existence.
Typical examples of mass-produced, tangible objects are the motor car and the disposable razor. A less obvious 7ps services marketing and tourism ubiquitous mass produced service is a computer operating system.
Every product is subject to a life-cycle including a growth phase followed by a maturity phase and finally an eventual period of decline as sales falls. Marketers must do careful research on how long the life cycle of the product they are marketing is likely to be and focus their attention on different challenges that arise as the product moves through each stage.
The marketer must also consider the product mix. The marketer must also consider product development strategies Price — The price is the amount a customer pays for the product. Adjusting the price has a profound impact on the marketing strategy, and depending on the price elasticity of the product, often; it will affect the demand and sales as well.
The marketer should set a price that complements the other elements of the marketing mix. When setting a price, the marketer must be aware of the customer perceived value for the product.
Three basic pricing strategies are: Promotion comprises elements such as: Advertising covers any communication that is paid for, from cinema commercials, radio and Internet advertisements through print media and billboards.
Public relations is where the communication is not directly paid for and includes press releases, sponsorship deals, exhibitions, conferences, seminars or trade fairs and events.
Word-of-mouth is any apparently informal communication about the product by ordinary individuals, satisfied customers or people specifically engaged to create word of mouth momentum.
Place — Place refers to providing the product at a place which is convenient for consumers to access. Place is synonymous with distribution.
Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix People- An essential ingredient to any service provision is the use of appropriate staff and people.
Recruiting the right staff and training them appropriately in the delivery of their service is essential if the organisation wants to obtain a form of competitive advantage.
Consumers make judgments and deliver perceptions of the service based on the employees they interact with.
According to the American Marketing Association, marketing is "the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.". services, the management of relationships or the marketing of industrial products (Kotler, ). The art of putting a customer first, anticipating the needs and problems, tailoring products and services to. 7Ps of Services Marketing within a Hospitality and Tourism organisation of the choice. The organisation author choose to help demonstrate how extended marketing mix is used in real work environment is Hilton Belfast Hotel in Northern Ireland. Author will explain extended marketing mix definition and 7 elements of it.
Staff should have the appropriate interpersonal skills, aptititude, and service knowledge to provide the service that consumers are paying for. Many British organisations aim to apply for the Investors In People accreditation, which tells consumers that staff are taken care off by the company and they are trained to certain standards.
Process — Refers to the systems used to assist the organization in delivering the service. Imagine you walk into Burger King and you order a Whopper Meal and you get it delivered within 2 minutes.
What was the process that allowed you to obtain an efficient service delivery Banks that send out Credit Cards automatically when their customers old one has expired again require an efficient process to identify expiry dates and renewal.
An efficient service that replaces old credit cards will foster consumer loyalty and confidence in the company.In services marketing, an extended marketing mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by process, people, and physical evidence.
Occasionally service marketers will refer to 8 Ps, comprising these 7 Ps plus performance. The 7 Ps of Marketing By Brian Tracy Once you’ve developed your marketing strategy, there is a “Seven P Formula” you should use to continually evaluate and reevaluate your business activities.
The 7Ps marketing mix helps companies to review and define key issues that effect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.
The marketing mix is probably the most famous phrase in marketing. The elements are the marketing ‘tactics’. The marketing mix principles are controllable variables which have to be carefully managed and must meet the needs of the defined target group.
All elements of the mix are linked and must support each other. Marketing Mix on 7ps: •Product.
Hilton’s 7Ps of marketing comprises elements of Hilton Hotels marketing mix that consists of product, place, price, promotion, process, people and physical evidence. Hilton Hotels and Resorts can be classified as a full service hotel.
Accordingly, the range of its services is extensive and. Intangibility of services can be explained by a clear comparison between restaurants and soaps.
Soap has a clear metric like grams of soap and it is something which you can touch and feel and you know what the exact cost of the product is and what it has to be priced at.