The marketing strategies that of service industry through the use of marketing mix have to content with some unique characteristics. Marketing mix elements include the product, place, promotion and price.
The paper seeks to evaluate the role of the marketing mix in the development of the marketing strategies in the service industry.
Marketing mix is very helpful in the value creation, supporting the needs and wants of the customers and the improvement of the returns on investment (ROI) by helping to develop the marketing strategies. Qualitative research method will be applied in the research through the use of case studies and interviews.
The expected results indicates that when properly applied, the marketing mix helps in the development of the marketing strategy of the firms.
Table of Contents
1. Introduction
2. Literature review
3. Methodology
4. Expected outcomes
5. Conclusion
Research Objectives and Topics
This paper aims to evaluate the role and effectiveness of the marketing mix (4Ps and 7Ps) in developing marketing strategies within the service industry, specifically focusing on how these elements contribute to value creation and improved returns on investment.
- Analysis of unique service characteristics and their impact on marketing strategy.
- The role of the marketing mix in enhancing product development and customer satisfaction.
- Case study applications of the marketing mix in major service organizations.
- Evaluation of the 7Ps (including people, processes, and physical evidence) for service firms.
- Qualitative research methodology for assessing service industry experiences.
Excerpt from the Book
Literature review
Marketing strategies refers to the means through which a firm can achieve its marketing objectives. The marketing strategy is closely linked to the various elements of the marketing mix (Plomaritou, 2008, p.60). Marketing mix elements include the product, place, promotion and price. Dann (2011, p. 157) noted that the marketing mix is very helpful in the value creation by ensuring the compatibility of the 4Ps of the marketing mix. He argues that a synergy of the 4Ps would create more value for the firm thus helping to capture the customers through supporting the needs and wants of the customers. Reid & Bojanic (2009, p. 263) argued that on top of creating value for the service organization, the marketing mix also helps in product development. The consideration of the marketing mix can help a firm to develop new products through the consideration of the 4Ps. This significantly plays a role in the marketing strategy of the firm by helping in the achievement of the objectives of the firm especially its marketing objectives. The marketing mix also plays an important role in the improvement of the returns on investment (ROI) especially through the consideration of the extended 7Ps that include people, processes and physical evidence.
Summary of Chapters
1. Introduction: Outlines the unique characteristics of the service industry and identifies the necessity of using a holistic marketing mix strategy rather than focusing solely on products.
2. Literature review: Discusses the theoretical link between marketing objectives and the marketing mix, highlighting the synergy of the 4Ps and the extended 7Ps in value creation.
3. Methodology: Details the qualitative research design, employing multiple case studies and in-depth interviews to analyze real-world service restaurant experiences.
4. Expected outcomes: Proposes that the application of a comprehensive marketing mix significantly enhances product development and positively impacts ROI for service firms.
5. Conclusion: Summarizes that a properly applied marketing mix is a critical tool for developing effective marketing strategies and achieving firm objectives in the service sector.
Keywords
Marketing Mix, Marketing Strategy, 4Ps, 7Ps, Service Industry, Value Creation, Return on Investment, Qualitative Research, Case Studies, Customer Needs, Product Development, Strategy Development
Frequently Asked Questions
What is the core focus of this research paper?
The paper evaluates how service industry firms can utilize the marketing mix—specifically the 4Ps and 7Ps—as a foundation for developing robust marketing strategies.
Which thematic areas are central to this work?
Central themes include the unique characteristics of services, the synergy of marketing mix elements, value creation for customers, and the optimization of returns on investment (ROI).
What is the primary research goal?
The main goal is to determine the extent to which the marketing mix contributes to the effectiveness of marketing strategies within the competitive service industry.
What research methodology is employed?
The study uses a qualitative research method, specifically utilizing multiple case studies and in-depth interviews with industry experts to gain deep practical insights.
What does the main body of the work cover?
The body covers a literature review of marketing mix theories, an analysis of real-world applications in the service sector, and a qualitative methodology focused on restaurant industry experiences.
Which keywords define this paper?
Key terms include Marketing Mix, Marketing Strategy, 4Ps, 7Ps, Value Creation, and Service Industry.
How do McDonald's and JetBlue serve as examples in this study?
These companies are used as case studies to illustrate how standardized yet localized marketing mix applications help firms remain competitive and meet specific customer needs.
Why are the "extended 7Ps" considered important?
The extended 7Ps (people, processes, physical evidence) are highlighted because they address the intangible nature of services, providing a more comprehensive framework for value creation than the standard 4Ps alone.
- Citar trabajo
- International Business Management David Onditi (Autor), 2017, Evaluation of the extent of usefulness of marketing mix as a basis to developing marketing strategies for service industry, Múnich, GRIN Verlag, https://www.grin.com/document/499801
