Marketing mix basically being rolled our by 4 elements, of being called 4P in abbreviation: Product, price, promotion and place. In consideration of the market, people can choose one or more elements to perform the market strategy.
The companies providing mainly the services have upgraded 4P up to 7P to show their importance in respect of typical product like services: Product, Price, Promotion, Place, People, Process and Physical Evidence.
Marketing strategy deprived from 4P
- Developing product range
- Innovating quality, characteristics, application
- Merging product range
- Standardizing models
- Changing price, condition and term of payment
- Skimming strategy
- Penetration strategy
- Modifying advertising content of promotion
- Repositioning brand
- Changing communication method
- Changing interface manner
- Changing delivery methods or distribution
- Changing services
- Switching distribution channel
- Adding well knowledge and experience personnel to adapt the job
- Training to improve profession and understanding of new products
- Standardizing customer service
- Evaluating the capability and job effectiveness through the satisfaction feedback of customers.
- Applying global standard such as ISO… to standardize working process and enhance the efficiency.
- Improve and shorten process to make customer more convenient such as order process, payment process, and good receiving process, warranty process…
- Investing new equipment, eliminate out of dated equipment and technologies
- Infrastructure foundation such as HQ, transactional offices, customer care center, warranty centers, point of sale.
- Improving operational effectiveness
- Improving marketing effectiveness
- Improving administration procedures
- Formalize product systems
- Withdrawing out of the selected market
- Professionalizing a market of product
- Switching suppliers
- Buy back means of running business
- Buy back new market
There are some other additional selections of marketing strategy like:
- Actual evidences
Additional deployment of products and services