Retail Clothing - marketing mix introduction

Retail Clothing – Marketing Mix Assessment   

The word 'marketing' means more than just advertising and selling products, it "consists of individual and organisational activities that facilitate and expedite satisfying exchange relationships in a dynamic environment through the creation, distribution, promotion and pricing of goods, services and ideas." (Dibb et al, 2016) The key to succeeding through marketing is by understanding the customers needs, in order to gain a competitive advantage over other businesses, this is done through managing the correct 'marketing mix'.  

The Marketing mix consists of the 4 Ps – Product, Price, Promotion & Place -  which are fundamental to targeting the right groups of people and was devised by E. Jerome McCarthy. 

There are also an extended marketing mix consisting of the 7ps which includes the original 4 Ps - product, place, promotion and price - as well as 3 other elements - physical evidence, people and process. This type of marketing mix is usually used in the service industries and was created by Booms and Bitner. 

People element relates to "the level of customer service, advice, sales support and after-sales back-up required, involving recruitment policies, training, retention and motivation of key personnel."  (Dibb et al, 2016) 

The process element refers to the process within the organisation that affects the everyday running of the organisation for example, customer queuing times. 

The physical evidence element relates to an organisation establishing thereselves in the market and differing themselves from other companies, by building a good reputation and presence. 

Source: BBC 

The following posts will look at each of the 4Ps and compare how different retail businesses approach their marketing strategy differently, from the upmarket businesses to the low budget organisations. Peter Drucker emphasised "the aim (of marketing) is to know and to understand the customer so well that the product or service fits him/her and sells itself!" (Drucker society; 2011)

The short video below conveys how important the 4P's are to a business in meeting the different needs and wants of a customer, in which, in return will lead to customer loyalty. Although the example they use in this video is not about clothing, it still applies to all different businesses and highlights the importance of the marketing mix.