Question

Identify the final term in the new marketing paradigm. nowadays, there has been extensive development in the number of products that are available to consumers. however, besides products, a number of services are now available to consumers as well. these services are intangible in nature. right now, the marketing mix consists of product, price, place, and promotion. however, businesses need to add three more elements to the mix for services. these elements are people, process, and .

Answer 1

The final additional P in the marketing mix for services beyond product, price, place, and promotion is physical evidence, which, along with people and process, forms part of the extended marketing mix.

Step-by-step explanation:

The final term in the new marketing paradigm for services that accompanies the original marketing mix of product, price, place, and promotion is physical evidence. Along with people and process, physical evidence is crucial as it helps customers evaluate the service. In a marketing context, especially with services, intangible aspects like guarantees, reputation, free delivery, or financing offers can significantly differentiate a brand and affect consumer preferences.

Advertising's role in shaping these preferences cannot be overstated, as it can make customers choose one brand over another based solely on perceived quality or satisfaction, which is often instilled in their minds through promotional activities. Furthermore, with technology and globalization driving market evolution, businesses must increasingly compete on a global stage, necessitating a strong online presence and a shift toward more customer-centric approaches.