To overcome the deficiencies of the 4 P model, some authors have suggested extensions or modifications to the original model. Extensions of the four P's include "people", "process", and "physical evidence" and are often applied in the case of services marketing Other extensions have been found necessary in retail marketing, industrial marketing and internet marketing:
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This refers to how the product gets to the customer; the distribution channels and intermediaries such as wholesalers and retailers who enable customers to access products or services in a convenient manner. This third P has also sometimes been called Place, referring to the channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales.
Finally, promotion refers to the integrated marketing communications campaign. Promotional activities may include advertising, personal selling, sales promotions, public relations, direct marketing, sponsorship and guerrilla marketing. Promotions are likely to vary depending on what stage of product life cycle the product is in. Marketers must know consumers associate a product’s price and distribution with its quality, and would be prudent to take this into account when devising the overall marketing strategy.
A firm's marketing macro-environment consists of a variety of external factors that manifest on a large (or macro) scale. These are typically economic, social, political or technological phenomena. A common method of assessing a firm's macro-environment is via a PESTLE (Political, Economic, Social, Technological, Legal, Ecological) analysis. Within a PESTLE analysis, a firm would analyze national political issues, culture and climate, key macroeconomic conditions, health and indicators (such as economic growth, inflation, unemployment, etc.), social trends/attitudes, and the nature of technology's impact on its society and the business processes within the society.
A distinction should be made between marketing research and market research. Market research pertains to research in a given market. As an example, a firm may conduct research in a target market, after selecting a suitable market segment. In contrast, marketing research relates to all research conducted within marketing. Market research is a subset of marketing research.
Baked goods have been around for thousands of years. The art of baking was developed early during the Roman Empire. It was a highly famous art as Roman citizens loved baked goods and demanded for them frequently for important occasions such as feasts and weddings etc. Due to the fame and desire that the art of baking received, around 300 BC, baking was introduced as an occupation and respectable profession for Romans. The bakers began to prepare bread at home in an oven, using mills to grind grain into the flour for their breads. The oncoming demand for baked goods vigorously continued and the first bakers' guild was established in 168 BC in Rome. This drastic appeal for baked goods promoted baking all throughout Europe and expanded into the eastern parts of Asia. Bakers started baking breads and goods at home and selling them out on the streets.