The traditional 7Ps of marketing consist of:
- Product
- Promotion
- Price
- Place
- People
- Process
- Physical evidence
How to use the 7Ps of the marketing mix?
What are the 7Ps of a marketing mix?
- Product. A marketing mix always begins with a product to sell. ...
- Place. In a marketing mix, place refers to the position and distribution of the product you are selling in a place that is accessible to your target audience, this could ...
- Price. ...
- Promotion. ...
- People. ...
- Process. ...
- Physical Evidence. ...
What are the 7Ps of the marketing mix?
☰ OVERVIEW: The “7Ps” is the extended version of the traditional Marketing Mix that integrates the particular needs of the service industry. The traditional mix includes Product, Price, Place and Promotion. The “7Ps” adds People, Process and Physical Evidence to this mix.
How to use the 7Ps marketing mix strategy model?
How to use the 7Ps Marketing Model
- Products/Services: How can you develop your products or services?
- Prices/Fees: How can we change our pricing model?
- Place/Access: What new distribution options are there for customers to experience our product, e.g. ...
- Promotion: How can we add to or substitute the combination within paid, owned and earned media channels?
What are the 7 Ps in marketing?
What are the 7Ps of marketing?
- Products/Services: How can you develop your products or services
- Prices/Fees: How can we change our pricing model
- Place/Access: What new distribution options are there for customers to experience our product, e.g. ...
- Promotion: How can we add to or substitute the combination within paid, owned and earned media channels
What are the 7 Ps of Marketing?
It can be difficult for a small business owner or marketing manager to know how to establish a unique selling proposition or to reach the right customers, especially on new platforms like the internet, with digital marketing.
What are the elements of a marketing mix?
The 7 elements of the marketing mix include the following: 1. Product (or Service) Your customer only cares about one thing: what your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly.
What is promotion in marketing?
Promotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more.
How to develop a marketing mix?
As you develop your marketing mix, consider how each element affects the rest to create a unified brand experience for your consumers, from the user experience to the perceived value of your product. Think about how a product's price changes its promotion strategy, how specifications will contribute to pricing, and how your people carry out processes. Ensure that your people and the tools they use can communicate with each other, and use the right tools to reach the right people.
What does "people" mean in sales?
People refers to anyone who comes in contact with your customer, even indirectly, so make sure you're recruiting the best talent at all levels—not just in customer service and sales force.
Why do brands price their products higher than competitors?
Brands may: Price a product higher than competitors to create the impression of a higher-quality offering. Price a product similar to competitors, then draw attention to features or benefits other brands lack. Price a product lower than competitors to break into a crowded market or attract value-conscious consumers.
Why raise price after brand is established?
Plan to raise the price after the brand is established or lower it to highlight the value of an updated model.
What are the 7 P's of marketing?
The seven P's of marketing is a methodology that encompasses seven distinct principles that professionals can use to create and employ strategies that attract and engage customers, motivate customer sales and increase revenue.
Why are the 7 P's of marketing important?
The seven P's of marketing are beneficial for many types of businesses that promote physical products and rely on customer acquisition and retention to generate product sales. In addition, applying the seven P's to your marketing activities can help you:
7 P's of marketing vs. 4 P's of marketing
Although the seven P's expand on the original concepts that the four P's of marketing outline, there are two key differences.
Examples
Use the following examples to understand how both product-based and service-based businesses can apply the seven P's of marketing:
What are the 7 Ps of marketing?
The Seven Ps of Marketing is a relatively simple framework that can be used by any organisation or manager to plan marketing activities and a marketing strategy. It is useful because it ensures that you look across each area together, and consider how they might be related. The Seven Ps started as just four: product, ...
How many Ps are there in marketing?
Marketing as a whole relies on all seven Ps.
What is promotion in marketing?
Promotion is how you communicate what you do and/or sell to your customers. 'Promotion' includes a whole range of activities, from branding through social media activity and advertising to sales management and special offers.
Is promotion one way or two way?
Perhaps the most important thing to remember is that promotion is NOT one-way. Instead, you should see it as the way to start a conversation with your customers, and with your employees, who also need to understand the product. It is important to look at a variety of channels, including print, online and mobile.
What is the marketing mix?
The marketing mix refers to the tactics (or marketing activities) that we have to satisfy customer needs and position our offering clearly in the mind of the customer. It involves the 7Ps; Product, Price, Place and Promotion (McCarthy, 1960) and an additional three elements that help us meet the challenges of marketing services, People, Process and Physical Evidence (Booms & Bitner, 1982).
What is promotion in marketing mix?
So we have a fantastic product, at an appealing price, available in all the right places, but how do customers know this? Promotion in our marketing mix is about communicating messages to customers, whichever stage they are in the buyer journey, to generate awareness, interest, desire or action.
What is a planned approach to marketing?
A planned approach to marketing helps us to set clear objectives based on the current situation a company is facing. The strategy defines how those objectives will be achieved, including the target market to focus on and how the company will be positioned. So now we need to define the tactics to make this plan happen and that’s where the extended marketing mix (7Ps) comes in.
When were the 7 Ps of marketing created?
The 7 Ps of marketing were created in 1981 – about 20 years after the 4 Ps – by Booms & Bitner. It adds people, processes, and physical evidence which expands its usefulness for businesses that don’t sell physical products. Though it was created to expand the philosophy to include service businesses, it’s recommended that every brand use all 7 Ps ...
What are the 4 Ps of marketing?
The 4Ps of marketing are part of an overall marketing mix that includes the product, price, place, and promotion. E. Jerome McCarthy coined it in 1960, but the main concepts were created by Neil Borden and have been used by a large number of organizations since inception.
What is the marketing mix?
The marketing mix is all the tools and activities a brand uses to achieve its marketing objectives. It originally included the 4 Ps of marketing but was later expanded to the 7 Ps.
What is the most important principle in marketing?
Price . Price is one of the most important principles of marketing and will impact the type of customer you attract, the number of customers, and even the messaging you use to promote your product. Price is determined by the type of product you have but, more importantly, the real and perceived value of the product.
How to be successful in the product stage?
To be successful in the product stage, it essential to understand the Job To Be Done associated with the product. For example, someone pays for an email marketing service to send emails but the job that’s getting done is communicating with customers to produce sales.
How are the 4 Ps influenced?
The way you utilize and make decisions related to the 4 Ps is greatly influenced by the internal and external environmental factors affecting your business. For example, if you’re marketing to a low-income audience, you may reduce the price but increase it for an affluent audience without changing the product too much.
Why are the 4 Ps better suited to product businesses than service businesses?
That’s because they don’t take into consideration the intangible aspects of service delivery.
Place
Promotion
- Promotion is how you communicate what you do and/or sell to your customers. 'Promotion' includes a whole range of activities, from branding through social media activity and advertising to sales management and special offers. It is designed to show customers why they should buy your product or service, and should therefore focus on benefits, and not just features. Perhaps t…
People
- Your customers are unlikely to separate the product or service from those who provide it. Your staff—and that means anyone who comes into contact with customers, even remotely, through something that they have written for the company website—are therefore vital. They will have an important effect on customer satisfaction. This is even more important now, because so many p…
Processes
- Processes was originally added for service industries, but there is increasing recognition that processes also affect customer experience in product companies. What’s more, it is very clear that customer experience shapes customer satisfaction. The experience starts from the first point of contact, and goes on until after the sale, including after-sales service. The process of handlin…
Physical Evidence
- Physical evidence refers to what the customer ‘sees’ of your product. It shows them what it would be like to own or use it. It therefore includes your website, or your business premises or shop, models wearing your clothes, or photos of them doing so. It also includes customer testimonials, especially if they are on an independent reviewing site, and not under your control. Like price, th…
A Collective Endeavour
- Marketing as a whole relies on all seven Ps. It is essential to consider them as a whole, and not in isolation. Customers must experience a coherent view of your company and your product, and that can only come from viewing the customer experience from end-to-end across all seven Ps.