7Ps of marketing – Understanding the concept
Since the 1960s, the 4 Ps of marketing strategy have been applied to
support the concept of the mix. The 4Ps are a set of four letters that stand for
the following:
Product
Price
Place
Promotion
The marketing mix process has changed in response to changes in the
company and consumer markets.
The original four Ps are still in place, but added three more:
People
Process
Physical evidence
Let’s dive deep into each one of them in the 7Ps of marketing
1. Product: The characteristics, unique selling factors, and overall quality
of the product or service being offered
2. Promotion: Methods used to advertise the product through many
channels are referred to as promotion
3. Price: The product’s long-term price plan, including promotions,
discounts, and special offers
4. Place: Where do customers find your product, learn about it, and then
buy it
5. People: Those who come into direct and indirect touch with your
target clients
6. Process: How you will deliver the product to clients and provide them
with the finest experience possible
7. Physical evidence: tangible goods and experiences that convince
clients that your product is genuine — in the case of digital, this
includes website visits, confirmation emails, testimonials, client
feedback, and more
1st of 7P’s of marketing – Product
Simply put, the marketing mix product is what is being marketed. When we
refer to the product, we refer to aspects such as quality, packaging, design,
and brand. You must ensure that the product satisfies the needs of your
market while designing it, i.e., does your target market or audience desire or
need it?
The life cycle, which covers the growth, maturity, and sales drop phases,
must also be considered. By providing a better quality product to your
intended audience than your opponents, you will be able to win this aspect.
Here are five questions to consider while defining product mix strategies:
What do people expect from a product or service?
Since the 1960s, the 4 Ps of marketing strategy have been applied to
support the concept of the mix. The 4Ps are a set of four letters that stand for
the following:
Product
Price
Place
Promotion
The marketing mix process has changed in response to changes in the
company and consumer markets.
The original four Ps are still in place, but added three more:
People
Process
Physical evidence
Let’s dive deep into each one of them in the 7Ps of marketing
1. Product: The characteristics, unique selling factors, and overall quality
of the product or service being offered
2. Promotion: Methods used to advertise the product through many
channels are referred to as promotion
3. Price: The product’s long-term price plan, including promotions,
discounts, and special offers
4. Place: Where do customers find your product, learn about it, and then
buy it
5. People: Those who come into direct and indirect touch with your
target clients
6. Process: How you will deliver the product to clients and provide them
with the finest experience possible
7. Physical evidence: tangible goods and experiences that convince
clients that your product is genuine — in the case of digital, this
includes website visits, confirmation emails, testimonials, client
feedback, and more
1st of 7P’s of marketing – Product
Simply put, the marketing mix product is what is being marketed. When we
refer to the product, we refer to aspects such as quality, packaging, design,
and brand. You must ensure that the product satisfies the needs of your
market while designing it, i.e., does your target market or audience desire or
need it?
The life cycle, which covers the growth, maturity, and sales drop phases,
must also be considered. By providing a better quality product to your
intended audience than your opponents, you will be able to win this aspect.
Here are five questions to consider while defining product mix strategies:
What do people expect from a product or service?
