The 7Ps are one of the core concepts of marketing. It refers to the set of actions and strategies that a company uses to promote its brand or product in the market. The traditional marketing mix consists of 4Ps – Product, Price, Place, and Promotion. However, as marketing has evolved over the years, the marketing mix has been expanded to 7Ps Of Marketing by adding People, Process, and Physical Evidence.
In this blog, we’ll dive deep into the 7Ps of marketing mix and how to leverage them to create an effective marketing strategy.
An Introduction to the 7Ps Of Marketing Mix
The term “marketing mix” was coined by Neil Borden in his 1964 article titled The Concept of the Marketing Mix. Then, E. Jerome McCarthy grouped these activities into 4 categories – the 4Ps – in his 1960 book Basic Marketing: A Managerial Approach.
The 4Ps are:
- Product: The goods or services you offer
- Price: How much you charge for your offerings
- Place: Where and how you distribute/sell your goods or services
- Promotion: How you communicate with customers about your product
This 4Ps model became widely adopted as the foundation of a marketing plan. However, as marketing evolved, more Ps were added to account for important new aspects like people, physical evidence, and processes.
7Ps of the Marketing Mix
The 7Ps of marketing mix now are:
- Product
- Price
- Place
- Promotion
- People
- Process
- Physical Evidence
Let’s look at each of the 7Ps of marketing in detail:
1. Product
The product is at the core concept. What you’re selling forms the basis for every other marketing decision you make.
When developing products, focus on:
- Market research: Study your target audience to understand their needs and pain points. Design your product around resolving those needs.
- Features and quality: Identify the features that will make your product useful for customers. Prioritize quality to deliver maximum value.
- Branding: Create consistent and memorable branding that conveys your product’s identity and positioning.
- Packaging: Design attractive and functional packaging that supports your branding.
- Customer service: Provide quality customer service and support to enhance the product experience.
2. Price
Price determines the revenue and profit you earn from each sale. When setting prices:
- Benchmark competitors’ pricing to determine an optimal price range.
- Factor in costs and desired profit margins. Price high enough to be profitable.
- Consider psychological pricing like using odd numbers ($9 instead of $10).
- Run pricing tests and experiments. Measure resulting sales data.
- Offer discounts, bundle deals, and financing options to boost affordability.
- Adjust pricing periodically based on market conditions and product lifecycle stage.
Read More- A BEGINNER’S GUIDE TO ONLINE REPUTATION MANAGEMENT 2023
3. Place
Place refers to where and how your products are available to customers. Your distribution strategy should aim to make buying as convenient as possible.
- Sell through physical retail stores and/or e-commerce platforms. Choose platforms aligning with your brand.
- Ensure inventory is adequately stocked at various sales channels.
- Make the purchase process quick and seamless, online and offline.
- Leverage a multi-channel strategy, enabling customers to buy whenever and wherever they want.
4. Promotion
The promotion covers the strategies for increasing product and brand visibility and persuading target customers to buy.
- Advertising: Paid ads through platforms like Google, Facebook, print, TV, etc.
- Content marketing: Blog posts, guides, videos, etc. that engage and add value for readers.
- Email marketing: Use emails to build relationships and promote offerings to subscribers.
- Social media marketing: Share engaging posts that spark conversations on social platforms.
- Referral programs: Encourage referrals by rewarding existing customers for referrals.
- PR and events: Pitch your brand to journalists and participate in high-impact events.
An effective promotional strategy utilizes multiple channels to reach customers at different touchpoints.
5. People
Every human interaction between your company and customers influences the customer experience. Invest in people to drive success:
- Hire staff with the right skills and abilities for each role.
- Train personnel thoroughly on company values along with product and industry knowledge.
- Empower staff to resolve customer issues and deliver exceptional service.
- Create an inspiring company culture that keeps employees motivated.
- For customer-facing roles, look for candidates who are naturally warm, empathetic, and helpful.
6. Process
Well-designed processes enable your company to operate efficiently and consistently.
- Document step-by-step processes for critical functions like sales, fulfillment, support, etc.
- Automate processes wherever possible using tools like CRM platforms.
- Continuously improve processes by soliciting staff and customer feedback.
- Regularly audit processes to identify bottlenecks impacting productivity or experience.
7. Physical Evidence
Physical evidence encompasses the tangible aspects of your brand like:
- Packaging design
- Store ambiance, visual merchandising
- Website design and user experience
- Logos, branding colors, and fonts
- Uniforms, and name badges worn by staff
- Signage, business cards and stationery
Physical evidence shapes the customer’s perception of your brand. Ensure all physical elements align with and reinforce your desired brand image.
Read More- SEO AND UX: HOW TO ALIGN PRACTICES FOR HIGHER RANKINGS