Marketing is an essential part of any business, and the marketing mix is a familiar tool used to create a successful strategy. The traditional 4 Ps of marketing (product, price, location, and promotion) are still relevant today, but the 7 Ps of marketing model was developed to provide a more comprehensive approach. This model includes the 4 Ps plus people, physical evidence, and processes. The 7 Ps of marketing model was first introduced by E.
Jerome McCarthy in his book Basic Marketing in 1960. It was designed at a time when companies were more likely to sell products than services, and the 4 Ps represented an initial focus on product marketing. However, this model is still relevant today and is particularly useful for small businesses. The 7 Ps of marketing are: product, pricing, location, promotion, physical evidence, people and processes.
Each element of the mix should be carefully considered when creating a successful marketing strategy. Product refers to the goods or services offered by a company. Pricing is the cost associated with the product or service. Location is where the product or service is sold or delivered.
Promotion is how the product or service is advertised and marketed. Physical evidence refers to tangible elements that customers can see or touch that provide assurance that your business is reliable and legitimate. People are the individuals inside and outside your company who are responsible for every element of your sales, marketing strategies, and activities. Finally, processes refer to the series of actions or fundamental elements involved in delivering the product or service to customers. When reviewing competitive strategies, it's important to consider all 7 elements of the marketing mix.
Developing the habit of looking at every visual element of your product or service packaging through the eyes of a critical potential customer can help you create an effective strategy. Additionally, it's important to remember that people form their first impression of you within the first 30 seconds after seeing you or an element of your company. The marketing mix process is a constant process that involves designing and remodeling component elements in response to changing market circumstances and needs. It's an excellent framework for evaluating an existing business and working with appropriate approaches while evaluating the elements of the marketing mix. The 7 Ps of marketing are essential for creating a successful strategy. Product, pricing, location, promotion, physical evidence, people and processes should all be carefully considered when developing a marketing plan.