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What Are The 7 Ps Of Marketing? The 7 Ps Of Marketing In A Nutshell
The notion of a marketing mix was first mentioned by E. Jerome McCarthy in his 1960 book Basic Marketing, A Managerial Approach. McCarthy’s marketing mix was limited to product, price, place, and promotion – otherwise known as the 4 Ps of marketing. The 7 Ps of marketing is a model incorporating seven elements into the ideal marketing mix. Indeed, researchers Mary Jo Bitner and Bernard H. Booms added a further three elements to the original model: people, processes, and physical evidence.
The 4 Ps of marketing were created at a time when businesses were more likely to sell products than services. What’s more, the role of customer service in branding was less well understood.
As the business landscape began to evolve, researchers Mary Jo Bitner and Bernard H. Booms added a further three elements to the original model: people, processes, and physical evidence.
Though instituted in 1981, the 7 Ps of marketing is still widely taught today. Businesses use the model to review and define issues likely to affect the marketing of their products and services. In so doing, they are better able to satisfy the needs and wants of customers in their target market.
Let’s now take a look at each of the seven elements in more detail:
Product – above all, the product should live up to its expectations. Does it do what the customer wants it to do? Product marketing should incorporate the benefits customers will receive when buying goods or services. These are most often tied to features such as design, quality, warranty, and accessories.
Price – the marketing team must also identify how much the target audience is willing to pay for something. At the same time, they must also be sensitive to company profit margins, overheads, and other associated costs. Discounts and seasonal pricing may attract and retain customers.
Place – the product must be located where the consumer finds it easiest to purchase. This may be in a brick-and-mortar store, or it may be online.
Promotion – this includes advertising, direct marketing, in-store promotions, and of course digital marketing in all its shapes and forms. Understanding consumer purchasing patterns and targeting them at the correct stage of their buying cycle is paramount.
Physical evidence – this takes two forms. The first is physical evidence that a transaction took place and may include receipts, invoices, packaging, and postal tracking information. The second form of physical evidence refers to the branding a consumer is likely to interact with before making a purchase. This includes websites, logos, company headquarters, social media accounts, and business cards.
People – who are those directly or indirectly involved in selling the product or service? Here, it’s important to realize that a brand is only as good as the people selling it. Employees must be adequately trained. For example, customer service representatives must display some degree of empathy toward others. Managerial staff must be visionaries who drive the company forward with respect for its values.
Process – this refers to the process of delivering a product or service. For consumers, it describes how easy a company is to do business with. Seamless delivery processes save time and money for the business. If a high standard of service can be maintained, this also builds brand loyalty.
The 7 Ps of marketing describes the ideal marketing mix consisting of the following elements: product, price, place, promotion, physical evidence, people, and process.
The 7 Ps of marketing is a modern adaptation of the 4 Ps of marketing. The latter was developed in the 1960s when businesses were product-focused and devoted less time to customer service.
The 7 Ps of marketing enables businesses to meet the needs and wants of their target audience. The model remains relevant today as marketing trends shift predominantly online.
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