7 P's of Marketing Mix

Topics: Marketing, Pricing, Customer service Pages: 7 (2400 words) Published: December 18, 2012
Seven Ps
"7 Ps" redirects here. For the military adage, see 7 Ps (military adage). For other uses, see 7P (disambiguation). “Booms and Bitner (1981) describe services as having seven "Ps" [the additional three are: people, process, physical], an expansion from the accepted four Ps [Product, Price, Promotion, Place] for products.”[1] In marketing, the seven Ps refer to the product, price, promotion, place, process, physical evidence and people that make up the marketing mix. They are an extension of the more basic 'four Ps': product, place, price and promotion. 'Physical evidence' refers to elements within the store -- the store front, the uniforms employees wear, signboards, etc. 'People' refers to the employees of the organisation with whom customers come into contact with. 'Process' refers to the processes and systems within the organisation that affects its marketing process Terms

* Product is your core offering.This is “the thing” that will fulfill the needs of your customer. If your product is faulty, every thing else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. * Price has a lot of impact on the service buyer’s satisfaction level. Often, paying a higher price makes a customer more satisfied. Price is often considered a proxy for quality and vice-versa. What is important to note that services being all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. * Promotion plays a role in the perception the possible target audience may have about your service. There has to be a fit between the promotion and the positioning. Promotion leads to service (brand) recognition and further establishes a proxy to evaluate quality of services based by potential customers. See Promotional mix. * Place refers to providing the product at a place which is convenient for consumers to access. Place is synonymous with distribution. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix. * People is crucial in service delivery. The best food may not seem equally palatable if the waitress is in a sour mood. A smile always helps. Intensive training for your human resources on how to handle customers and how to deal with contingencies, is crucial for your success. * Processes are important to deliver a quality service. Services being intangible, processes become all the more crucial to ensure standards are met with. Process mapping ensures that your service is perceived as being dependable by your target segment. * Physical evidence affects the customer’s satisfaction. Often, services being intangible, customers depend on other cues to judge the offering. This is where physical evidence plays a part. Would you like eating at a joint where the table is greasy or the waitresses and cooks look untidy and wear a stained apron? Surely you would evaluate the quality of your experience through proxies such as these.

Marketing Mix and the 7 P’s of Marketing
by James Dreesen
Marketing online isn’t as simple as advertising in local papers and on billboards, it takes a strategy often lost and not even taught in most marketing courses. It takes people like Dale Carnegie, Zig Ziglar, Brian Tracey and Michal S. Clouse to identify, figure out, and inform us how to market online and offline in a way that works and works excellently. While the original marketing miss taught in most basic “101” courses includes the 4-P’s, the 5th, 6th, and 7th P’s are recently identified. What are these P’s? Like the 5-W’s of journalism and reporting, the 7-P’s of marketing are crucial to any business, and especially service oriented establishments such as...
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