7p of Marketing mix is the set of elements that are used in a Marketing Mix strategy. The Marketing Mix is a concept of developing and executing an effective marketing strategy. Initially, there were 4 p’s to explain the marketing mix. Nowadays, there are 7 p which adds a much extra layer of depth to the mix.
Before I make you confused let me clear the concept of 4p’s and 7p’s. In the past days, marketers were only engaged to develop the basic elements like Product|Price|Placement|Promotion.
Moreover, with time, theorists are going more further with the marketing strategy. they added three more p- People, Process and Physical Evidence to it. So it’s now become 7p of a Marketing Mix.
Let’s dive into the original 4P of Marketing Mix
The 4P of Marketing Mix
The basic 4p or elements helps an organization to make strategic decisions. Especially, when launching new products or revising their existing products. Through the use of this tool, the attempt to meet both the customer and the seller.
Product
A product is what you are selling. You need to think about the key features and benefits your customer can enjoy with your product. You must ensure to have the right type of product that is in demand for your segment.
In developing your product you must take these questions in your mind as a marketer-
- What kind of product does the client want?
- What extra features I am offering with my product? – giving a beat to the market competitors.
- Does my product fulfill
my client’s need?
Price
Price is the most important principle out of the 4p or 7p of the marketing mix. What should be the price of my product? It is important because it will decide the survival of your product in a market place.
Remember one thing, the pricing always helps shape the perception of your product to consumers.
So, while deciding your product price make sure you analyze all the fixed and variable expenses of the product.
Certain things to keep in mind-
- How my price can penetrate the market?
- The complete competitors pricing analysis
- Am I offering a reasonable price to the consumer?
- How my product can make a pricing gap with other competitors?
Placement
A Place is where your products and services are distributed. Access for customers to your product is the key to successful marketing. The place for your business is also a key factor of 7p of a marketing mix.
While deciding the place for your business, keep these things in mind-
- Am I selling a wholesale or retail product?
- Where do consumers look for my category products?
In addition to that, choose a place that is accessible to potential buyers.
Promotion
Promotion is a very important component of marketing as it can boost brand recognition and sales. Promoting a product is much easier and cost effective these days. Especially when you are running an online business.
With advertising, sales promotion, social media marketing you can target more people and generate a lead for your business. Your promotional activities are the success key of your product as well as to your business.
The Extended 7P of Marketing Mix
The 7p of marketing mix are allowed the extended marketing mix strategy to focus on certain things. Like understanding the market, people and the process.
People
There is two kind of people exist in a marketing mix. One is the people you are targeting for your business, the consumers. And the second one is the direct people into your business, your employees.
Both this segment of peoples are important and you can’t ignore them. The direct people, the employees, those who are delivering the service and the consumers, who are taking service from you. Choosing the right people for the right job is indeed a good tactic of marketing.
Process
The execution process plays a great role in the Business. That’s why the marketers added Process as an additional principle to the marketing mix 7p. It includes product distribution, manufacturing system, team personnel management, administration, sales management etc
You have to maintain a well-tailored process to ensure the best sales outcome by minimizing cost.
Psychical Evidence
This kinda service, where you assured you’ve physically delivered your service. Mode of service can be tangible or intangible. As an example, an insurance company will offer their customer some sort of printed form. Some services may not physical evidence, Like, an insurance company insure your health or wealth. That can’t be counted as a physical material but still, it is a service.
This all just to create brand awareness in people’s mind. When someone asks you- Let’s go for fast food. You start thinking of going to McDonald or KFC. This is just because of you aware of these brands and you have that mindset. The 7p of Marketing Mix says you should create a physical identity of your brand in people’s eyes. This is the biggest marketing effort you can make to grow your business.
Is there any further extension of 7p of marketing Mix?
Well, the answer is undefined. In some spheres of thinking, there are 8 Ps in the Marketing Mix and that is Productivity. But I say there is another p that we can’t miss is Positioning.
Productivity describes various measures of the efficiency of production. You should also see your productivity to get the maximum outcome from business strategy.
Nevertheless, Positioning is something that can help to grow business too. As your business is growing up day by day you have to maintain your position in the market. You also have to focus on increasing your position and creating brand awareness.
Please check out my articles on Marketing Tricks here.
