7Ps of the Marketing Mix

The Concept of the Marketing Mix

In terms of full marketing mix, marketing mix can be examined from two perspectives: consumer oriented model and producer oriented model.

In terms of producer-oriented model, the marketing mix is composed of the following 7Ps: product, price, promotion, place, physical evidence, people and Process.

On the other hand, consumer-oriented model entails the 7Cs: consumer, cost, communication, convenience, corporation, channel and circumstances.

What are the 7Ps of Marketing?

In the concept of the marketing mix, the 7 Ps of marketing include:

1) Product

Within the marketing mix concept, the product includes goods and services offered to the consumer. Goods and services are the primary sources of revenue for a business. The product element of the marketing mix is subject to the lifecycle process, especially at the growth stage. The company should conduct research to determine the likely product lifecycle stages of the products and identify the challenges of each stage. A good marketing strategy must consider the features, quality, benefits, variety, and accessibility of products. The product should be designed in a way that meets specific needs or solves a problem for the customer.

2) Price

Price of the product should be focused on the value perceived by the customer. It is an important element used to create value for the customer. When setting a price for the product, the company should consider whether the customers are willing to pay. Other factors to consider in setting a pricing strategy are: costs of production, competition, profits, and the organization’s objectives. Setting the right price is key to winning customers because prices influence demand. The price should be in a level where customers are willing to pay while at the same time generating good profit margins for the business.

3) Promotion

Promotion entails advertising the product to customers through various channels such as radio and television, internet, shows and exhibitions, publicity and press releases. Promotion plays an important role in the marketing mix concept as it allows the company to create awareness about the existence of its products. Promotion is also used to inform customers about the features and benefits of the product. Furthermore, it is used to persuade customers to purchase the product. Using emotional appeal is necessary to win customers and increase sales.

4) Place

Another important element of the 7Ps within the marketing mix is Place, which is also known as distribution. Place is also an important element of the marketing mix. It entails distribution; providing the product at convenient places for ease of access. Choosing the right distribution channel is necessary to win and retain customers. The company should use appropriate channels of distribution to enhance convenience and good customer experience.

5) Physical Evidence

Physical evidence provides a snapshot of what is in the store. It includes: store front, billboards, employees’ attire, etc. This element of the marketing mix proves the existence of the product. Online stores nowadays play as an important physical evidence for the product. Organizations should provide good displays of videos and images to provide an objective view and convince customers to buy the product. Receipts, invoices, business cards and email newsletters can also serve as physical evidence of products and services.

6) People

People refer to the workforce or employees who interact with the customers. Together they form an integral part of the 7Ps. Employees should be internally motivated to work for the organization so that they can deliver quality services to customers. The company should hire and reward talented employees to represent the organization in delivering value for customers. To achieve a motivated workforce, it is necessary to align the organization’s goals with the individual goals of employees. Hiring employees with good skills is one thing, retaining them is another thing. People working for the organization should feel that the organization appreciates their efforts so that they can continue providing good services consistently for customers.

7) Process

Process entails processes and systems in the internal environment of the organization which are used to deliver the product and create value for the customer. Good logistics and supply chain practices is necessary to identify quality inputs that can be used to develop quality products. Internal process and quality improvement is also necessary to achieve efficiency and increase profits.

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