The 7 Ps of the marketing mix

Marketing professionals and specialists use many tactics to attract and retain their customers. These activities understood different concepts, the most important being the marketing mix. There are two marketing mix concepts: 4P and 7P. It is essential to balance the 4 Ps or 7 Ps of the marketing mix. The 4P concept has long been used for the product industry, while the latter has emerged as a successful proposition for the service industry.

The 7Ps of the marketing mix can be discussed as:

Product: It must provide value to a customer, but it does not have to be tangible at the same time. Basically, it is about introducing new products or improvising existing products.

Price: the price must be competitive and must imply profit. The pricing strategy can include discounts, offers, and the like.

Place: refers to the place where customers can buy the product and how the product gets to that place. This is done through different channels such as the Internet, wholesalers, and retailers.

Promotion – Includes the various ways of communicating to customers what the company has to offer. It’s about communicating the benefits of using a particular product or service rather than just talking about its features.

People – People refer to customers, employees, management, and everyone else involved. It is essential that everyone realizes that the reputation of the brand you are involved with is in the hands of the people.

Process: refers to the methods and processes of providing a service and therefore it is essential to have a thorough understanding of whether the services are useful to customers, whether they are delivered on time, whether customers are personally informed about the services and many of those things.

Physical (evidence): refers to the experience of using a product or service. When a service is directed to the customer, it is essential that you help them see what they are buying or not. For example, brochures, pamphlets, etc. they serve this purpose.

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