7Ps Of Marketing Mix: Explained Well With Examples (2024)
Learn everything about the 7Ps of Marketing mix, Understand why this concept is still relevant today and will be relevant for the foreseeable future. The 7Ps of Marketing is the Price, Place, Promotion, Product, People, Process and finally, Physical Evidence.
It originally started as 4 Ps, but as the world, and the complexities of marketing grew; 3 more were added to formulate an effective marketing strategy. The ‘P’s stand for each of the pillars of a marketing strategy, and together are a part of the concept called the ‘marketing mix’. The term ‘marketing mix’ sounds a little confusing, but in essence, it is a foundation model for businesses. More easily explained, it is the operational part of a marketing plan- the nuts and bolts of it.
Funfact, there are actually 9Ps of Marketing: The above 7+2 viz. Packaging and Payments. But the 7Ps are popular given their wide and timeless application in the World of Marketing. Anyway, let’s just straight in the post.
The 7Ps of Marketing: With Examples
We can understand this with the example of a rainbow. The 7 colours of a rainbow and the 7Ps in a marketing mix bear a resemblance. Just as not all rainbows have the same the composition of the VIBGYOR colours, the same way every marketing plan is unique and contains varying amounts of the 7Ps of the marketing mix. The components are explained in the following points
The Price
One very important aspect of any product/success being a success in the market is the price at which it is marketed. The first colour of the marketing mix rainbow is one of the determining factors of what the people will see. Marketers tread very carefully while setting a price that is a win-win situation for both the company as well as the consumers.
There are several pricing models. One of the most famous ones is Competitive Pricing Strategy as is used by Coca-Cola. Coca-Cola’s main aim is to penetrate the markets and achieve the highest market share without compromising on its customer base and product positioning. Thus, the company charges its consumers what its competitor Pepsi is charging. It’s a simple, yet highly competitive strategy as the name suggests.
The Place
It is the channel through which your company’s goods/services get moved from the manufacturer to the consumer. Your good/service will need to be brought into the market through a mechanism, and ‘place’ is exactly that- a way for your offering to be seen by the correct audience. An example of this element of the marketing mix can be the numerous branches of McDonald’s all over the world. Almost every country in the world either has a McDonald’s franchisee, or knows of it. And each country has its unique menu, with the standard guarantee of tasty food, served fast, at low prices.
The Product
This is the P that starts it all. The need for this P to be known, positioned, and showcased gets the marketers working hard at strategies. ‘Product’ is the offering that your company has for the market whether it is a tangible good or intangible good (services). The product development has various stages, and it is instrumental in being the deciding factor in many strategies. Various aspects of a product like the product life cycle, the type of need it services, and its positioning come into play with this P.
We can consider the example of Starbucks here, which was solely established to make good quality coffee and coffee beverages accessible to people. Starbucks’ approach to marketing is very focused on its product and the quality of the product provided to its customers.
The Promotion
Directly speaking, the mainstream meaning of the word ‘Promotion’ also applies here. The essence of promotion lies in the activities that a marketer does in order to showcase the product in the market in the right sense. Promotional activities involve multi-channel, multi-level marketing communications in the technical sense. In a more simplistic sense, these activities are the communications that the companies indulge in like advertising, direct calling, using social media channels, as well as print media. There are many instances of how promotional activities have set a product apart from its competitors in the industry. One such is the launch of Sony Xperia Z3 Dual in 2014 as an underwater pop-up store.
The Physical Evidence
Physical evidence is a part of the product. If your product is a tangible offering, then all of its material cues (packaging, business cards, brochures, company branding) will be taken notice of, by the consumers. However, these tangible cues are also attached to a product that is intangible. The example can be, every time you encounter a FedEx delivery vehicle, you’ll immediately recognize it because of its purple and orange color scheme. That’s how they’re set apart from all the other delivery companies.
The People
All the people involved in the making, distributing, and selling of your company’s product are also essential. Mostly, services (intangible offerings) have marketing mixes which are focused on the people presenting the product. The employees you have in the store, the delivery personnels, the sales executives, all of it and more leave a lasting impression on the people. Hotels like Taj, Hyatt, JW Marriott are known for the people that work there to serve the consumers. These brands have established themselves and built loyal customer bases due to the kind of people they employ.
The Process
Process involves all the ways the company and its customers can engage in order to facilitate the product to reach the consumer. It’s a map of how the company and its offerings are accessible to the market. It isn’t just a means to an end, but a roadmap of the company’s operations.
Here again, we can consider Starbucks as it has so many different ways in which the company operates- joint ventures, retail store licensing operations, food service accounts, depending on which country they’re operating in. They have an interactive website in order to collect customer feedback and suggestions, which also tells people how accessible the company is for the consumers.
Now, rounding up these 7 colors of the rainbow. We see that all these aspects ring in something essential for the business to gain competitive advantage. Though every product, every industry will have a unique marketing mix, the underlying structure will always be based on these 7 elements.
The 9Ps of Marketing you say?
Well yes, in the recent times, there appears to have introduced 2 more Ps vs earlier mix, now making the concept 9Ps of Marketing mix. We’ll keep this one short given you’ve gotten the gist. The 8th P is Packaging. Why? Given how connected the packaging has become to a customers journey, we cannot really let this one go, can we? Take the example of Paper Boat, the reason it connects so well is because of the simple packaging.
The 9th P of Marketing is Payments, it talks about the initiatives that companies can undertake in order to make your payment procedure a little more simple. That is introduce one click payment, EMI options, etc.
Anyway, that is all.
And well, the Author
No, this isn’t the 10th P of marketing. However, we believe, given the world has evolved today, there must exist a new P, a new dimension of Marketing. Something around Data Analytics, maybe, Programming? eh?
Anyway, the piece was written by Mahek Mirchandani, a co-author at Casereads. We’ve uploaded 10+ MBA starter concepts to kick start your MBA journey, directly click here.
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These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you're on track and achieving the maximum results possible for you in today's marketplace.
The 7Ps of marketing are – product, pricing, place, promotion, physical evidence, people, and processes. The 7 Ps make up the necessary marketing mix that a business must have to advertise a product or service.
Initially 4, these elements were Product, Price, Place and Promotion, which were later expanded by including People, Packaging and Process. These are now considered to be the “7 P's” mix elements.
In school, we learn that there are 7 Ps in the marketing mix: product, place, people, process, physical evidence, promotion, and price. Traditionally, each of these P's has been an important way to differentiate your company from the competition.
Product positioning refers to what the product means in the mind of the customer. Take for example, Heineken beer. Here in the U.S., Heineken is marketed as a premium, imported beer, so U.S. buyers pay more for it compared to other choices.
The 7Ps model helps us to: Set objectives and provide a roadmap for your business objectives. Conduct SWOT analysis, and undertake competitive analysis. Review and define key issues that affect the marketing of its products and services.
Product Mix, another name as Product Assortment, refers to several products that a company offers to its customers. For example, a company might sell multiple lines of products, with the product lines being fairly similar, such as toothpaste, toothbrush, or mouthwash, and also other such toiletries.
Example of the simple process would be when a customer decides to take membership of video service providers like Netflix or Amazon prime or Disney +, the steps involved would be first that the customer who decides on a particular service depending on the USPS and features. This will constitute one process.
Apple marketing mix (Apple's 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence.
Companies come up with a place strategy by determining where their target market shops. For example, a cookbook publisher can place their products in a bookstore to reach customers who are looking for books, but also in a kitchenware store to reach customers interested in cooking.
In his theory Kotler explained that there were 7 marketing mix elements consisting of Product, Price, Place, Promotion, People, Process, and Physical Evidence.
Price is perhaps the most important component of the marketing mix because it ultimately determines the income flow, and with it, the continuity of a company.
The 4 Ps of marketing refer to product, price, place, and promotion. These are the key elements that must be united to effectively foster and promote a brand's unique value, and help it stand out from the competition.
The most important part of thinking about the marketing mix — or the four Ps of marketing — is to understand the customer, the competition, and your company. You'll evaluate your product and how to promote it.
Dollar Shave Club has focused its positioning on affordability and convenience, creating a relatable brand for the average consumer. Whereas their competitor Gillette is more expensive and has a very masculine tone to their messaging and branding, Dollar Shave Club is more cheeky and casual.
Apple does everything right. From the packaging to the logo colors, all the details matter. Apple's products are of exceptional quality, cutting-edge features, and outstanding performance. Customers get attracted to Apple's products, which creates a marketing pull.
Seven Ps of Service Marketing: product (service), price, place (distribution), promotion, people, physical evidence, and process. Marketers work on creating a proper blending of these seven Ps to satisfy the needs of consumers in the service sector.
A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company. Some have multiple product lines with lots of products in each line.
A product mix, otherwise called a product assortment, alludes to the total number of product offerings that an organization offers to its clients. The product offerings might go from one to numerous products and the organization might have numerous products under a similar product line also.
the range of products, services, or customers that a business has: The company hopes to achieve a business mix of 60% heating products and 40% plumbing. The hotel has a well-balanced business mix of business travellers, tourists, and conferences.
People. People, in the marketing mix, refers to anyone directly or indirectly involved in the business side of the enterprise. That means anyone involved in selling a product or service, designing it, marketing, managing teams, representing customers, recruiting and training.
Examples of place strategy in marketing include using wholesale centers, retail outlets, physical stores or online platforms as the channels for product placement and trade promotions.
Vision. Your vision statement is your organization's anchor - it defines where you want to get to and is the executive summary of your organization's purpose. ...
When you design one professional marketing PPT, you can just not think of missing these 7ps of it. These 7ps include product, physical, process, place, price, promotion and people.
Price in marketing mix refers to the value we pay in exchange for the product and services offered by a company. Price is considered a vital element of the marketing mix because it dictates a company's survival and profit. Pricing of a product plays an important role in determining the success of a company.
If you don't have a good product, you're going to struggle to sell or retain customers. The product is the most important aspect of any marketing mix. It's the thing that you're selling, and it's what your target market wants or needs. The job of a marketer is to define what a product does and its qualities.
The elements which form the marketing mix are – Product, Price, Placement and Promotion. They are popularly known as '4Ps' as all these four elements begin with the letter 'P'. These four elements got their recognition in the year 1960 when Marketing Professor and author E.
What is the most important part of a marketing mix? Pricing is the most important element of your marketing mix. The price you set for a product or service will significantly influence your potential customers' choice to purchase it.
The four P's are product, price, place, and promotion. Each sports organization is going to utilize a different combination of these four P's. They'll each have a different product, a different price, a different place, and different promotions to attract any given target segment.
The product is the most significant pillar in the marketing strategy. You deliver a particular product to the particular audience at a particular location so that it satisfies their needs and demands.
The purpose of marketing is to reach your target audience and communicate the benefits of your product or service — so you can successfully acquire, keep, and grow customers. So, your marketing goals must relate to the specific business objectives your company wants to achieve.
The 7Ps helps companies to review and define key issues that affect the marketing of its products and services. A popular marketing model, the marketing mix is can also be referred to as the 7Ps framework for the digital marketing mix.
10 Types of Promotional Material that Work at Every Event
Registration: Wristbands, tickets, passes. Tickets can easily be lost at festivals and concerts, and people will sometimes need to leave the venue temporarily. ...
The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
Starbucks 7Ps of marketing comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence as discussed below in more details.
An example of a promotion mix can be depicted in a company providing discounts on its products. Discounts are an example of sales promotion where a company provides a short-term incentive to encourage the increase in demand for commodities among consumers.
A product line refers to a particular good or service that a company makes and markets to customers. A food company may extend a product line by adding various similar or related products (e.g., adding mesquite BBQ flavor to its existing potato chips line), and create a more diversified product family.
The product is the most important aspect of any marketing mix. It's the thing that you're selling, and it's what your target market wants or needs. The job of a marketer is to define what a product does and its qualities.
A product line is one line of similar products that are sold within a company, whereas a product mix is the combined total of all the product lines sold in a company.
Celebrations and parties are mostly a central attraction in the ads of Coca Cola. Read the marketing mix of Coca Cola and its seven Ps – product, place, price, promotion, people, processes, and physical evidence.
PepsiCo 7Ps of marketing comprises seven elements of the marketing mix. These are product, place, price, promotion, process, people and physical evidence. Product.
Coca-Cola follows a price discrimination strategy in its marketing mix. This means that they charge different prices for products in different segments. The beverage market is considered an oligopoly, with a small number of sellers and many purchasers. And Coca-Cola and Pepsi are their two most powerful brands.
Introduction: My name is Merrill Bechtelar CPA, I am a clean, agreeable, glorious, magnificent, witty, enchanting, comfortable person who loves writing and wants to share my knowledge and understanding with you.
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