Friday, January 15, 2010

The 7Ps of Marketing Mix

Marketing proffesionals and specialists use many tactics to attract and retain their customers.These activities comprise of different concepts, the important one is marketing mix. There are two concepts for marketing mix:4P and 7P. The 7Ps of marketing mix are as follows:
  • Product: It must provide value to the customer. It involves introducing new products and improving the existing ones.
  • Price: Pricing must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like.
  • Place: It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels like internet, wholesalers, retailers etc.
  • Promotion: It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating about the benefits of using a particular product or service rather than just talking about its features.
  • People: People refer to the customers, employees, management and everybody else involved in it. It is essential for everyone to realize that the reputation of the brand that you are involved with is in the people's hands.
  • Process: It refers to the methods of providing a service and is hence essential to have a thorough knowledge on whether the services are helpful to the customers, if they are provided in time, if the customers are informed in hand about the services and many such changes.
  • Physical(evidence): It refers to the experience of using a product or service. When a service goes out to a customer, it is essential that you help him see what he is buying or not. e.g: brochures, pamphlets etc serve this purpose.

2 comments:

TAHIR AZAD said...

i agree.. But im still not understand that.. why there are two concepts of 4ps and 7ps. Can u explain it plZ!

Syed Ahmad Hashmi said...

Good job once again . Addition to the 4p's in the form of three more p's would further help marketing managers in creating an effective customer driven marketing strategy that would ensure Enhanced profitbility and increased market share in both short and long run.
keep it up.