The marketing mix is a well-known tool in marketing strategy. Traditionally, it focused on the core 4Ps: Product, Price, Place, and Promotion. It’s considered one of the top 3 classic marketing models according to a Smart Insights poll. This model is an essential component of a marketing plan and helps define the tactics for implementing a marketing strategy. Additionally, the traditional 4Ps have evolved into the 7Ps of marketing.
The traditional 7Ps of marketing consist of:
- Product
- Promotion
- Price
- Place
- People
- Process
- Physical evidence
Who created the 7Ps marketing mix model?
The concept of the 7Ps in marketing was originally proposed by E. Jerome McCarthy in the 1960s. However, it was popularized and expanded upon by Philip Kotler in his book “Principles of Marketing,” where he introduced and explained the concept in detail. Therefore, while McCarthy introduced the basic framework, Kotler played a significant role in popularizing and elaborating on it within the field of marketing.
The 4Ps vs The 7Ps
When thinking about marketing, two common frameworks are the “4Ps” and the “7Ps.” The “4Ps” model, which stands for Product, Price, Place, and Promotion, has been a traditional way to approach marketing strategy. It focuses on the key areas of developing a product, setting its price, determining the right place to sell it, and promoting it effectively.
In contrast, the “7Ps” model expands on this by adding three more elements to the mix, namely People, Process, and Physical Evidence. People involve understanding the target audience and the employees delivering the service; Process relates to the methods involved in delivering the product or service; and Physical Evidence refers to the environment where the service is delivered and the tangible elements that support the brand and service delivery.
The 7Ps model offers a more comprehensive approach to marketing since it not only considers the product itself but also emphasizes the experience of the customer and the process through which the product or service is delivered. With the 7Ps, marketers focus on understanding the customer journey and the various touchpoints where the customer interacts with the brand.
What is Marketing Mix?
The marketing mix is a set of tools and tactics that a company uses to promote and sell its products or services. It’s like a recipe that businesses use to market their offerings effectively. The traditional marketing mix consists of the “4Ps”: Product, Price, Place, and Promotion. Basically, it’s about having the right product, at the right price, in the right place, with the right promotion. This ensures that the product meets the needs of customers and is presented in the best possible way to create sales and long-term customer relationships.
What are the 7Ps of marketing?
Product
When we talk about “product,” we’re discussing the actual thing being sold or offered. This could be a physical item or a service. It includes how it looks, what it can do (its features), how good it is (its quality), and how it’s presented to customers (its branding). For example, if we’re selling a phone, the product would include what the phone looks like, what it can do (like its camera and battery life), how well it’s made, and how it’s labeled and advertised to make it stand out from other phones. This element covers everything about the actual “thing” people are buying or using.
Price
When we talk about “price,” we’re talking about how much the product or service costs. It’s not just the number you see on the price tag; it also involves how the company decides on that price, whether they offer any discounts or special deals, and the different ways you can pay for it. For example, a company might decide to sell a toy for $20 and offer a 10% discount for buying more than one. They might also let you pay by credit card, cash, or even through a payment plan. All of these decisions are part of the “price” aspect of marketing.
Place
This is the ‘place’ where customers buy. It could be in a store, on an app, or a website. Some businesses sell directly to customers, while others use middlemen who have the expertise and locations to help with distribution. Decisions here involve choosing middlemen and figuring out the best way to store and deliver the product to customers.
Promotion
When it comes to “promotion,” we are talking about all the ways companies try to make customers aware of their products or services. This includes things like advertisements you see on TV, in magazines, or online. It also involves things like public relations, where companies try to get positive attention in the media. Sales promotions, such as discounts or special deals, are also part of it. Social media marketing, where companies use platforms like Facebook, Instagram, or Twitter to reach out to customers, is another big part of promotion. So, in short, promotion is all about getting the word out and persuading people to buy what’s being offered.
People
When we talk about “people” in the marketing mix, we’re focusing on the employees who work directly with customers. This includes the people you meet when you walk into a store, call customer support, or interact with online. It’s all about making sure the people who represent the company are helpful, friendly, and knowledgeable. From the salesperson at the counter to the customer service team on the phone, these interactions can shape a customer’s overall experience with a company. So, companies pay a lot of attention to their “people” to make sure customers have a good experience.
Process
When we talk about “process” in the marketing mix, we’re referring to all the steps and systems involved in delivering the product or service to customers. It includes things like how you order the product, how customer support is handled, and how the service or product is delivered. For example, if you’re ordering a pizza online, the process involves everything from selecting the pizza and adding toppings to completing the order and getting the pizza delivered. Businesses pay attention to these processes to make sure everything runs smoothly and customers are happy with their experience.
Physical Evidence
When we talk about “physical evidence,” we’re looking at the environment where the service is provided or where the product is displayed. This includes things like the actual store where you walk in to buy something, how the product is packaged, and even the design of a company’s website. It’s all about the physical things that customers can see and touch when they interact with a business. For instance, if you walk into a coffee shop, the physical evidence includes how the store is decorated, how the menu is presented, and even the design of the cups. All of these elements contribute to the overall impression customers have of the business.
👋