What are the 7 P’s of Marketing? That’s the question we’re going to answer today. But first, let’s take a look back at history and find out who created the 7Ps marketing mix model.
Who created the 7Ps marketing mix model?
The 7Ps marketing mix was first introduced by E. Jerome McCarthy, an American marketing professor who wrote the book Basic Marketing: A Managerial Approach in 1960. The idea behind this model is that businesses should focus on seven key factors when developing a marketing strategy: product, price, place, promotion and people.
But that’s just 5 I hear you say!
The 4 P’s vs 5 P’s vs 7 P’s
The 4 P’s (product, price, place, and promotion) are a marketing model that was developed in the 1960s. The 4 Ps were originally intended to represent all of the elements needed for successful product marketing, with no consideration given to customer service or branding.
Over the years three extended P’s were added for more service-related businesses. These included Participants (who would later be called “People”), Physical evidence, and Processes. Later, the marketing mix covered marketers, customer service reps recruitment culture training remuneration.
The 7Ps framework helps companies to define their marketing mix: the process by which a company coordinates its different marketing communications. It was originally developed for conventional (non-digital) businesses, but it can also be used as an effective tool when evaluating digital strategies
The 7 P’s of the Marketing Mix
The 7 P’s of Marketing are a popular model and consist of the following:
- Price – This shows how much something costs and can include discounts and special offers.
- Product – This refers to the physical product itself, whether it be clothes or electronics.
- Place – This decides where the product will be sold, such as online or in shops.
- People – This is about who uses your product and how they use it; it’s important to know who your target audience is before you start marketing your products or services!
- Process – Processes are important because they help you reach customers faster and make sure that every customer has an excellent experience when buying from you!
- Promotion – Promotion depends on the price but also other factors such as advertising space (printing flyers), social media channels etc..
Price is one of the 7 P’s of Marketing. The price a customer pays for a product or service is referred to as the “price.” Price can be affected by many factors, including market conditions, competition and supply and demand. A company’s prices should be set at a level that will allow it to make a profit while allowing customers to pay less than they would if they were paying full retail value for the product or service. Pricing products too high may cause your customers to shop elsewhere; pricing them too low may not provide enough revenue for you to stay in business.
Product is one of the seven P’s of marketing. A product is an item or service that you are selling. Product represents a key part of the marketing mix, and it often accounts for a large portion of your spending on marketing. Generally speaking, creating a successful product requires careful planning and research before any physical design can begin. Your budget may be smaller than you would like to have it, but if you do it right, then all your efforts will pay off in the end!
The first step in creating your product is to define its purpose or goal: Who needs what we’re offering? What problem does it solve? How will our offering improve their lives? How much value does this bring compared with other solutions out there?
Place is one of the 7 P’s of Marketing. Place is the physical location where a product is sold.
It influences how much customers buy, how many competitors there are, and if you can reach your target market. A store on a busy street will get more foot traffic than one in an industrial area. An online store may have lower overhead costs but it has to compete for traffic against other online stores (and potentially brick-and-mortar stores).
People are one of the most important parts of your business. When you are looking at marketing, you need to consider all the people involved not just your target audience.
People make up a company and they are the ones who do everything in a company: they make a product or service, sell that product or service, buy it, and use it! They are also very important as they can talk about your brand and share their experience with others!
Process is one of the seven P’s of marketing, and it’s all about how you get from point A to point B. Processes are what you do to produce your product or service. They’re also what you do to make sure your product is delivered on time and in good condition. Processes also cover some of the steps involved in getting customers interested in buying your products or services (like advertising).
- For example: When I teach my course on how to create a successful business plan, I have my students go through a series of processes that help them understand who they want their target market to be, what kind of products they want to sell and how much money they’ll need each month for expenses such as rent or utilities. These processes help take the mystery out of the most difficult parts of starting up a small business – namely, finding out exactly what it’s going cost before investing too much time into generating revenue from nothing but an idea!
Promotion is one of the seven Ps of marketing. It refers to any strategy that increases brand awareness and prompts customers to purchase your product or service. Promotion can be accomplished through advertising, public relations, marketing and sales. Promotional products and promotional events are also effective promotion strategies because they help you gain exposure in new markets by giving away a free sample or offering a special deal on something that people normally don’t buy very often (e.g., hot dogs for $1 at a baseball game).
Physical evidence is one of the 7 P’s of Marketing. It is all about providing your customers with physical proof that your product works as promised and will fulfill their needs. For example, if you’re selling a blender, then one way to show physical evidence would be to include an instruction manual with tips on how to make delicious smoothies. Another way would be to provide a video tutorial showing users how easily they can make smoothies with the blender you’re selling them. You could also offer samples of each smoothie recipe so they can see what they are getting into before making the final decision on whether or not it’s worth purchasing from you.
Physical evidence is essential in helping consumers determine if your product will fit their needs (and their budget). After all, who wants to spend money on something that doesn’t work? If there are no instructions for assembling your product or using it properly, then chances are there will be some negative reviews left by unsatisfied customers stating this very thing! Make sure that all information related specifically towards using/assembling items associated with yours should always come included so consumers aren’t left scratching their heads wondering what exactly do I need before using this item? That way no one has any questions left unanswered regarding usage procedures/assembly instructions which could lead them elsewhere searching elsewhere first rather than coming back again later once everything has been figured out properly first time round.”
We hope that this article has helped you understand the 7 P’s of marketing. These principles can help you to decide which strategy is best suited for your business and how to implement it successfully.