In the world of marketing, the concept of Marketing Mix is crucial. It is a set of tools and tactics that businesses use to promote their products or services to the target market. The traditional Marketing Mix consisted of four Ps: Product, Price, Place, and Promotion. However, with the changing times, businesses realized that to provide a better experience to customers, they need to consider more elements than the traditional four Ps. Thus, the Marketing Mix 7P was introduced. In this article, we will take an in-depth look at the Marketing Mix 7P and understand how businesses can benefit from it.
The 7Ps of Marketing Mix
The Marketing Mix 7P is an extension of the traditional Marketing Mix, and it includes the seven Ps: Product, Price, Place, Promotion, People, Process, and Physical Evidence. Let’s take a look at each of these elements in detail.
The product P refers to the goods or services that a business offers to its customers. The product includes the design, features, quality, packaging, and branding of the product. The key to creating a successful product is to understand the needs and wants of your target market and to differentiate your product from your competitors.
- Conduct market research to understand the needs and wants of your target market.
- Conduct a competitive analysis to understand your competitors’ products and identify areas where you can differentiate.
- Use customer feedback to improve your product.
- Continuously innovate and improve your product to stay ahead of the competition.
The price P refers to the cost of the product or service. The pricing strategy of a business must be aligned with its overall marketing objectives and target market. The price of a product must reflect its perceived value and the cost of producing it.
- Conduct a pricing analysis to understand the pricing strategies of your competitors.
- Determine the perceived value of your product and price it accordingly.
- Consider the cost of producing and delivering the product when setting the price.
- Use promotions and discounts strategically to encourage customers to buy your product.
The place P refers to the distribution channels that a business uses to reach its target market. The distribution strategy must be tailored to the target market, and the product must be available at the right time and in the right place.
- Identify the most effective distribution channels for your target market.
- Ensure that your product is available in the right locations and at the right times.
- Use technology to improve the efficiency of your distribution channels.
- Continuously evaluate and optimize your distribution strategy to ensure that it is meeting the needs of your target market.
The promotion P refers to the communication strategies that a business uses to promote its product or service to its target market. The promotion mix includes advertising, personal selling, sales promotion, direct marketing, and public relations.
- Develop a clear and compelling brand message that resonates with your target market.
- Use a mix of advertising, personal selling, and other promotional techniques to reach your target market.
- Use social media and other digital channels to reach your target market.
- Continuously monitor the effectiveness of your promotional activities and adjust them as needed.
The people P refers to the employees who interact with customers and provide support to them. The staff must be well-trained and motivated to provide excellent customer service.
- Hire employees who have the skills and qualities needed to provide excellent customer service.
- Train employees on how to interact with customers and provide support to them.
- Encourage employees to take ownership of their work and to be proactive in solving customer problems.
- Recognize and reward employees who provide excellent customer service.
The process P refers to the processes and procedures that a business uses to deliver its product or service to its customers. The processes must be efficient and effective, and they must be designed to meet the needs and wants of the target market.
- Identify the key processes that are involved in delivering your product or service to customers.
- Streamline and optimize these processes to improve efficiency and effectiveness.
- Ensure that the processes are designed to meet the needs and wants of your target market.
- Continuously evaluate and improve your processes to ensure that they are meeting the needs of your customers.
The physical evidence P refers to the tangible elements that customers can see and touch when they interact with a business. This includes the physical environment, packaging, and branding. The physical evidence must be aligned with the overall brand image of the business.
- Ensure that your physical environment is clean, comfortable, and visually appealing.
- Use packaging that is both functional and aesthetically pleasing.
- Use branding that is consistent across all physical touchpoints.
- Pay attention to the details, such as signage, lighting, and decor, to create a positive customer experience.
Importance of 7Ps Marketing Mix
The Marketing Mix 7P is important for businesses as it helps them to provide a better experience to their customers. By considering all the elements of the Marketing Mix, a business can ensure that its products or services meet the customers’ needs, preferences, and expectations.
It also helps businesses to differentiate themselves from their competitors and create a unique brand image. Furthermore, by adapting the Marketing Mix to different industries and target markets, businesses can increase their reach and effectiveness.
Marketing Mix 7P vs 4P
The Marketing Mix 4Ps model and the Marketing Mix 7Ps model are both frameworks used by marketers to develop effective marketing strategies. The Marketing Mix model was originally proposed by E. Jerome McCarthy in 1960, including Product, Price, Promotion, and Place.
The model was later expanded by Booms and Bitner in 1981 to include three additional Ps: People, Process, and Physical evidence. Today, the 7Ps Marketing Mix model is widely used in marketing theory and practice.
Examples of 7Ps Marketing Mix in Action
Let’s take a look at some examples of companies that have successfully implemented the 7Ps Marketing Mix:
Apple is a company that is known for its innovative products and excellent customer experience. Their products have a unique design, packaging, and features that set them apart from their competitors. Apple also offers excellent customer service and has a well-trained staff that provides support to customers. Its physical stores have a unique layout and atmosphere that creates a premium brand image. Apple’s Marketing Mix is an excellent example of how a company can create a unique brand image by considering all the elements of the Marketing Mix.
Starbucks is another example of a company that has successfully implemented the 7Ps Marketing Mix. Starbucks has a unique product range, which includes coffee, tea, food, and merchandise. Its pricing strategy is based on the premium experience that it offers to its customers.
Starbucks has a strong distribution network, and its stores are located in prime locations to reach its target market effectively. Starbucks’ promotional activities focus on creating a unique experience for its customers, such as personalized drinks and promotions. The staff at Starbucks are well-trained to provide excellent customer service, and the physical stores have a unique atmosphere that creates a premium brand image.
How to apply Marketing Mix 7P?
As a marketer or business owner, you can use the 7Ps Marketing Mix model to design and implement an effective marketing strategy that meets the needs and wants of your target market, drives sales and revenue, and establishes a competitive advantage in the marketplace. Here are some steps you can follow to use this model effectively:
- Understand your target market: Conduct market research to understand the needs, wants, and preferences of your target market.
- Define your marketing objectives: Identify your marketing objectives, such as increasing sales, launching a new product, expanding into new markets, or improving customer retention.
- Develop a product or service: Use the insights from your market research to design a product or service that meets the needs of your target market.
- Determine your pricing strategy: Decide on a pricing strategy that reflects the perceived value of your product or service and aligns with your marketing objectives.
- Choose your distribution channels: Identify the most effective distribution channels to reach your target market. Ensure that your product or service is available in the right locations and at the right times.
- Develop a promotional strategy: Develop a promotional strategy that effectively reaches your target market. This may include a mix of advertising, personal selling, sales promotion, direct marketing, and public relations.
- Train and motivate your staff: Ensure that your staff are well-trained and motivated to provide excellent customer service.
- Streamline your processes: Streamline your processes to improve efficiency and effectiveness.
- Create a positive physical environment: Pay attention to the physical environment, packaging, and branding to create a positive customer experience.
In conclusion, the Marketing Mix 7P is a powerful tool that businesses can use to provide a better experience to their customers. By considering all the elements of the Marketing Mix, businesses can create a unique brand image and differentiate themselves from their competitors. Furthermore, by adapting the Marketing Mix to different industries and target markets, businesses can increase their reach and effectiveness. We hope this guide has helped you understand the importance of the Marketing Mix 7P and how businesses can benefit from it. If you have any questions or comments, please feel free to leave them below.