Staying ahead of the digital-marketing-game can be tough, especially in a world of constantly evolving trends and practices. To stay relevant and flourish, it’s important for businesses to find structure in the planning, execution and re-evaluation of their strategies and business activities.
The 7Ps of Marketing is the extended concept of the 4Ps of marketing. The 4Ps of Marketing Mix is a familiar marketing strategy tool. It was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top three classic marketing models.
E. Jerome McCarthy introduced this model in 1960 which he published in his book Basic Marketing. A Managerial Approach.
The 4Ps vs The 7Ps of marketing
Back then businesses were more likely to sell products, rather than offering services. The role of customer service in helping brand development was not famous and people were not aware of it it. The 4Ps of marketing were designer in the product-selling stage of businesses.
Over the years, Booms and Pitner added three more service mix P’s : Participants, Physical Evidence and Processes. Later Participants was renamed as People.
The 7Ps are adopted by many companies to review and define key issues that affect the marketing of its products and services. It is now referred to as the 7Ps framework for the digital marketing mix.
The Extended 7Ps:
Product: The product should be in a way that it fits the consumers wants and it should work for which consumers are expecting to get.
Place : The product must be available from where the target customers finds it easiest to shop. It may be offline store, e-commerce or an online shop.
Price : The product should be seen as representing good value for money. It is not necessary that it should be the cheapest available; one of the main attribute of marketing concept is that customers are usually happy to pay a little more for something that really works well for them.
Promotion : Advertising, sales promotion, public relations, personal selling, social media are the all the key communication tools for an organisation. These tools are used to carry the organisation’s message to the target audience in a manner that they would most like to hear.
People : Companies are reliant on the people who run them from front line, sales staff to the managing director. Having the right people is essential as they are as much a part of your business offering as the products/service you offer.
Physical Evidence/Environment: Most of the services include some physical evidence. For instance, a hair salon would provide their customer with a complete hairdo-service. Even if the material is not physically made or printed they are still receiving a “physical product “ by this definition.
Processes : The delivery of the service is done with the presence of customer so how the service is delivered is once again a part of what the customer is paying for.
Use- 7Ps of Marketing
Companies can use the 7Ps model to set objectives, conduct SWOT analysis and undertake competitive analysis.
Ask yourself the following questions and evaluate your existing business and work through appropriate approaches.
- Product/Services : How can you develop your products or services?
- Price/Fees: How can you change the pricing model ?
- Place/Access: What are the new distribution options available for customers to experience the product. ( Online, in-store)
- Promotion: How can you add the combination within paid, owned and earned media channels ?
- Physical Evidence: How can you reassure your customers. E.g : Good website, Well-trained staff, creative office or store interior.
- People: Who are your people and are there skill gaps ?
- Partners: Are you managing your partners well? Are you seeking new partners?
Is there an 8th P?
Yes, in some spheres of marketing mix there is an 8th P: Productivity and Quality– This P ensures if you’re offering to the customers is good enough. This P enhances productivity and how the company passes this onto to its customers.
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1 comment
Thank you