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Ultimate Guide Explaining the 7 P’s of Marketing

Ultimate Guide Explaining the 7 P’s of Marketing

When it comes to the ideal framework for planning any marketing campaign in today’s time, 7 P’s of marketing play a key role in sketching out the difference between an Instinct-led Marketing Campaign and a Process Led Marketing Campaign.

And as per the industry reports-

A Process-led Marketing based upon 7 P’s of Marketing makes certain 90% surer success.

Frankly speaking, we all know that marketing is one of the main avenues and highly experimented departments in the organization.

It entails a variety of strategies to promote, advertise, and market the products and services of the company in a way that attracts the viewers and changes them into viable customers.

Marketing is an evolving principle, just like everything else in the world.

As the world advances, the methods to improve marketing in the organization also improve. Different tactics and paths are taken up by the marketers and marketing officials.

They take into consideration the external factors and internal factors of the company to develop a strategy. There may be a multi-fold strategy to attack different aspects. The end goal is the same, that is, to increase the awareness of the brand and improve productivity.

It is a continually maturing discipline. Companies have to update to this constantly; otherwise, they will be left behind in a competitive environment.

The most fundamental change that has occurred in the marketing world was the refurbishment of the basic Marketing Mix principles. Originally there were only 4 P’s combining the marketing mix, but now it is more accepted to have 7 P’s of the marketing mix.

History of 7 P’s of Marketing

Benefits of 7 Ps of marketing

Image Source: Startup Plan

(a) 1960

E. Jerome McCarthy introduced the concept of the 4 P’s of Marketing. It was and still is a widely used tool for businesses to understand the products or their brand offerings. The original 4 P’s were – Product, Place, Price, Promotion.

(b) 1981

Due to a full acknowledgment, it was accepted that the marketing mix should be updated from only 4 P’s of Marketing to 7 P’s of Marketing.  The extended 7 p’s of service marketing included People, Processes, and Physical Evidence.

These 3 are a beacon to show that marketers are involving changes in communication such as social networking sites, new avenues for selling the products and services, and the expectations of customers in a constantly evolving commercial environment.

7 P’s of Marketing Every Marketer Should Pay Heed Upon

The 7 p’s of marketing mix can be used in any combination to satisfy the wants of the customers. They are affected by internal and external environmental factors. Now, we will be covering the key details of 7 P’s of Marketing one by one, so without any further ado, let us get started-

1. Product in 7 P’s of Marketing 

The product refers to what the company is selling and includes the features, gains, and benefits given to the customers.

When they purchase goods and services, they will enjoy the perks. Product marketing focuses on the key features and benefits, which include quality, accessories, style, repairs, and updates. It is a core part of what the business offers to the customers.

If the product is not up to the mark, the marketing will not work. The attributes provided along with the product helps to establish the competitive scenario for Digital Marketing strategy formulation.

2. Price in 7 P’s of Marketing

It is the amount people pay and the avenue for revenue inflow into the organization.

The pricing strategy identifies the price customers are ready to pay, the mark-up for overheads, profit margins, and other costs. It also determines the payment method.

To maintain a competitive advantage, the customers can be attracted with the help of discounts and seasonal pricing.

The price has a direct relationship with the customer’s satisfaction level. Often, paying a higher price satisfies the customer more. Many people consider it to be a proxy for quality.

To monetize products is more comfortable than to monetize services because they are intangible. Price is essential for service consumption after service recognition.

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3. Place in 7 P’s of Marketing Mix

It is where the goods, products, services, assistance, etc. are showcased, sold, and distributed.

Unless the consumers have access to what the business deals in, they cannot purchase or rent it. It is a crucial point to ensure that the customers find the goods and services. Marketing strategies for this include unique designs for retail spaces and different visual merchandising techniques.

Finding the right location for the business is an essential aspect of spreading the market. The utility is a high priority while choosing a place for the company.

If it is closer to the customer, there is a higher chance of being bought.

4. Promotion in 7 P’s of Marketing

Promotion in 7 P's of Marketing

Promotion in 7 P’s of Marketing Source: IndiaMART

Promotion is the process of finding a target audience, recognition of the brand, establishing the quality of services being offered to the customers.

There has to be perfect or close to perfect between promotion and positioning. Different promotional events are used by organizations to increase awareness of the goods and services offered.

The tools often used are digital advertising, endorsements, and exhibitions, special events, sales tactics, direct marketing, etc.

The promotional activities make the customers aware of the goods and services the company deals with.

5. People in 7 P’s of Marketing

People refer to those who help is making all the marketing strategies come to life.

They carry out all the procedures and ensure that the plan is actually implemented and executed well.

When customer service offered by a company is positive, it leaves the customers feeling satisfied and happy, and there is a higher chance that they will come back. It is a marketing technique, and different companies have different approaches for interacting with customers.

The customers spread the word about their positive experience and lead to brand awareness. The customers also win referrals.

The people make the organization what it is. They are the foundation and hiring the right people, appropriate selection and recruitment, correct training, imbibing the necessary marketing skills, and retaining of the staff create a growing environment. It improves the chances of business development.

The people are the crux of service delivery.

6. Processes in 7 P’s of Marketing Mix

The processes are what help to deliver the service with a certain quality.

It refers to the mechanism which is put into place to deliver the goods and services to the customers. A standard process determined by the company ensures that the customer will receive the same standard of quality services repeatedly.

It increases the efficiency of the organization and helps in saving time and money.

A set way of working encourages the customers of the assured benchmark set the first time.

The process mapping ensures that the target audience can be dependable on the services being discerned.

7. Physical Evidence in 7 P’s of Marketing Mix

Physical evidence, as the word suggests, is what the customers see. The actions and words put across by the company should match what they can see when they interact with the business.

It entails a few parameters such as the physical environment where the goods and services are provided, the layout of the business, interior design, the branding, packaging, the office, staff, and how they dress and act.

People believe what they see, and it should be convincing enough for them to invest their time and money in it.

It affects customer satisfaction.

Now, let us go through another facet of 7 P’s of Marketing which is 7 P’s of Service Marketing and we will understand this with their respective examples, so you can comprehend the associated concept adeptly.

7 P’s of Service Marketing with Examples

7 P’s of Service Marketing

7 P’s of Service Marketing Source: Wikipedia

Here are the 7 p’s of service marketing with examples

1. Product 

You can use research and development to understand the growth of the products in your business.

The design, technology, quality, accessories, branding, and packaging play an essential role in the product and that is why they are one of the most significant factors of 7 P’s of Service Marketing.

Good packaging automatically puts across the right image in the customer’s mind.

It improves brand utility and awareness.

2. Price

When it comes to 7 P’s of Service Marketing with examples, Price comprises different pricing strategy examples such as cost differentiation, value-based costing, skimming, cost plus, cost leadership, or penetration.

They have to decide the correct strategy for the goods or services being sold and distributed.

3. Place

The place can be differentiated into retail, wholesale, direct sales, internet ordering, peer-to-peer, or multi-channel.

For example, a customer would not want to travel 10 miles to have regular food, regardless of the supreme quality and competitive price.

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4. Promotion

The promotion of services and goods of a business can be done in the following ways.

They encompass campaigns, exhibitions, user trials, endorsements, advertising, special offers, joint ventures, etc.

For the role of Promotion in 7 P’s of service marketing with examples, there can be in endorsements in the store with the help of branded boxes from Custom Boxes or endorsements outside the store.

5. People

It encompasses the employees, management, customer service, and organizational environment.

For example, in a restaurant, the food will not be as delicious and tasty if the person serving you is in a sour mood.

Instead, if the service is pleasant and the customer and seller interaction is positive, it automatically makes the experience much healthier.

6. Processes

It entails service delivery and service consumption. It should also have a set of uniformity in their offering, which makes the customer believe in a routine or standard.

For example, customers getting the right quality level from years will notice a change if the quality goes down or disappears.

7. Physical Evidence

This evidence comprises the infrastructure, the office, facilities, and service delivery.

For example, customers would usually not like eating from a place that has greasy tables, unkempt cooks and waitresses, and stained aprons.

It may not always be the most accurate method of determining, but it is the first impression. It is said that the first impression is the last, and hence, it is an important parameter.

7 P’s of Marketing – Process

7 P’s of Marketing – Process Source: BBA & MBA Notes

In Conclusion

It has been 59 years since the 7 P’s of marketing mix became an important tool used by organizations to come up with different marketing strategies for various products and services.

It is widely used and helps in the formulation, understanding, implementation, and execution of strategies with the help of determining internal and external environmental factors. A good marketer adapts this tool into the business and fits it to the varied business models for different companies.

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It is said that there is an 8th P to be included in the Marketing Mix called “Productivity and Quality,” but for now, the company and customers have to be tied together with the help of the 7 p’s of marketing mix.

Enrolling in a Digital Marketing Certification Course can be highly useful in learning and mastering the concept of 7 P’s of marketing with examples for making online marketing campaigns more productive and result-driven.

How important do you consider the 7 P’s of marketing for your marketing campaigns? Share your views with us in the comments.

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