Marketing

Marketing mix of 7 P’s:

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Author

June 21, 2023

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History:

Marketing mix of 7p's was published by E. Jerome McCarthy in his book "Basic Marketing" in 1960. After 60 years, these 7 P's still play an important role in marketing. Earlier these were only 4 P - Product, Price, Place and Promotion, but with the development of the industry, these 7 P (Marketing mix of 7p's) were developed when needed, which is also called marketing mix.

7 P's of marketing:

1. Product:

The first and foremost P in the marketing mix of 7p's is the product. There should be no shortage in the product you are selling. The product should be the center of your focus. He should be made the best. Because you also know that if the product itself is not good, then you will be able to sell it once but you cannot sell it again and again, and only the customer who comes again and again in the business gives you the real benefit.

Pay attention to these things before making a product:

  • What service or product does the customer want?
  • How will the customer use the service or product?
  • Where will the customer use the service or product?
  • What are the 2 features that a service or product must have in order to satisfy customer needs?
  • You should not make such a (product) or (service) which is not required by the customer.
  • What is going to be the name of the (product) or (service)?
  • Is it a name commonly used by everyone?
  • How will the product or service be available, what size or color will it be?
  • How is that product or service different from your competitor's?

    • 2. Price:

    In the marketing mix of 7p's, the second P means at what price you are going to sell your product. Fixing the price of the product is not an easy task. After taking into account the full cost of the product (from making the product to packing and all other expenses), it is a complicated process to decide how much it will be sold for. How much is your product and how much will it sell for, all this has a great impact on the price and sale of the product.

    To decide the price of the product, you have to see first of all that:

  • How much did it cost to make that product?
  • What is your strategy regarding that product?
  • What price your competitor (if any) has kept for that product?
  • Who is your customer?
  • What is the location to sell the product or which platform (offline or online) you have decided for that product.
  • What and how much will be the further expenses of your product (keeping, storing, further selling and other expenses)

    • 3. Place:

    In the marketing mix of 7p's, the third most important P is Place while selling the product, it is also important to keep in mind where you are selling the product. Place can also mean the physical location of your shop or online/offline. You should choose such a place where you have a customer and there should be such a place where there is no difficulty in reaching the customer.

    For example, there are book stalls and stationery shops near the school as their customers go to the school everyday. Same if you open an Electronic Shop near the school then it will be of no use because your customer is not that. That's why the place matters a lot that at which place you do marketing.

    4. Promotion:

    For the best promotion of your product, you have to see this first of all. Where do you want to promote your product (offline or online) Traditional advertising has to be done (from TV, Magazine, Newspaper or FM radio)

    Digital advertising has to be done (PPC advertising, Social media, or SEO) It has to be done by giving a free product or service.

    In 1981, Boom and Bitner led to the creation of marketing mix, which added 3 more new elements to the 4 Ps theory, which we know as Marketing mix of 7p's. Allowed to include products that are services and not just physical things.

    5. People:

    Who is the staff inside our company (from sales staff to managing director)

    All companies depend on people, such as from sales staff to managing directors and other staff. The company depends a lot. How is his staff? Well prepared staff there or so it is. How the staff talks to the customer. Example – Suppose you go to a restaurant, you have an employee working there. And talks very nice to you. In your eyes, the respect of that restaurant will increase a lot.

    Same you went to such a restaurant which is very famous but neither any employee talks properly nor does he give your pass on calling your lakhs. So you can imagine. How impotant people are for our company. This is what helps you in making your company a brand.

    6. Process:

    How is the process of your product or service, how is it being delivered to the customer, it also plays a big role. The process should be well optimized so that the work force and time are minimized. If there will be Processor States then no one will have any confusion in working, and work can be done with efficiency. Along with this, you will also get a lot of help in product quality control.

    7. Physical Environment:

    What kind of environment are you giving to your customer? At that particular price.

    Physical environment online:

    Here the talk is also applicable online, as if a product is sold from you, the person to whom it is sold will think that this particular thing will be like this and will be packed like this. And if you give it in a useless packing, then what kind of product will it be from inside, he guesses it and thinks what did he get for so much money. The same if the packing of any other company is good. If the product is good then that customer is possible to bring that product which he is getting good packing and good product.

    Physical environment offline:

    Talking about offline, when any customer gives a price, he definitely thinks that he will get that product like this. I will get the same service.

    Conclusion:

    Overall, 7 P’s of marketing are not a standard rule but that are the rules from which you can take ideas and grow your business.