The 7 P's of Marketing

• The 7 Ps of the marketing mix are a set of controllable, tactical marketing tools that a company uses to produce the response it wants in the target market.
• They consist of product, price, place, promotion, people, process and physical evidence.
• The marketing mix helps businesses analyze their strengths and weaknesses, and develop effective marketing strategies.

Product

• Product refers to what a business offers to its customers.
• It can be a tangible good, an intangible service, or a combination of both.
• Decisions about the product include its features, quality, design, branding, packaging, and any associated services or warranties.
• A business must understand the needs and wants of its target market to develop a product that satisfies them.

Price

• Price is the amount of money that customers pay for a product or service.
• It must be competitive yet profitable for the business.
• Pricing strategies can include cost-plus pricing, value-based pricing, competitive pricing, and price skimming.
• Discounts, allowances, and payment terms also fall under this element of the marketing mix.
• Price should reflect the perceived value of the product to the customer.

Place

• Place refers to the distribution channels and locations where the product is made available to customers.
• It involves decisions about where to sell the product, how to distribute it, and how to ensure it is available when and where customers want it.
• Place can include physical stores, online retailers, wholesalers, and direct sales.
• Effective distribution strategies are essential for reaching the target market.

Promotion

• Promotion encompasses all the activities that a business undertakes to communicate and promote its products to the target market.
• It includes advertising, public relations, sales promotions, direct marketing, and personal selling.
• The promotional mix should be tailored to the target market and the product itself.
• The goal of promotion is to create awareness, generate interest, and persuade customers to make a purchase.

People

• People refers to the individuals who are involved in delivering the product or service to the customer.
• This includes employees, customer service representatives, salespeople, and anyone else who interacts with customers.
• The quality of these interactions can significantly impact customer satisfaction and loyalty.
• Businesses must train and empower their employees to provide excellent customer service.

Process

• Process refers to the procedures, mechanisms, and flow of activities by which a product or service is delivered.
• It includes everything from the initial customer inquiry to the final delivery and after-sales service.
• A well-defined and efficient process can improve customer satisfaction and operational efficiency.
• Businesses should continuously review and improve their processes to ensure they meet customer expectations.

Physical Evidence

• Physical evidence refers to the tangible elements that customers can see and experience, which can influence their perception of the product or service.
• It includes the physical environment, such as the store layout, decor, and ambiance, as well as packaging, signage, and online presence.
• Physical evidence can reinforce the brand's image and build trust with customers.
• Businesses should pay attention to the details of their physical evidence to create a positive customer experience.