7Ps Marketing Mix is a structured framework for planning and implementing marketing strategies. The model allows businesses to consider all key elements that contribute to the success of their marketing efforts. The approach was typically structured around the four pillars of marketing: Product, Price, Place, and Promotion. Later, it was expanded to 7Ps of marketing with the inclusion of People, Process, and Physical Evidence.
Main Benefits of 7Ps Marketing Mix
By using 7Ps Marketing Mix, businesses can develop unique and effective marketing strategies that differentiate them from their competitors and increase customer satisfaction.
7Ps Marketing Mix helps:
- to ensure that all aspects of marketing strategy are consistent,
- to provide a comprehensive and structured framework for implementing effective marketing campaigns,
- to optimize each element to increase profitability and achieve business objectives,
- to understand customers’ needs and preferences better and to improve customer satisfaction and loyalty,
- to identify areas for improvement.
Explanation of 7Ps Marketing Mix:
7Ps Marketing Mix is an expanded version of the original marketing mix (4Ps). 7Ps consists of Product, Price, Place, Promotion, People, Process, Physical Evidence.
Product: Product refers to the goods or services that a company produces or offers to its customers. It focuses on features and benefits and also includes quality, design, brand, packaging and related items.
Price: This refers to pricing strategy for products or services. It includes marketing, advertising, sales techniques, production costs, and also competitors’ pricing strategies. The amount of money that customers are required to pay generates the profit and positioning in the market against competitors.
Place: Place refers to the distribution channels through which products or services are made available to customers, such as warehouses, stores, online platforms, or distributors. Location is an important part of marketing strategy and can be changed according to the target persona.
Promotion: Promotion refers to the activities of the company to promote its products or services, such as advertising, sales promotions, online events, and public relations. It is important to understand target customers’ media consumption habits to develop effective promotion strategy.
People: People refers to anyone who’s involved in the process of delivering products or services. It includes employees, salespeople, customer service team, representatives, technicians who have an important effect on customer satisfaction.
Process: This refers to whole buying process including the sales funnel, order, distribution, and post-purchase customer support. A well-organized procedure helps to meet customers’ expectations.
Physical evidence: This refers to the evidence that the service or product takes place and they really exist. Physical evidence can include invoices, recipes, transactions, websites, social media channels. It shows that the brand exists and purchase occured.
How to Apply 7Ps Marketing Mix:
To apply 7Ps Marketing Mix to your business, FITMINDS is providing an adoption of the model that fits your company and your company’s needs. By using 7Ps Marketing Mix, businesses can provide a comprehensive and structured framework for implementing effective marketing strategies.
Contact us to get more information or discover your probable personalized roadmap for 7Ps Marketing Mix.
Additional Tips and Readings
- You can learn more about marketing mix with the KOTLER’s 4Ps of Marketing.
- To learn more about pricing strategy, you can read our Van Westendorp’s Price Sensitivity Meter
- To read more about business levels, you can check Business Model Canvas.
Contact us to create effective marketing strategies via 7Ps Marketing Mix.
