What are the 7 P's of marketing? Brief explanation of the marketing mix.
Posted: Sat Jan 04, 2025 5:00 am
Do you know what the 7 P's of marketing are? Have you heard about the marketing mix? What are your chosen marketing tactics? Do you know how the concept of the 7 P's of marketing can help your product in the contemporary and competitive market? Read the article and find out what the 7 P's of marketing are and how to apply them in your marketing mix.
What are the 7 P's of marketing?
The concept of the 7 P's of marketing is well known in the field. In short, the 7 P's are a set of marketing tactics that should be considered when dealing with the customer. Every marketing campaign needs to have clear objectives and this is possible only if all the elements of the marketing spectrum are known to us.
The marketing mix is an umbrella term for the usa phone number list set of tactics or activities that aim to deliver customer satisfaction. All 7 P's of marketing are elements of the marketing mix. No matter which elements seem most important to your business at the moment, using the 7 P's framework helps you identify the core of your marketing activities.
There are 7 P's of marketing and they are:
Product
Price
Promotion
Place
People
Process
Physical evidence
Product
Product in the 7 P’s concept is represented by the mere physical product or service. While designing the product, its appearance, usability and quality must be carefully considered. Every product (be it a product, service or a combination of both) must satisfy the basic needs of the customers.
Price
Price is the only element of the marketing mix that generates revenue. The other elements represent costs on the producer and seller side. This means that price is probably one of the most important elements, because if it is poorly defined, there is no profit and the sales project fails. Before setting the price, it is advisable to do extensive market research and check what your competitors are offering. Price positions the product in the market and creates brand value, so all actions related to setting the price should be carried out carefully.
Promotion
To sell your product, you need to inform your customers about its existence and availability. Any tactic your business uses to inform its customers about your new product launch is a promotion. So, what promotional tactics are available to you? You can advertise through traditional media: television, radio, newspapers, billboards, posters, and through digital media: Google, Facebook, Twitter, and other channels. Another way to promote is to use public relations techniques. All promotional tactics have their life cycle and are not effective all the time – they need to be constantly adjusted to the changing environment.
Place
Place is another important element in the 7 P's of marketing. Place in the marketing mix encompasses all locations where the product is created, distributed and sold, therefore it includes both physical facilities (administrative buildings, factories, brick-and-mortar stores, mobile shops), and non-physical places such as websites, portals and social networks. All locations where your product is seen and can be purchased are considered a place in terms of the concept of the 7 P's of marketing.
7 P's do marketing
People
While price is the most important factor due to the risk of financial failure, people seem to be the most significant factor when the experience is considered. Any individual involved in the production, handling, delivery or sales of your product falls into this category in the 7 P's of marketing. All of this means that when thinking about people, you should not forget about your employees, contractors, subcontractors, as well as past and present customers. Furthermore, every person who matters and can form an opinion about your product publicly.
Process
The process element in the 7 P's of marketing system refers to all the processes that your product must go through from the moment of production to the moment of purchase by the customer. It is impossible to create a complete list of such processes, as depending on the type of business, they may vary. However, there are some that are universal to all sales operations and they are: logistics, delivery, shipping, administration. Generally, all functions, tasks and activities must be checked frequently in order to function efficiently and smoothly.
What are the 7 P's of marketing?
The concept of the 7 P's of marketing is well known in the field. In short, the 7 P's are a set of marketing tactics that should be considered when dealing with the customer. Every marketing campaign needs to have clear objectives and this is possible only if all the elements of the marketing spectrum are known to us.
The marketing mix is an umbrella term for the usa phone number list set of tactics or activities that aim to deliver customer satisfaction. All 7 P's of marketing are elements of the marketing mix. No matter which elements seem most important to your business at the moment, using the 7 P's framework helps you identify the core of your marketing activities.
There are 7 P's of marketing and they are:
Product
Price
Promotion
Place
People
Process
Physical evidence
Product
Product in the 7 P’s concept is represented by the mere physical product or service. While designing the product, its appearance, usability and quality must be carefully considered. Every product (be it a product, service or a combination of both) must satisfy the basic needs of the customers.
Price
Price is the only element of the marketing mix that generates revenue. The other elements represent costs on the producer and seller side. This means that price is probably one of the most important elements, because if it is poorly defined, there is no profit and the sales project fails. Before setting the price, it is advisable to do extensive market research and check what your competitors are offering. Price positions the product in the market and creates brand value, so all actions related to setting the price should be carried out carefully.
Promotion
To sell your product, you need to inform your customers about its existence and availability. Any tactic your business uses to inform its customers about your new product launch is a promotion. So, what promotional tactics are available to you? You can advertise through traditional media: television, radio, newspapers, billboards, posters, and through digital media: Google, Facebook, Twitter, and other channels. Another way to promote is to use public relations techniques. All promotional tactics have their life cycle and are not effective all the time – they need to be constantly adjusted to the changing environment.
Place
Place is another important element in the 7 P's of marketing. Place in the marketing mix encompasses all locations where the product is created, distributed and sold, therefore it includes both physical facilities (administrative buildings, factories, brick-and-mortar stores, mobile shops), and non-physical places such as websites, portals and social networks. All locations where your product is seen and can be purchased are considered a place in terms of the concept of the 7 P's of marketing.
7 P's do marketing
People
While price is the most important factor due to the risk of financial failure, people seem to be the most significant factor when the experience is considered. Any individual involved in the production, handling, delivery or sales of your product falls into this category in the 7 P's of marketing. All of this means that when thinking about people, you should not forget about your employees, contractors, subcontractors, as well as past and present customers. Furthermore, every person who matters and can form an opinion about your product publicly.
Process
The process element in the 7 P's of marketing system refers to all the processes that your product must go through from the moment of production to the moment of purchase by the customer. It is impossible to create a complete list of such processes, as depending on the type of business, they may vary. However, there are some that are universal to all sales operations and they are: logistics, delivery, shipping, administration. Generally, all functions, tasks and activities must be checked frequently in order to function efficiently and smoothly.