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The 7Ps of Marketing

The 7Ps of Marketing

Every entrepreneur or experienced marketer knows that a marketing strategy is essential to success. A marketing strategy has several components. First, a business must find its unique value proposition (UVQ) as it is one of the components that will help craft and deliver the right content and message for your niche audience and the best marketing mix for your business. 

The marketing mix has become one of those timeless templates every marketer knows and uses for any project. The marketing mix initially consisted of 4Ps, product, price, place and promotion; this initial mix was crafted in the 60s1. During the 80s2, 4Ps were added to the mix, people, process and physical evidence or packaging. The 7Ps can help you create a plan to reach your target audience and achieve your business goals.

Product

This P refers to what a business sells, the product or service and how it meets your customer's needs. In addition, the product or service has to have a UVQ, a component that will differentiate you from your competitors. Therefore, the product will be at the core of any strategy and will strongly influence your marketing mix.

Price

Businesses must set a price for their product or service that truly reflects the value that they want to be perceived by their customer. Diverse pricing strategies or models have different positive and negative aspects, so business owners and marketers must carefully choose after intensive research on their target audience, production, etc. 

Promotion

Businesses must ensure that they promote their products and services effectively and efficiently. This part of the mix is the one that your audience will notice the most, as it is the part where a business will communicate the messages throughout the buyer's journey. Promotion is also about raising awareness and increasing sales and leads. Promotion can be done through several platforms and channels, such as social media, PR, ads, SEO, SEM, etc. 

Place

Businesses need to make sure that they distribute their products and services in the right places. Place is where your product is sold, whether it is a physical place, like a retail store, or online. Some businesses have both and can be online and offline, and place encompasses all the distribution channels and processes the product or service has to go through to reach the customer. 

People

People refer to anyone involved in the business who has contact with the customer, directly or indirectly. So all the talented people that your business hires, from design, managers, marketers, sellers, etc. Businesses need to make sure that they hire the right people to work with them that deliver excellent products and services, great customer services and that are aligned to the brand's personality. 

Process

In the marketing mix, process refers to businesses' ensuring that their overall operations are efficient and effective. Businesses seek to create efficient, smooth and friendly processes that deliver their customers the best products or services and give them a fantastic customer journey. For this, marketers must know their target audience and understand their buyer's journey, and this will help marketers create smoother and personalised processes throughout the whole journey. 

Physical Evidence

Physical evidence involves some aspects of your overall business or brand. While it is a substantial part of the product itself, it also refers to branding, social media, reviews, general aesthetic, etc. Customers may feel reassured when they read reviews about the service or product or if the website has testimonials and case studies. Proof that what the business will deliver is what the customer needs. 

The 7Ps of marketing are essential for any business. 

The 7Ps of marketing is a simple yet powerful framework that can be used to create an effective marketing strategy. By focusing on each of the 7Ps, you can ensure that your marketing mix is well-rounded and that your promotions are effective. To create the best marketing mix, you must consider all seven elements and how they interact.

Sources

1,2 “Understanding The 7Ps of The Marketing Mix.” Oxford College of Marketing Blog, 8 October 2020, Accessed 20 September 2022.

3 “Marketing Mix and The 7 Ps of Marketing.” Mailchimp, Accessed 20 September 2022.

4 Langford, Stevie. “The 7Ps of The Marketing Mix: Streamline your Strategy.” Hurree's Marketing Blog, 25 August 2021. Accessed 20 September 2022.