7 P's of Marketing Mix
Seven Ps
"7 Ps" redirects here. For the military adage, see 7 Ps (military adage). For other uses, see 7P (disambiguation).
“Booms and Bitner (1981) describe services as having seven "Ps" [the additional three are: people, process, physical], an expansion from the accepted four Ps [Product, Price, Promotion, Place] for products.”[1]
In marketing, the seven Ps refer to the product, price, promotion, place, process, physical evidence and people that make up the marketing mix. They are an extension of the more basic 'four Ps': product, place, price and promotion.
'Physical evidence' refers to elements within the store -- the store front, the uniforms employees wear, signboards, etc. 'People' refers to the employees of the organisation with whom customers come into contact with. 'Process' refers to the processes and systems within the organisation that affects its marketing process
Terms
* Product is your core offering.This is “the thing” that will fulfill the needs of your customer. If your product is faulty, every thing else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. * Price has a lot of impact on the service buyer’s satisfaction level. Often, paying a higher price makes a customer more satisfied. Price is often considered a proxy for quality and vice-versa. What is important to note that services being all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. * Promotion plays a role in the perception the possible target audience may have about your service. There has to be a fit between the promotion and the positioning. Promotion leads to service (brand) recognition and further establishes a proxy to evaluate quality of services based by potential customers. See Promotional mix. *
"7 Ps" redirects here. For the military adage, see 7 Ps (military adage). For other uses, see 7P (disambiguation).
“Booms and Bitner (1981) describe services as having seven "Ps" [the additional three are: people, process, physical], an expansion from the accepted four Ps [Product, Price, Promotion, Place] for products.”[1]
In marketing, the seven Ps refer to the product, price, promotion, place, process, physical evidence and people that make up the marketing mix. They are an extension of the more basic 'four Ps': product, place, price and promotion.
'Physical evidence' refers to elements within the store -- the store front, the uniforms employees wear, signboards, etc. 'People' refers to the employees of the organisation with whom customers come into contact with. 'Process' refers to the processes and systems within the organisation that affects its marketing process
Terms
* Product is your core offering.This is “the thing” that will fulfill the needs of your customer. If your product is faulty, every thing else fails. The attributes of the product, vis-a-vis the attributes offered by competing products and substitutes, are important in estimating the competitive scenario for the marketing strategy formulation. * Price has a lot of impact on the service buyer’s satisfaction level. Often, paying a higher price makes a customer more satisfied. Price is often considered a proxy for quality and vice-versa. What is important to note that services being all the more intangible, the price becomes an important factor for the actual service consumption to happen, after service awareness and service acknowledgement. * Promotion plays a role in the perception the possible target audience may have about your service. There has to be a fit between the promotion and the positioning. Promotion leads to service (brand) recognition and further establishes a proxy to evaluate quality of services based by potential customers. See Promotional mix. *