The marketing mix is a very common and famous term in the marketing sector. Marketing mix is all about putting the right combination of product in the right place, at the right time and at the right price to attract the target customers. The marketing mix is called 4 Ps & 7 Ps. The 4 Ps have been associated with the marketing mix concept since their creation by E. Jerome McCarthy in 1960. But later on in 1981 Booms & Bitner added 3 new Ps to the 4 Ps Principle. These 3Ps were directly related to the service provider industry. From then it is called 7 Ps of marketing mix. The product marketing mix consists of the 4 P’s which are Product, Pricing, Promotions, and Placement. Later other 3 Ps are being added which are People, Process, and Physical evidence.
7 Ps of Marketing Mix with Example
Product
Product can be tangible & intangible. In both cases, if the product quality is good then it can promote itself in the market. On the other hand, if the product is poor then it cannot stay or give service any longer in the extremely competitive market. Market research is a must before producing or serving products. Producers have to make sure whether there is sufficient target market. Successful companies always look for the demands & want of the customers and then they develop their products. At present’s world, the first ‘P’ includes services too, but when the Marketing Mix was first devised, it was targeted at products only.
For example, if a company wants to produce Rolls Royce cars in a specific country, they first have to think whether Rolls Royce could meet up the demands of the customers or they would go down in that market.
Price
Pricing has a lot to do with how a product will be perceived and branding. Pricing not only determines amount of the profit of the business but also affects the value of the products. There are many customers who will use product’s pricing to judge the quality. Again there are customers will compare price before deciding to purchase.
For example, if any company wants to sell cars at a high price then that company will go for expensive and high quality. Customers will be happy to pay more but in exchange for higher prices they want and expect a better quality product & service.
Place
e are familiar with a term, “being in the right place at the right time”. It means place is very important in terms of marketing. A company should be where it’s customers want it to be. for both biological & service products, place is very vital in marketing mix. Business should review the locations where the customers meet their demand conveniently. Sometimes a change in places can lead to a rapid increase in sales. Entrepreneurs have to make the right choice about the best location for the convenience of the customers to get their essential service or product.
For example, the best place to open a petrol pump is on the highway or in the city. A place where there is less traffic is a wrong location to start a petrol pump.
Promotion
Promotion is another vital P to pay attention to. It is an art. Promotion consists of a wide range of activity like advertising, PR, special offers, and discounts. Good promotion is to communicate the benefits of the products and services. In some cases, websites are the signs of promotion too. The first-time experience of customers normally values a company by visiting its website. Websites need to be more friendly and also clearly laid out.
For example, sales, advertising, sales promotion, public relations, direct marketing, online communications and personal selling.
People
People is the most important element in a service marketing mix. Every company is dependent on the people who run them from front-line sales staff to the Managing Director. Know-how Employees, Staff members, Operations along with other Customers add benefits and values in the service or product.
For example, for an IT company, the software engineers define as people; for a restaurant, the chefs and service staffs define as people.
Process
Process is like system & tactics through which a service or product is delivered to the final customer. Again how the service is delivered is a part of what the consumer is paying for. It is more about the customer interface between the business and consumer and how they deal with each other in different stages, i.e. throughout the process. One of the keys to a good buying process is speed. This speed concept comes in terms of delivering of products ordered on the internet. Business process should be designed with the customer in mind, and not at your convenience.
For example, more sales staff are now involved in conversion.
Physical Evidence
Physical evidence is the material part of business or service. It is also about the customer experience. Customers are not familiar when they first engage with a company. In this case, company needs to provide the customers with physical evidence which will inspire their confidence.
There are many examples of physical evidence, including buildings, equipment, signs and logos, business reports, brochures, website, and even business cards etc.
From the discussion on the marketing mix examples above, it is clear that in order to become successful in business, one must follow these 7 Ps of marketing mix properly. Many business plans could not able to become successful because of not executing these 7Ps in a proper way. Business or service companies need to get each of these elements correct. It is evident that by following these 7Ps products or services will reach their highest level of success, companies will get maximum profits, they will get customer satisfaction, products will be sustained for long period and companies can improve their corporate images.
Here are the Marketing Mix Analysis of Several Companies Conducted by The Strategy Watch.
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Reference(s)
1) http://www.marketingteacher.com/marketing-mix/
2) https://in-business.org.uk/marketing-mix-7ps-example-marketing-mix-7ps-pdf/
3) https://www.professionalacademy.com/blogs-and-advice/marketing-theories—the-marketing-mix—from-4-p-s-to-7-p-s
4) https://www.cleverism.com/7ps-additional-aspects-marketing-mix/
5) https://www.marketing91.com/service-marketing-mix/
6) https://www.slideshare.net/HarshitChadha/marketing-mix-7-ps-34642513
7) https://www.entrepreneur.com/article/70824
8) http://mrdashboard.com/index.php/7ps-of-marketing-mix-with-examples/
Sadnan is one of the top contributors of The Strategy Watch, he has been actively contributing since 2017 as a Content Analyst; He has finished his graduation from North South University with a dual major in Accounting & Finance. As a contributor, he has written for different topics including Leadership Styles and Qualities, Finance, and Economics. He also has a strong interest in SWOT & PESTLE Analysis and Marketing Strategy.