The original model of the marketing mix was coined by E Jerome McCarthy. According to him, the marketing depended on four variables namely Product, Price, Place and Promotion which became popular as 4Ps. However, the 4Ps gained popularity and significance when the marketing guru and legend Philip Kotler advocated it strongly.
However, as the nature of marketing evolved and became more complex, the 4Ps model did not seem to do justice to the marketers’ efforts. That’s when Bernard Booms and Mary Bitner build a model that added three more Ps – People, Process and Physical Evidence to the existing 4Ps. And, that’s how 7Ps was born.
While the marketing school of thoughts is divided over which is more relevant in today’s context and whether at all they are different from each other, the bottom line is these Ps are the guiding framework for marketers.
Since 7Ps includes 4Ps, we will now talk at length about it.
At all times, your product or service should be what your customers expect to get. It should work perfectly as per the customer’s demand. The product must be suitable for the new-age customers if they are your target buyers. Ask yourself whether the product is fulfilling today’s market criteria and whether it is exactly what the customers have in their mind. Creating and delivering outdated products may be a major setback, even for established industries. If you want to learn more about the technicalities, go for a digital marketing online certification course where you will also learn how to stay superior to your competitor’s product.
Stay realistic when deciding the original price and also while re-pricing your product or service. Decide wisely whether your product is too low or too high in price. Sometimes, discounted combos might work. Freebies, which might cost you lesser, might give your product an attractive price. Ultimately, the deal should be profitable for you and attractive for your customer.
Take advantage of all those promotional tools best suited for your kind of business. There are two types of marketing promotion – traditional and digital. The former mainly includes print advertising and public relations while the latter is all about online marketing. Both have their pros and cons. Most marketers believe that it takes a marriage of both traditional and digital marketing to achieve goals. However, digital marketing is the need of the hour as well as cheaper and more effective than traditional marketing. You can learn more about it in the best online course for digital marketing.
The place where your product or service is selling from is of quite a lot of importance. The place is where you can expect the most footfalls and sales. For example, malls. If you are marketing online, then your place is ‘search engines’. Then, you should target to be the top search engines by adopting a strong digital marketing policy.
This is the human aspect of 7Ps. None of the other Ps can be executed without the presence of people. Having the right kind of sales and marketing staff is necessary. It is these people who eventually invest their brains and efforts to bring your product or service to the market. So, it is your first and foremost job to select the right employees who can take your sales to a soaring height. Management principles taught in digital marketing online certificate course stress a lot on hiring strategies.
How are you delivering your product to the customers? How is that you order a product online and then it’s delivered to your doorstep? This is called a process. Fundamentally, the process of reaching the customer should be timely and pleasant for the buyer and time and cost-efficient for you. Working out the best logistics without missing on the smallest delivery details pays out in the long term. The customers should have no doubts about your service, only then they will return for more and recommend your products to others too.
- Physical Evidence
Your customer should be happy when the product or service is delivered. You can ensure that by improving on the physical aspects, like packaging, interior design, the physical appearance of salesperson/delivery person or even in your brand messages. In fact, social media also requires physical evidence attention. You can uncover more details on the best online course for digital marketing.
If you want to develop a successful business strategy, you must be well-versed with these 7Ps. In an ever-evolving business industry, you will notice that the markets, customers and their demands and the products are continuously changing. If you don’t stay updated, you are sure to get out of track. In other words, you have to keep moving with the changing trends rather than standing still. In order to set your pace accordingly, visit these seven Ps from time to time to bring about the necessary changes in your business.
7Ps framework is the Bible of every marketer. You can’t survive without it!