What is a marketing mix? And what are the 7 Ps of marketing?
What is a marketing mix? And what are the 7 Ps of marketing? A marketing mix is a selection of marketing tools that includes several areas of focus. That can be combined to create a comprehensive plan. These terms first refer to the 4 P’s that is a product, price, placement, and promotion. But later it expanded to Product, Price, Promotion, Place, People, Packaging, and Process. Let’s see the 7 Ps of marketing.
Jerome McCarthy was the one who introduced the 4 Ps mix marketing concept which was later known as the 7 Ps of marketing. This was introduced by him in his book called “Basic Marketing: A Managerial Approach”. This Ps refers to the blend of strategies and practices which is thoughtfully blended to drive business and successful product promotion. In the beginning Product, Price, Place, and Promotion were combined, and in the day’s progress, it was expanded by including People, Packaging, and Process. This is now considered as the 7 P’s mix element. These 7 Ps of marketing give one the framework to use in your marketing plan and essential strategy to promote the target of your market effectively. The 7 elements of the mix marketing are
- Product
- Price
- Place
- Promotion
- People
- Packaging
- Process
Product
The only thing that customers care about is what your product is and the service that the product can do for them. So, one has to make the product accordingly by making it the best one. This kind of approach is called “product-led marketing”. In this mixed marketing, the most important thing is how you are trying to sell your product. This includes the product’s Design, Quality, Features, Options, Packaging, and Market positioning. These five components led to successful product-led marketing which is the most important one for product marketers.
Price
Brand may price its product higher than their competitors to create the image that it is offering a higher quality product. Draw the people’s attention through the features or by adding the benefits that other brands lack. To make promotions more appealing the brands will set the base price higher.
Promotion
Promotion is nothing but the part of the marketing mix that most of the public notices. This includes television, content marketing, social media strategies, email marketing, and more. All these promotional channels are the whole tie-up of marketing mix which together into the omnichannel strategy. This promotion can be done in various ways through various mediums.
Place
The place is nothing but the location where you sell your product. This goes beyond physical locations.
People
Here, people is someone who comes in contact with your customer. Here, recruiting talented ones is essential as it plays a prominent role in marketing. While recruiting they should know the free marketing ideas for marketers.
Packaging
This packaging is something that catches the attention of new buyers. As it gets people’s attention. Designing uniquely and differently gets you more customers.
Process
Prioritizing the process is another important one in this marketing mix. Focus on the complaints given by customers in the process.
Conclusion
Thus these are the Ps of the marketing mix and the 7 and 4 Ps of mix marketing, which plays a prominent role in the marketing field.