What are 7 P's of marketing?
7 P's of Marketing
The 7 P's of Marketing are a set of key elements that help businesses develop effective marketing strategies. They extend the original 4 P's (Product, Price, Place, Promotion) to include three additional factors, making the framework more comprehensive, especially for service-oriented industries.
1. Product
This refers to the goods or services offered by a business to satisfy customer needs and wants. It involves decisions about design, features, quality, branding, and packaging.
2. Price
This involves setting the right price point to attract customers while ensuring profitability. Pricing strategies can include discounts, payment terms, and competitive positioning.
3. Place
Place pertains to the distribution channels used to deliver the product to customers. This includes locations, logistics, and methods of distribution.
4. Promotion
Promotion covers all activities designed to communicate the product’s value to customers. This includes advertising, sales promotions, public relations, and personal selling.
5. People
People refer to all individuals involved in the delivery of the product or service, including staff, salespeople, and customer service representatives. Their attitudes and skill levels impact customer experience.
6. Process
Process involves the procedures, mechanisms, and flow of activities through which services are delivered. Efficient processes enhance customer satisfaction.
7. Physical Evidence
This includes tangible aspects that support the service or product, such as physical environment, branding, packaging, and online presence, which help customers evaluate the offering.