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What Are The 7ps Of The Marketing Mix?
How to understand and explain the marketing mix
Date : 15/03/2023
Uploaded by : Melissa
Uploaded on : 15/03/2023
Subject : Business Studies
The Marketing Mix is probably one of the most important topics in Marketing. But what does it actually mean?
Well, the marketing mix is essentially the essential elements that all marketing managers have to consider when designing their marketing plans and strategies. Each element is like an ingredient in the recipe of marketing, where each element can influence and impact each other - that`s why it`s called a mix.
Traditionally, the Marketing Mix is seen of as 4 elements - the 4Ps (they all begin with the letter P):
- Product - the actual product or service that the company is selling. For example, Apple`s product is a smartphone (iPhone).
- Price - the price that the customer will pay for it. This might include any deals/discounts - will you set a price premium to establish it as high quality? Or a lower price to encourage sales and introduce it to the market? Apple sets a fairly high price for its smartphones.
- Place - the place that customers go to buy the product. It might be online, in a retail store, as part of an attraction, or a combination of these things. Apple sells it`s iPhones online directly through its own website, but also sells in physical stores and other shops, like phone shops (Vodafone, Tesco Mobile etc). Many retailers also sell Apple iPhones in their stores and in their online stores.
- Promotion - how will you promote the product to get people`s attention about it? This is commonly done via advertising, such as the Apple ads you might see on TV, but it could also be social media and influencer marketing, PR (encouraging news articles in the press that talk favourably about your product or brand), events (like when Apple has a big event every year to announce the launch their new products), or product placement (paying to have iPhones used or shown on screen in TV shows and movies)
However, the 4Ps have been updated to include more elements - so there are actually now 7Ps. These added elements to the Marketing Mix are:
- People - who are the people your customers interact with when buying your product, or who are involved in getting your product to the consumer? This might be, for example, the retail staff working at the till, the waiters, customer service representatives, or it could be the people bringing the product to the customer, or even making the product - so your Amazon delivery drivers, farmers who grow your food, are all part of the people element of the Marketing Mix. Happy staff will deliver good quality customer service to customers, resulting in a better customer experience.
- Process - what are the processes that deliver the product to the customer? These are any marketing plans that could result in sales or traffic to your website, for example. It might be a process of including QR codes on reciepts, or a process of creating products based on feedback from customers. For example, Apple`s process of designing the iPhone, or their process of creating the Apple Ecosystem that makes us rely on having all Apple products.
- Physical Environment - this is about the environment you`re creating for customers when buying your products. What is the retail space like? Is it a welcoming environment, is there anything else you can do there other than buy things? Apple Stores have Genius bars to get help and support with products after you`ve bought them, and the stores are also laid out so you can try the products out for yourself. Plus, the environment is very clean, modern and slick which reflects their brand values. Physical Environment can also apply to the online space - how easy is it to navigate your website, to buy something? Is the website interesting and exciting?
For every company, their marketing mix will be different as it depends on the company`s product offering, their brand values, and their marketing and business objectives. An effective Marketing Mix will:
- Meet customers needs - getting the elements right will satisfy customers and keep them coming back.
- Achieve Marketing Objectives - the Marketing Mix is a very useful tool to help a company achieve its marketing objectives.
- Be balanced and consistent - you need to provide a good Physical Environment in all your retail stores, not just one or two. It creates a more consistent brand image that makes customers more likely to trust your service.
- Creates a competitive advantage - a well planned and delivered marketing mix can give a company a strong competitive advantage, which is vital for increasing revenues, market shares, and ultimately profits.
This resource was uploaded by: Melissa