Submitted By- Amrinder Singh
7 Ps of Marketing:
Introduction:The structure that lists the essential components of a marketing strategy is known as the 7Ps of
marketing. In addition to the four classic Ps—Product, Price, Place, and Promotion—this model
adds three more components: people, process, and tangible proof to discuss the particular
difficulties faced by service-based companies.
The following is some description of 7 Ps of the marketing:1. Product: In order to satisfy the requirements and desires of its target market, a
corporation must offer the actual goods or services. It includes branding, packaging,
features, quality, and product design. It's essential to comprehend the advantages and
special selling features of the product while developing a appealing deal.
2.
Price: Finding the ideal price for a good or service is the process of pricing. This entails
taking into account elements including production costs, rival pricing, consumer
perception of value, and general market conditions. Different pricing strategies are
available, such as penetration pricing, value-based pricing, and cost-plus pricing.
3.
Place: Alternatively referred to as distribution, this "P" centers on the method by which
the product or service is accessed by the client. It entails choices about the supply chain
as a whole, logistics, inventory control, and distribution routes. Making ensuring the
product reaches the appropriate clients at the appropriate time and location is the aim.
4. Promotion: Promotion involves the communication strategies used to inform,
persuade, and influence potential customers to buy a product or service. This includes
advertising, public relations, sales promotions, personal selling, and other promotional
activities. Effective promotion builds awareness, generates interest, and ultimately
drives customer action.
5. People: Acknowledging the significance of interpersonal relationships in the provision
of services, "People" is a key component of the 7Ps approach. This includes all workers,
salespeople, customer support agents, and everybody else who either directly or
indirectly enhances the customer experience. Employee motivation and training have a
big influence on customer satisfaction.
6.
Process: This "P" is centred on the systems and procedures that a business utilizes to
provide its goods and services. It includes all aspects of the client experience, from first
contact to after-sale assistance. Customer loyalty may be increased and the whole
customer experience can be improved with effective and user-friendly processes.
7. Physical Evidence: This component is especially important for companies that
provide services. The concrete indicators that clients use to assess and appraise the
service are considered physical proof. It could be the tangible goods (like brochures and
business cards) or the physical environment (like store layout and cleanliness), or any
more sensory components that influence how the consumer perceives the assistance.
All things considered, companies may design thorough and successful marketing strategies
that address different facets of their goods or services and produce a more complete
consumer experience by taking into account all seven components of the marketing mix.
The following table illustrates how the 7Ps affect consumers' intentions to
buy:
7 Ps
Product
Price
Place
Promotion
People
Process
Physical Evidence
Influence
17%
3%
3%
2%
87%
2%
1%
The following data could be shown as follows in a graph: