The 7 P's
Throughout our day to day living we come across the 7 P's more times than we may think. Marketing is all around us and getting a good understanding of what they are and why they are around us is an important tool as a marketing student.
First of all lets start by stating what the 7 p's are (product, price, promotion, place, people, physical evidence, process) there's also some history behind the 7 p's, a specialist named Neil borden introduced the 4 p's in 1950 where the term 'marketing mix' was used. After in 1981 as marketing was starting to expand and become more popular two men named Bernard H. Booms and Mary J. Bitner added 3 more p's where the 7 p's was born. (1)
Know your 7 p's
Product
This is what the company produces (from a product or service or a combination of both) also developed to meet the core need of the customer.
Price
This is the only revenue-generating element of the mix – all other marketing activities represent a cost.
Place
This is where customers purchase their product, this could be in a store or online through a website.
Promotion
Promotion in our marketing mix is about communicating messages to customers, whichever stage they are in the buyer journey, to generate awareness, desire, interest and action.
People
This is where customer service is a thing for example. The store a customer is in a member of staff should be taking their enquiries, helping them check out, taking note of complaints. All this can either be done in person, on an online chat, via social media or on a call centre.
Process
All companies want to create a smooth, efficient and customer-friendly journey – and this can’t be achieved without the right processes behind the scenes to make that happen. Understanding the steps of the customer journey
Physical evidence
Physical evidence provides tangible cues of the quality of experience that a company is offering.
The 7 p's in everyday life
Promotion could be an example. Lets take a product which we use on a day to day basis such as a bottle of water specially Evian. The Evian water bottles have sustainable information on the bottle explaining how their product is sustainable and better than other bottles of water. This makes customers want to come back and stick to Evian as they know they are purchasing this bottle knowing its for a good cause on top of clenching your thirst.
Another example could be price. Lets say you purchase a 2 pack of chicken breast from Audi you'll notice that its cheaper than the 2 pack of chicken breast in Sainsbury. The reason for this is because the chicken breast in Audi has a shorter expiry date compared to Sainsbury where its noticeably more pricey but the expiry date is larger. Customers may find spending that £1 difference to have a few days longer to cook your chicken worth it such as myself because I may find myself busy the following days not having time to cook that chicken compared to someone who may meal prep and are on top of their meal planning unlike myself.
References
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