Marketing strategies have evolved 4P’s into 7P’s
To understand the market, once 4 P’s were created, so that it can create a bridge between the organisation and the customers.The four P’s are evolved in the marketing of a product or a service. These act as the traditional marketing elements.
Read further to know more about the marketing strategies have evolved 4P’s into 7P’s
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Product
Any tangible or intangible good, service or idea that company offers to the target market to fulfil their needs and wants. ‘What does a consumer expect from the customer?’, ‘What size or color it should be in?’, ‘how is it branded?’, ‘how is it packaged?’, ‘How much it costs?’ etc all these are the points a product should cover. To make a product successful, marketers should understand the needs of their customers, and try to fulfil them as much as possible. It will promote your business and increase it also.
Price
Price is the most important component of any product or service, it is the cost that consumers has to pay for the service or product he received. But this value changes according to the needs of the seller, he adds additional discounts sometimes or reduces the cost. They use this tactic to manipulate consumers and gain more customers. Prices should be fixed accordingly, it should be so high that most of people can’t afford that or it should not be so low that company bear loss.
Promotion
Promotion includes all those tools and strategies that marketers undertake to promote it’s product in the market, it is done so that more and more people should know about the product. Promotion includes advertising, public relations and promotional strategy. Promotions gives relevant information about the product to the customers and distinguish a product from other products, it also encourages the potential buyers to buy the product. Promotion also give information to the company about ‘Who are there target audience?, or ‘Which more strategies they can adopt to increase the reach of their product?’
Place
Place is a physical environment where the company make their product, it is also known as channel, distribution. Place decision outline where is the product is sold and how it is delivered to the market. Place is ‘Where buyer look for a product’, ‘How can you access the right distribution channel’. In some cases the actual transaction does not take place on web, it is take place in person on shops which is also a kind of place. Place is for convenience of the people.
In the late 70s marketers acknowledge that marketing mix should be updated. Some new elements are added to this list and are totally different to the marketing of services, now the 4P’s of marketing become the 7P’s of marketing. These are the extended services of marketing mix.
People
These are those faces who work behind the making of a product. Having right and knowledgeable people in your company is important because they will only take your company in the right direction, your staff will bring more ideas and they also take care of the services that your company provide to the market and also give your customer full satisfaction. And in every organisation customers should be set as priority.
Process
It is a way through which a good or service is delivered to the customer. People generally buy products from the countries who’s delivery services are quick and customers receive their product on time and in proper good condition. The process of service delivery is very crucial because it shows the actual reputation of the organisation.
Physical evidence
This is the last element of the marketing mix. This means giving your customers a beautiful experience in any way, most of the time it happens in the case of services that organisation deliver to their customers. For example a restaurant with pretty lighting, fancy ambience, soft music and good food will give a good experience and in someway it forces their customers to be back on the same place again and again because they enjoy being there.
Source: Tanisha Gupta
