A strategic marketing approach, focusing on the target group and product positioning, is necessary for a company to capture the market. For this, many companies nowadays employ the 7Ps marketing mix. This is an extended version of the classic "4 P marketing mix" established by Harvard University Professor James Culliton in 1948 and later expanded upon by Jerome McCarthy. By utilizing the framework of the 7 Ps, both digital and traditional businesses can craft effective marketing strategies and achieve their marketing objectives. Professionals pursuing an online MBA in Marketing can easily master these concepts, enabling them to apply advanced marketing frameworks in real-world business scenarios.

This blog will detail the 7 Ps in marketing strategies to help you get an idea of the marketing mix.

Understanding Marketing Mix

Marketing mix refers to a set of controllable elements that a company strategically uses to shape consumer behavior and encourage the purchase of its products. It aims to satisfy customer needs and position the offerings clearly in their minds. The most efficient and the latest marketing mix comprises the 7 Ps of marketing, which are Price, Product, Promotion, Place, Packaging, People, and Process. This acts as a framework for businesses to develop effective marketing strategies for their target markets.

The 7Ps of Marketing

Small business owners and marketing managers often struggle to reach the right customers or establish a unique selling proposition, especially in digital marketing. The 7 Ps of marketing provides a framework for effective marketing planning and strategy. By considering elements of the mix in daily decision-making, businesses can attract the right audience through their promotional strategies and campaigns. Each of the Ps is explained below:

1. Product

Product is the goods or services a company produces to meet the core customer needs. It involves creating a 'bundle of benefits' that meets these needs. As customer needs change, competitors advance, or new opportunities arise. Businesses must adapt their offerings by improving quality, launching new products, or creating new versions. 

The product element includes product packaging, design features, and quality. Businesses must understand their target market to ensure their products align with it.

2. Price

The more expensive the product, the better quality or value a consumer expects. Therefore, the price should be competitive, but not necessarily the cheapest. Even small businesses can compete with larger rivals by offering more personal services and value-added products. 

Also, consistency in packaging, environmental considerations, promotional materials, website, letterheads, and invoices should align with these higher-quality expectations. Existing customers are generally less sensitive to price than new ones, so caring for them is important.

3. Place

Place refers to a business's location or distribution channels, including physical or online stores, or a combination of both. To make products easily accessible to customers, a company can increasingly use online and offline shopping methods.

Place element aims to ensure the product is available at the right time, place, and quantity while keeping inventory, storage, and distribution costs at an acceptable level. This is especially important in e-commerce operations, where the means of distributing the product must be appropriate and convenient for the customer.

4. Promotion

Promotion in the marketing mix involves communicating messages to customers at various stages of the buyer journey to generate awareness, interest, desire, or action. Various advertising tools are used to reach different audiences and build relationships. The challenge is to choose the right tool and media to reach the right audience. 

Promotion includes television and print advertising, content marketing, coupons, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, and public relations. These channels create an omnichannel strategy for a unified customer experience.

5. People 

A business's reputation is heavily influenced by its employees, customers, and stakeholders. To maintain a positive customer experience, companies should focus on employee training, customer service, and customer interaction because a poor shopping experience can lead to buyers switching brands. Staff members profoundly affect customer satisfaction, and their reputation is important. 

In the age of social media, employees can reach a mass audience, so it's essential to create a policy for online interaction. Also, superior after-sales support adds value to a business and can give it a competitive edge.

6. Process

Various necessary process factors include response times, meeting bookings, order processing, review generation, and technology use. The process element of the 7 Ps is the steps involved in delivering a service or product to streamline the process.

A McKinsey study suggests that businesses are more likely to be successful if they use data analytics to improve their business processes. 

7. Packaging

A company's packaging effectively attracts new buyers and reinforces value to returning customers. To make packaging influential, companies should design for differentiation and provide intriguing information. For Instance, a skincare company can provide clear instructions for their products or a detailed list of essential elements that can surprise customers. Companies can also offer freebies to customers.

Conclusion

The 7 Ps are important for creating a strategic marketing plan for any business. By developing the right marketing mix, businesses can create a unified brand experience for consumers.

 If you are a student or professional interested in marketing management and aiming for a career in that field, then you can look for the best online MBA programs in India.  The management course with an elective in Marketing Management will help you learn all basic and advanced concepts in marketing.