In 1960, E. Jerome McCarthy introduced the Marketing Mix (sometimes called the “4 Ps of marketing”) as 4 controllable variables a company puts together to satisfy a target market: product, price, place and promotion. In recent years three more Ps have been introduced making up the 7 Ps of marketing. The additional 3 Ps are “physical evidence”, “people”, and “process” used when the relevant product is a service, not merely a physical good.
Marcus Lemonis star of the popular show The Profit focuses on only 3 Ps to insure a business is successful; People, Product and Process. I really feel all of the 7 Ps of marketing are important for any business that wants to be the #1 company in their industry.
Here is a breakdown of the 7 Ps of marketing
Product: The product characteristics of marketing relate to the actual goods or services, and how it benefits the end-user’s needs, wants or solves a problem.
Pricing: This means the process of setting a price for a product.
Place: refers to how the product gets to the consumer. Breaking it down to the channel by which a product or service is sold (e.g. online vs. retail), which geographical region or the industry, and defined down to who (young adults, families, business people).
Promotion: Refers to the various methods of promoting the product, brand, or company. This includes but is not limited to all the tangible advertising methods, publicity, PR, direct marketing, digital marketing, sponsorships, etc.
Physical evidence: The proof which shows that a service was completed, such as the delivery packaging for the item delivered by a delivery service. This reminds or confirms the buyer that the service took place.
People: The employees that implement the service or create the product.
Process: The processes and systems within the business that affect the implementation of the company’s service or products from start to finish including the delivery.
As simple as the 4 Ps of marketing are (now 7 Ps of marketing) most companies focus and implement only 1 or 2 of them. Whether you are a startup or a well-established business take some time and right out each of these in details and if you take action your business will explode.
To Your Success!