7Ps of Marketing - Explained
What are the 7 Ps of Marketing?
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Table of ContentsWhat are the 7 Ps of Marketing?What is Product? What is Price? What is Placement?What is Promotion?What is People? What are Partners? What is Physical Evidence? Academic Research on the Marketing Ps
What are the 7 Ps of Marketing?
The four Ps are:
These are key factors or attributes to consider when marketing a company's value proposition - generally a product. They are commonly known as the marketing mix.
Other research has attempted to define the marketing mix more thoroughly by adding additional Ps to the considerations. Some of these additional Ps include:
- Physical Evidence
Back to: MARKETING, SALES, ADVERTISING, & PR
What is Product?
This is a company's value proposition - a product or service. The product should related to a recognized customer need or want.
What is Price?
The price charged to the purchaser (distributor, retailer or end user) will relate to the customer demand and the available supply. Demand is related to the strength and value of the company's value proposition to the customer. The marketer will consider available resources, competitors or substitute goods, and strategic positioning when determining a price.
What is Placement?
This concerns where the company will offer its product or service. Placing a product or service in a given market requires resources. Physical placement in a store requires the greatest resources, while placement for sale on a website is far easier. In any event, the marketer will seek to first introduce the product or service into the market with the greatest potential return.
What is Promotion?
This concerns the methods or strategy for presenting the value proposition to potential customers. It can include all forms of advertising and public relations efforts. For some businesses, the company's brand and customer awareness is the strongest differentiating factor. For these companies, promotion is often considered the most important aspect of the marketing mix.
What is Packaging?
Packaging involves the functional and physical aspects of the product covering. The functional aspects may allow the product to be delivered to new markets or customers. The aesthetic aspects may allow the product to fit better the customer's needs or wants.
What is Process?
Process generally includes the procedural aspects of the other Ps. More specifically, it includes the operational aspects of delivering the product (or other value proposition) to the customer, placing the product in specific markets, or packaging the product.
Some marketers expand the 4 Ps to include:
What is People?
Who is involved in delivering the value proposition. This generally includes anyone in the operational process.
What are Partners?
What or who are the relationships that allow for delivery of the value proposition.
What is Physical Evidence?
The demonstrable assets and presence of the company.
Academic Research on the Marketing Ps