Explain in detail 7ps of marketing mix

Before explaining the 7 P’s of Marketing Mix, we need to understand what Marketing Mix is and what are its benefits. Let’s understand.

What is Marketing mix

In the marketing mix, a business’s job is to promote a product or service through marketing and make it accessible to consumers so that consumers can truly benefit from its use and enhance their experience and increasing the brand’s value. This helps tackle other business areas and stay one step ahead of your competitors

If you want to know what is service marketing and how it works, then check out the given link to learn it in detail.

Benefits of marketing mix

1. ensures smart decisions and Strategy:-When a business uses the marketing mix to sell its product or service in the market, it is able to plan things properly which ultimately leads to good results.

2. achieves sustainable growth:-When a company or business effectively utilizes its resources—manpower, money, time, and equipment—its productivity increases, costs decrease, and it experiences significant growth over the long term.

3. Brand Image strong:-When a business provides better products and services, its customers are also satisfied with it, due to which it gets a distinct identity in the market and more and more people start knowing that brand.

4. connect deeply target audience:-When businesses understand their customers’ needs, they strive to provide the product or service they need to meet their needs. Their goal is to ensure that customers are satisfied and recommend their product or service to others.

5. steady growth and high profitability:-When the quality of the product is good and the services are also good, then their sales definitely increase and along with sales, there is also an increase in revenue.

7p’s in marketing mix

In the 7P’s marketing mix, the P’s stand for physical evidence. It is a type of marketing strategy used by a business company or professional to promote and sell a product or service. The 7P’s consists of seven elements, all starting with P:( product, price, place, promotion, people, processes, and physical evidence,) four of which are considered core and three for services. Let’s understand this one by one.

1. Product-A product is an object or material which a customer or consumer can use by holding it in his hand as per the need. It can be clothes, mobile, books and also feel as per his need. It can be a therapy, treatment, sleep or any idea. It is heart of every company or business. On the basis of this, one can expand his brand, look different from his competitors and deal with other types of problems. It brings new opportunities for growth.

2. Price-Price is the backbone of any product or service. The customer pays a certain price to buy it. It reflects the importance of the product or service. It affects the business sector to a great extent. It is related to revenue and keeps one different from the competitors. Demand also determines the perception of a product or service. A higher price creates a premium image and a lower price creates an affordable image, which helps the customer decide which product or service to buy. Factors that can increase or decrease the price are product cost, government rules, market demand, etc. well-planned pricing strategy can attract loyal customers, but a poor pricing decision may lead to lost sales.”

3. Place-Selecting the right location is crucial for the growth of your product or service, so choose a location where customers and consumers can easily and easily reach you and benefit from your product or service. This benefits both the business and the consumer.

4. Promotion-A better marketing strategy always proves to be effective in business because it helps you reach your target audience effectively and makes them aware of the brand, which makes them aware that the brand’s product or service is in the market, leading to more sales and revenue.

5. People-People are those who work for the company or businessman like employees, salesmen, service providers, they directly provide products or services to the customers, their target is to satisfy the consumers, these people are the faces of the brand, their behavior and attitude bring positive image of the brand, due to which the customers remain associated with the brand for a long time.

6. Process-This is a method in which all the activities from manufacturing of goods to delivery to the consumer are done through a process. If the right process is used and technology is also incorporated, then the customer gets the same experience, there are cost and time savings, things operate smoothly.

7. Physical evidence-It represents a brand physically in the market. All these materials can be seen, touched and felt by consumers. Environment, design, brand logo, services, material packaging, etc. All these things represent a product or service in the market. Due to this, businessmen and companies are able to physically provide quality and better things to the customers. By using this, consumers generate trust and confidence towards the brand, which benefits both.

Marketing mix in one word

1. Product: The main thing that is required to run any business

2. Price: To buy something, you have to pay an amount.

3. Place: It is necessary to sell the product or service

4. Promotion: Reaching out to consumers by promoting the brand

5. People: Those who deliver the product and service directly to the consume

6. Process: The process from product creation to delivery to the customer

7. Physical Evidence: Making the product visible in the physical marketplace

conclusion:-

-Marketing mix is a framework that businessmen or companies use to market and promote their brand to make it visible, recognizable, and aware of its customers or consumers. These are the 7 Ps (product, price, place, promotion, people, process, and physical evidence). Once you have information about all of these, you can target your audience by creating the right marketing strategy and find new avenues for growth and opportunities in the market.

If you want to know what is service marketing and how it works, then check out the given link to learn it in detail.

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