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Continuous strategic marketing planning and analysis is an essential process in the business realm. In a BBA degree programme, students are often introduced to a fundamental marketing analysis principle known as the "marketing mix." This principle was initially defined as the 4 Ps of marketing - Product, Price, Promotion, and Place, and service businesses later added a fifth "P" - People.
Recently, two more essential categories of strategic marketing analysis were included in the marketing mix, which is Process and Physical Evidence. Currently, we interchangeably refer to these as the 7 Ps of marketing or marketing mix. Students who pursued a BBA program probably have knowledge about this ‘marketing mix’. But for the curious readers who have not heard about the 7 Ps of marketing, we are penning this blog. This blog involves a discussion of its components and expected benefits to understand its applications.
Before we explain the 7Ps of marketing, let's glance over at the formal definition of the term.
What is a Marketing Mix: 7 Ps of Marketing Definition
The marketing mix is a set of tactics used by companies to promote their brand or product in the market. As mentioned earlier, the 4 Ps (Product, Price Promotion, and Place) typically make up a marketing mix, but nowadays, it includes other Ps like People, Process, and Physical Evidence as essential elements. By focusing on the marketing mix, businesses can make more strategic decisions when launching new products/services or updating existing ones.
The three-year undergraduate BBA in marketing programme seeks to educate students on such fundamental and crucial marketing concepts, similar to the 7Ps of marketing. The BBA degree is offered by a large number of reputable universities in India.
Explain the 7Ps of Marketing
All the components of the 7 Ps of the marketing process are interconnected and together form the basis of a company's business plan. Properly executed, they can lead to great success, but if mishandled, it could take years for a business to recover. By optimising these aspects of the marketing mix, a business can improve its chances of success and boost its bottom line.
Product refers to the item being sold, and it should meet a minimum level of performance for the other elements of the marketing mix to be effective. In this section, customers must learn how the brand's goods or services can address their problems and why it is the most excellent option for them to make in this area.
Price refers to the value assigned to a product, which depends on factors such as production costs, target market, demand, and supply. Various pricing strategies can be used, and it can be used to differentiate a product and enhance its image.
Promotion involves all activities aimed at creating awareness and interest in a product or service, including advertising, public relations, and various promotional schemes.
Place refers to the point of sale or distribution. In every industry, it is crucial to attract the consumer's attention and make it easy for them to purchase the product, and a good distribution or 'place' strategy is vital. A successful retail business often emphasises the importance of 'location, location, location.'
People refer to the individuals, including customer service representatives and chatbots, who represent the brand and interact with customers. This aspect also includes cultivating relationships with customers and putting plans into practice to enhance the overall customer experience.
Process pertains to the systematic approach a business uses to present its products or services to clients. This includes the sales funnel, distribution system, and other operational procedures that ensure the business functions efficiently and cost-effectively.
- Physical Evidence
The seventh P in the marketing mix is Physical Evidence, which is essential to providing proof of delivery to customers. Physical evidence, such as product packaging, receipts, or customer service, can be tangible or intangible. Additionally, the intangible perception of a company's product in the marketplace can also serve as physical proof.
(Also Read: The Rising Scope of Digital Marketing)
What is the Significance of the 7Ps of Marketing?
The importance of the seven Ps of marketing lies in their ability to assist a business in evaluating and refining its marketing approaches to ensure the most effective methods are employed, as well as recognise and resolve any obstacles facing the brand. Moreover, incorporating marketing theory into commercial operations can:
- Keep up-to-date with the latest trends to consistently fulfil customer requirements
- Enhance the organisation's position in the market and industry
- Expand market reach and attract new prospects
- Generate interest in new markets and raise brand recognition
- Offer the appropriate product at the right time and to the right audience at the appropriate cost
- Aid in developing products and services that cater to the preferences and demands of the intended market.
- Assist customers in comprehending the superiority of the product or service compared to those of competitors
- Increase product sales, cross-selling, and customer retention.
Implementing the 7Ps of marketing requires extensive market research, consultation with various stakeholders, from users to trade to manufacturing, and a thorough understanding of the concepts involved. Moreover, the BBA program helps marketing students learn such concepts required to advertise their goods, businesses, and services.
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