4P, 7P, marketing mix … have you ever heard of it?
Let’s start from the end, remembering that by marketing mix we mean the set of tools necessary for the planning and implementation of a specific marketing plan. Now that we understand this concept, we can explore the 4Ps , i.e. the four fundamental pillars of the marketing mix :
- Product , i.e. product
- Price , i.e. price
- Place , i.e. point of sale / distribution
- Promotion , or promotion
The marketing mix is successful, and therefore the business reaches the objectives set by the marketing project to which it refers, when the 4Ps are perfectly calibrate with each other . This axiom was originally propose by Philip Kotler in 1960 and has remained substantially unchanged for decades.
Recently, in order to further improve marketing strategies both in terms of accuracy and redemption potential (and in this case our two P’s are completely random), marketers have added three further guidelines on which to plan actions. We have therefore moved from the “simple” 4Ps of the marketing mix to the new, and more precise, 7Ps .
The 7Ps of the marketing mix respond to the increasingly changing conditions of a market that has never been so fast, especially because it is now intrinsically connected to technology and the evolution of communications. The latter, in particular, now allow you to target your users of interest in ways that, in terms of accuracy and richness of details , are completely incomparable to what marketers “of the past” have ever known.
What are the 7Ps of the marketing mix?
In addition to the aforementioned product, price, point of sale and promotion , the 7Ps of the marketing mix provide for the inclusion of further discriminating parameters in the creation of effective strategies.
Let’s find out together:
- People, i.e. people : not simply intended as customers or consumers. But rather as human personnel who manage and work in a company. Each of them must be considered vital for the achievement of specific marketing objectives. Regardless of its role or its place in the organization’s hierarchical ladder. Without the right people, even the most famous brand will not be successful. And the reason is simple: humans are just as much a part of the brand as its products or services. Hence, in the current market, it is the internal competitive advantage. Represented by human capital that makes the difference.
- Process, i.e. process : in this case we mean the organizational processes and systems. That influence the creation of the product or the execution of the service. If these are not fluid and flawless, the quality of the commercial proposal will inevitably end up. Being affect, and with it the reputation of the brand. Today, companies operate in a systematic way to minimize the margin of error. Contain economic and time expenses and to maximize profits while offering increasingly customized solutions for the individual user.
- Physical Evidence : this parameter identifies the proof of the material existence of a product as such and even of a service. Even when the latter is intangible, its physical evidence. Can be found in the perception that the brand that supplies. It leaves in the mind of the consumer or, more simply, in the context of the market. Basically, Physical Evidence is a factor strongly interconnect with so-call branding. if a brand is known, its physical evidence is confirm.
Do you want to find out which marketing mix is ideal for launching your brand, product or service? Get in touch with NAXA specialists now !