The 7 Ps marketing mix is a marketing tool that will help your business to develop it’s marketing strategy by focusing on specific areas. Historically, the marketing mix was just 4Ps, but 3 more were added and it is now suggested that all 7 are considered as part of your marketing and promotional strategy, particularly if you are a service provider.
What is the 7 p’s marketing mix used for?
These 7 Ps are predominantly used by businesses as a focal point and as part of an overall marketing strategy.
They can assist with:
- Defining areas of success in the business that can be replicated and built on
- Defining issues in the business that are holding you back from being more profitable, productive or successful
- Setting objectives and targets – so you can move strategically towards your goals
- Competitive analysis – your business position in the market against your competitors
- SWOT analysis – analysis of your business strengths, weaknesses, opportunities and threats
The 7 Ps
The original 4Ps of the marketing mix tool are:
- Product
- Price
- Place
- Promotion
The additional 3Ps added, are:
- People
- Process
- Physical Evidence
Using the 7Ps
You can use the 7 Ps as headings for discussion, of which the findings and conclusions can then be added to your marketing strategy, which should feature as part of your overall business plan.
Some of the things you can focus on under each of the 7P headings, include:
PRODUCT – this could be your SERVICE if you are a service provider
- Is your product branded effectively?
- How do your customers rate the quality of your product?
- Is there recurrent negative feedback about the same thing?
- Are there improvements that could be made?
- Is your product brand strong?
- Do you offer a guarantee?
- Do you have availability or stock?
- Could you take on more customers or orders?
PRICE
- How does your product compare when it comes to the market price?
- When was the last time you reviewed your pricing?
- When was the last time you altered your price in-line with inflation, or market supply and demand?
- Is your pricing model clear and easy to communicate?
- Do you know your profit margin on each product you offer?
- Do you provide any added-value to your offering?
- Do you offer the most appropriate payment methods for the customer?
- Do you offer credit facilities?
PROMOTION
- What marketing communications do you have?
- Do they need updating?
- Do they give the right messages?
- How could you refine your sales process?
- What PR activity are you doing?
- Do you have a marketing budget? Should it stay the same, or change this year?
- Do you network to promote your business?
PLACE
- Is your product available in the place where your customers shop?
- Is your product visible to your target market?
- Are you visible on social media?
PEOPLE
- Do you have the right people to sell your product / service?
- Do you have the right amount of marketing support?
- Are the right people in your team, in the right roles?
- Do you need more, or less resources?
- Could you outsource some of your work to reduce commitment on costs?
- Do you have the right culture within the team?
- Do you have a good recruitment, training and appraisal system for staff?
PROCESS
- Is your sales process efficient?
- Are your processes customer focused?
- Do you have a good process for dealing with technology issues?
- Have you established systems for as many things as possible within your marketing and sales process?
PHYSICAL EVIDENCE
- Is your product packaging reflective of the quality of the product?
- This could apply to the way a service is delivered, including any physical documentation
- What is the online experience if the product is delivered digitally?
These are just ideas and you will for sure come across other questions and thoughts that are relevant to your business.
Why not get your team together (or you partner / best friend if you are a sole trader) and have some fun by trying to really cover all the individual elements of your business. Be constructively critical and also realistic with what you can achieve within certain timeframes.
Why the marketing mix is still used from the 80s until now
The marketing mix concept may seem dated as it was developed in the 1980s and we now live and work in a rapidly changing commercial environment.
However, it remains effective as the logic behind each of the 7 Ps remains constant yet they are flexible enough to be able to be adapted to suit the new style of communications, for example social media.
