The 7Ps of the Marketing Mix: Optimize your strategy

[jrineakter]

As marketing experts, we know it’s foolish to underestimate the power of planning. For most of us, that means creating a solid marketing strategy . One that has your goals laid out, your target market identified, and the tactics you’ll deploy to achieve your goals.

We all use different blueprints depending on the industry we work in, who our target audience is, and the products or services we sell. But there’s one timeless blueprint that any marketer can use regardless of their field of work. It’s the marketing mix .

Before we get into that, here’s a quick rundown of what the marketing mix is: The marketing mix typically contains four main factors: Product, Place, Price, and Promotion. Then we have the extended marketing mix, which encompasses the first four factors, plus three more: Physical Evidence, People, and Process.

It's important to note that while the marketing mix can guide your strategy and provide you with a greater understanding of the market at large, as well as your business internally, it is list of telegram users in canada not a one-size-fits-all tool. The marketing mix is ​​a tactic that works best when applied on a regular basis as a framework for planning, executing, evaluating and re-evaluating your marketing activities.

What is the marketing mix?
The marketing mix is ​​a concept said to have been developed by professor and academic Neil H. Borden , who elaborated on James Culliton's concept that corporate executives are mixers of ingredients. The ingredients are different marketing features and practices. The marketing mix was later refined by professor and author Jerome McCarthy , to specifically include four key components: Product, Place, Price, and Promotion. McCarthy wrote about the "4 Ps" in the 1960s in his book Basic Marketing: A Managerial Approach .

You might think… the 4 P’s, they seem to cover the fundamental factors of business and marketing, sure. They certainly cover the fundamental factors but, as time went on, things like customer experience and customer service moved to the forefront of commerce.

The 4P’s then paved the way for two modern academics, Booms and Bitner, who, in 1981, saw 3 additional factors that go a long way: Physical Evidence, People, Process. This formed the expanded marketing mix that we know today as the 7 P’s of the marketing mix.

Once you know the expanded marketing mix, it quickly becomes apparent that the 3 elements that make up the expanded framework really make the difference. People are the heart of every business. Without people, there is no one to target, no one to buy your product or use your services. It’s a no-brainer, right?

Defining the 7Ps of the marketing mix
Now that you know what the 7Ps of the marketing mix are and their origins, let's delve a little deeper into the definition of each aspect.