Marketing Mix is the operational part of the marketing plan. The marketing mix is used to evaluate the marketing activities in the marketing plan. The marketing mix was first introduced as a ‘4Ps model’ by E.Jerome McCarthy in 1960. Later another 3 factors were added to the marketing mix. The marketing mix has become one of the main components of the marketing plan over time.
In this article, we will have a closer look at the 7Ps model and the importance and the use of this marketing mix for day-to-day activities.
The product is the item provided by the seller to satisfy a consumer need. The product can be tangible or intangible. The product should have the ability to suit the unsatisfied need of the consumer. It should be introduced to the market to fill the gap between consumer expectation and availability.
The introduced product should be available for the consumer to purchase without much effort. The target customers should have the ability to reach the product whenever they want to purchase. The place is not a physical store all the time. It can be a virtual store with delivery service, online services or shop operating through social media.
The price of the product should be seen as a reasonable one when compared to product quality and benefits. It does not mean that the product should be cheap. But the product should not be overpriced compared to the quality of the product. The target market should be able to afford to purchase the product.
The way of introducing the product and its features to the target market is the promotion of the product. It includes advertising, social media selling, personal selling, after-sales services, and sales promotions. Promotion should have the ability to reach the target market of the product and to attract potential customers.
It is important to have the right people for the entire process of marketing. People include everyone who is contributing to the entire production process to after-sales services. The people should have a proper understanding of the product as well as the target market. They should be capable of fitting the product in the target market and capture a bigger market share.
The process is the route from the start to the end of the production method or the service. It has a major connection to the price of the product. The production process should be done in a way that the customers can get the maximum value for the amount they are willing to spend on the product or the service. Processes should be in line with quality requirements, production standards, and customer expectations. Apart from that, the processes should contribute to fulfilling an unmet need for potential customers.
- Physical Evidence
Services provided in the current business industry are mostly intangible. Before purchasing a service, the customer should have a guarantee that the service will satisfy their expected requirements. To ensure this quality, the marketers have come up with ‘physical evidence’ which provides signs for the consumers. These signs will help the customers to evaluate the service prior to purchasing it.
The above-mentioned 7Ps of Marketing mix works as a key component in every successful marketing plan. Using these elements, any organization can build their marketing plan in order to capture a higher market share and to preserve the target market. Consumer education is improving in modern society and the organizations are using many methods to capture more market share. This increases the importance of concentrating on the 7Ps of the marketing mix as it helps to focus on all the important aspects of the product or the service.