Marketing mix - 7P

Marketing mix

Source: https://marketing21.hu/2017/01/15/marketing-mix-4p-es-7p-2/Source of the picture: https://www.klood.com/blog/inbound/do-you-remember-the-marketing-mix

Advertising and Promotion Policy

Sales and Product Placement

Pricing and Pricing Policy

Products and Product Policy

A business needs to address the following questions:

• Design and features
• Product line or different service packages
• Technology
• Accessories
• Warranty and guarantee
• Product lifecycle
• Packaging and labeling

Determining the price often helps to identify the target market of the product.

• Pricing strategy
• The relative prices of the entire product portfolio
• Commission of sales representatives, resellers
• Discounts and promotions
• Payment terms and options

Product Placement

• Strategy: Whether the product should have widespread and easy access or be exclusive and hard to reach
• Franchise Sales
• Selection and conditions of sales representativ
• Logistics, shipping, and storage
• Assortment

Promotion

• Marketing messages used to engage consumers by the business
• Marketing and media channels used to reach buyers
• Frequency and scheduling of advertisements
• "Promotional mix"

Expanding the marketing mix: the new elements of the 7Ps

Source: https://marketing21.hu/2017/01/15/marketing-mix-4p-es-7p-2/Source of the picture: https://kiszervezettmarketing.hu/online-marketing/4p-marketing-modell/

To describe services, additional 3 elements had to be introduced alongside the classic marketing mix, which completes the theoretical background of marketing. The literature most commonly mentions the following. It is interesting to observe that marketing is increasingly penetrating deeper into the business strategy with the introduction of new elements of the marketing mix. This also clearly demonstrates that nowadays, a company's every activity is permeated by the marketing mindset.

Source: https://marketing21.hu/2017/01/15/marketing-mix-4p-es-7p-2/Source of the picture: https://kiszervezettmarketing.hu/online-marketing/4p-marketing-modell/

Extra 3 Ps

People

Physical Evidence

Process

People

• Recruitment, training, and development
• Uniforms, dress codes, appearance requirements
• Communication panels, texts
• Managing expectations, queuing
• Handling complaints

Physical Evidence

• Facilities
• Graphic and creative appearance
• Symbols
• Design, layout
• Sound effects, temperature
• Communication and informational elements

Process

• Process diagrams
• Standardized activities, workflows
• Mapping hidden errors
• Continuous performance analysis
• Measurement of KPIs (key performance indicators)
• Preparation of manuals and other auxiliary materials