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Marketing Mix 27ps

Marketing Mix 27ps

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Published by: MOHAMMAD SAIFUL ISLAM on Jul 05, 2010
Copyright:Attribution Non-commercial

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05/12/2014

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 MARKETING MIX 7PS 
Marketing professionals and specialist use many tactics to attract and retain their customers. These activities comprise of different concepts, the most important one beingthe marketing mix. There are two concepts for marketing mix: 4P and 7P. It is essential to balance the 4Ps or the 7Ps of the marketing mix. The concept of 4Ps has been long usedfor the product industry while the latter has emerged as a successful proposition for theservices industry.
The 7Ps of the marketing mix can be discussed as:
 Product 
- It must provide value to a customer but does not have to be tangible at the sametime. Basically, it involves introducing new products or improvising the existing products.
 Price
- Pricing must be competitive and must entail profit. The pricing strategy cancomprise discounts, offers and the like.1
 
 Place
- It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels, like Internet,wholesalers and retailers.
 Promotion
- It includes the various ways of communicating to the customers of what thecompany has to offer. It is about communicating about the benefits of using a particular  product or service rather than just talking about its features.
 People
- People refer to the customers, employees, management and everybody elseinvolved in it. It is essential for everyone to realize that the reputation of the brand thatyou are involved with is in the people's hands.
 Process
- It refers to the methods and process of providing a service and is henceessential to have a thorough knowledge on whether the services are helpful to thecustomers, if they are provided in time, if the customers are informed in hand about theservices and many such things.
 Physical (evidence)
- It refers to the experience of using a product or service. When aservice goes out to the customer, it is essential that you help him see what he is buying or not. For example- brochures, pamphlets etc serve this purpose.
The New Marketing Mix
Have I convinced you that seeing marketing in terms of the traditional marketing mix of the 4Ps or theservice marketing mix of 7Ps is too simplistic?So how does the new marketing mix appeal - the 27P's of Marketing (and counting)1.Product 2.Price 3.Promotion 4.Place 5.People 6.Process 7.Physical evidence 8.Purpose 9.Purchase 10.Push/pull 11.Personal relationships 12.Positioning 
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