Marketing Mix: Understanding the 7 Ps for Business Success

This report provides a comprehensive overview of the marketing mix, a fundamental concept in marketing. It defines the marketing mix as a set of actions to promote products and services, focusing on the traditional 4 Ps: Product, Place, Price, and Promotion. The report further expands on this by inc...Read More

MARKETING
MIX

MEANING
 It defines set of actions to promote the products and services.
 There are four Ps in the market such as
Product
Promotion
Place
Price
 It also includes the other three elements
People
Physical Evidence
Process (Baker, and Hart, 2016)

Product
 It defines the item or goods that has been sold by the company.
 It delivers the high quality of services to consumers
 Different types of products (Differentiate product)
 Strategies such as differentiation strategy to make it different
from others (The economic times, 2019).

Place
 It defines the point of sale
 It makes the buying process easy
 Different channels to distribute
the goods
 Various ways to distribute the
products and services such as
retailers, wholesalers, agents,
salesperson and the others.
 Operate in numerous locations.

Price
 It defines the value to sell the product
 It relies on cost of production, capability of the market to pay, target segment,
demand and supply of product.
 There are numerous types of pricing strategies that helps to gain the competitive
advantage in the market.
 It enhance the value of product and brand image (Baker, and Saren, 2016).

Promotion
• It describes the actions which has been
undertaken to develop the product or
service.
• These activities includes
advertisements
• There are various types of
advertisement styles such as incentives,
press reports, commissions, word of
mouth and awards to the business.
• It also contains the direct marketing,
contests, consumer schemes and prizes
(Yousaf, 2014).

People
 It defines the staff or employees
 It also involves those who brings product to the consumers
 It helps to enhance the brand image
 Different organizational structure to provides the effective
services

Physical evidence
Physical environment should be pleasant
Perfect physical structure is required in the organization.
It includes:
 Packaging
 Brochures
 Furnishings
 Mailboxes
 Internet/web pages
 Paperwork (such as invoices, tickets and dispatch notes).
 Signage (such as those on aircraft and vehicles).
 Business cards
 Uniforms and employee dress.
 Many others (Stead, and Hastings, 2018).

Process
 It defines the flow of action to operate the business
 It includes the process from manufacturing to delivering the
services to consumers.
 In this process consumers also gives feedback

Advantages  It brings the different concepts of
marketing together into one that
helps to make the marketing
easy for the company.
 It helps to make the decision
regarding the strategies in order
to attain the objective.
 Makes the marketing and
companies activities different
from other companies (Išoraitė,
2016).

Disadvantages
 It does not consider consumer
behavior
 It is similar for every company and
industry (Kerin, and Hartley,
2015).
 It does not includes the building
of relationship
 This process is implemented on a
singular basis but the companies
do not sell a product in isolation.

References
 Yousaf, S. (2014) Promotion mix management: A consumer focused Islamic perspective, Journal of
Marketing Communications. 22(2), pp. 215-231. Doi:
https://www.tandfonline.com/doi/abs/10.1080/13527266.2014.888575
 Baker, M. J., and Hart, S. (2016) The marketing book. Routledge
 Baker, M. J., and Saren, M. (2016) Marketing theory: a student text. Sage.
 Datta, H., Ailawadi, K.L. and Van Heerde, H.J. (2017) How well does consumer-based brand equity align
with sales-based brand equity and marketing-mix response?. Journal of Marketing, 81(3), pp.1-20.
 Išoraitė, M. (2016) Marketing mix theoretical aspects. International Journal of Research–Granthaalayah,
4(6), pp.25-37.
 Kerin, R. and Hartley, S. (2015) Marketing: the core. McGraw-Hill.
 Stead, M. and Hastings, G. (2018) Advertising in the social marketing mix: getting the balance right. In
Social Marketing (pp. 29-43). Psychology Press.
 The economic times. (2019). Definition of 'Marketing Mix'. [online] Available From: https://
economictimes.indiatimes.com/definition/marketing-mix[Accessed 12/21/19].