Marketing Mix: Exploring the 7Ps and New Marketing Approaches

This report examines the traditional 7Ps marketing mix (product, price, promotion, place, people, process, and physical evidence) and its limitations in today's market. It highlights the model's focus on short-term sales and advertising rather than long-term customer retention and satisfaction. Th...Read More

Introduction:
Organizations can utilize the 7Ps model to set goals, lead a SWOT examination and attempt
an aggressive investigation. It's an application framework to assess a current business and
work through suitable methodologies while assessing the marketing mix component.
Nowadays to assess new market area more P's need to be developed which helps not only in
retaining customers but increase their satisfaction as well.
Relevancy of traditional 7p in today market:
One of Marketing's primary targets is to distinguish and fulfill customer’s needs and demands
keeping in mind the end goal to build up a recommendation that gives focused edge or
differential favorable position. Every company has to develop the marketing strategy in order
to grow the business in the market (Khan, 2014). The first strategy adopted generally is
traditional 7ps of marketing. These P's give the basic idea and platform for a company to
perform the promotional strategy in the market. These 7ps are the product, price, promotion,
place, physical evidence, processes, and people.
Marketing mix inefficiency:
Traditional mix model focuses only on advertisement and promotion rather than retention of
the customer. As these two strategies only increase sales at one time but are not effective to
retain the customer for repetitive purchases. Generally, the first time purchases made are
called penetration purchase for the brand and represent only newly acquired customers. And
repeat purchases are purchases of the same brand made by the customer after penetration
purchase.
Mix model adopted focuses for sale occurring within one week after the marketing strategies
without considering the effect on another week. As this measures the effect of promotional

strategies earned by company immediately after applying the strategy. Mix model does not
estimate the effect of promotional strategy on long term and value of the advertisement.
Moreover, long term effect on negative consequences on price and promotion are not
calculated.
Traditional mix also does not satisfy complaints and queries of customers. It is impersonal so
not helping the customer to make a final decision. These strategies are costly as well for a
new venture and non-profitable company, as advertisement and promotion require huge
budget from companies. Moreover, if these strategies used for long term affects the market
value of the product, as too much promotion destroys value in customer mind and brand
image.
New P’s in the market presently used are:
Performance:
It is also called as productivity; performance measures how excellently an
organization's administrations contend in the market. This may incorporate how reliable the
administration is and how well its highlights convert into benefits as it is being conveyed. For
instance, car cleaning administration may utilize best in class equipment but have trouble
attracting customers again. The performance also helps a hotel to evaluate its financial
objectives and whether they are being accomplished. If a hotel or restaurant performance at
the time of service is poor then customers would be reluctant to come back to the same hotel.
Positioning:
The positioning shows how the customer perceives about product and services
provided by a company. The positioning creates a unique position in the market and enables
users to consider as a differentiate benefits for them. A position helps in creating product

USP (Unique Selling proposition). A good positioning makes a product unique and makes the
users consider using it as a distinct benefit to them. A good position gives the product a USP
(Unique selling proposition). In a market combined with heaps of products and brands
offering comparable advantages, a great positioning influences a brand or item to emerge out
as best from the rest, giving it the capacity to charge a higher cost and fight off rivalry from
the others. A good position can benefit a daily routine industry like P&G to enable customer
for repetitive purchases. As P&G creates brand and position amongst mind of the customer
by their service and performance. A decent position in the market additionally enables P&G
to come out from worst times more effectively. A good position is one which enables
adaptability to the brand or item in extensions, amendments, appropriation and promoting.
Presence:
It is an art of representing components of business to customers, suppliers,
wholesalers and many more of the company through presence in online marketing. It's
important for inbound advertising, in light of the fact that quality online products will help
retain clients regardless of the possibility that they haven't known about company image. For
instance, an online presence is essential for companies like Amazon for promoting on the
basis that it strengthens sales and offers target market timely (Luan, & Sudhir, 2010). As
online presence helps in knowing the customer's demand and latest trends in market enabling
a company to explore new segment.
Conclusion:
From above analysis, it can be learned that marketers need to adopt new marketing in order to
increase their share in the market. As traditional P’s helps only to increase the sale of the
company at one time whereas new P’s helps the company to achieve long term growth and
profit.

References:
Khan, M. T. (2014). The concept of'marketing mix'and its elements (a conceptual
review paper). International journal of information, business and
management, 6(2), 95.
Luan, Y. J., & Sudhir, K. (2010). Forecasting marketing-mix responsiveness for new
products. Journal of Marketing Research, 47(3), 444-457.Neti, S., 2011.
Social media and its role in marketing. International Journal of Enterprise
Computing and Business Systems, 1(2), pp.1-15.