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 including the additional 3 Ps: People, Physical Evidence, and Process. The document provides definitions for each element, including product differentiation, distribution channels, pricing strategies, and promotional activities. It also highlights the importance of employees, the physical environment, and the operational processes involved in delivering services. The advantages of the marketing mix, such as its ability to integrate various marketing concepts and facilitate strategic decision-making, are discussed, along with its disadvantages, such as its limited consideration of consumer behavior and its generic application across different industries. The report concludes with a list of references supporting the analysis of the marketing mix.

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].