7 Ps of Marketing
What are the 7 Ps of Marketing?
We have already defined the 4Ps of marketing. These 4Ps are defined for a product. But, for a service, customers look for three more elements. So, for communicating a service to the customers, marketers have defined 7Ps. The first 4 Ps are same as Product, Price, Place and Promotion. Next 3 Ps are following:
· People – The employees of a firm are important in marketing, as they are the ones who deliver the service to the customers. It is important to hire & train the right people, whether they are service staff, front line Sales staff or the
Managing Director.
· Process – The processes of the organization affect the delivery of the service. So, we have to make sure that we have a well-organized process in order to minimize cost. The process can be supply chain distribution, paying system or the feedback system.
· Physical Evidence – On general basis, all services include at least some physical elements even if most of the service for what the consumer is paying for is intangible. For example, a massage center provides their clients with a complete massage and a post office gives customers some kind of payment slips. Even if the material is coming through online mode (through mail docs) then also a customer is said to be receiving a “physical product” by this definition.
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