7Ps and 4Ps of Marketing Mix

Traditionally, the 4Ps of marketing has been considered the cornerstone of marketing strategies, but over time, the number of Ps has been expanded to seven.

Definition

Marketing Mix is the set of controllable variables that the firm can use to influence the buyer’s response – Philip Kotler

Marketing Mix – A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. – James Culliton

The 4Ps of Marketing

The 4Ps of marketing, also known as the marketing mix, are Product, Price, Place, and Promotion. These elements form the foundation of any marketing strategy. And basically these are used to determine the best way to reach potential customers and sell products or services.

Product

The first P in the marketing mix refers to the product/service that is being to be sold. It includes all aspects of the product. Such as its features, benefits, quality, and design. Understanding the product and what it offers is essential in determining the right marketing strategy.

Price

The second P of the marketing mix is price. This refers to the cost/price of the product or service and how it will be priced in relation to the market and competition. 

So price is a important element in marketing as it can affect the demand for a product and determine its profitability.

• Pricing is important for the company
• It considers the combination of price and value
• And customers may feel that the price does not match the value of the product
• Competition can offer the same or better product with a better price and value combination
• Competitors may release a cheaper or a well-priced product
• The current pricing structure may not be perfect for the market.

Place

It refers to the distribution of the product or service. This includes the channels through which the product is sold. Such as online or through retail stores. 

Understanding the target market and their preferred channels of purchase is required in determining the right distribution strategy.

When it comes to the “Place” component of the marketing mix. Consider where your customers shop. Are they purchasing online, at retail stores, or does the product necessitate door-to-door marketing? It is also critical to examine which purchasing method is best for clients. 

So people normally prefer to go to a store and examine the possibilities for large things like mattresses or furnishings. Customers are increasingly likely to buy minor things like earphones or battery banks online. 

So, if the brand has a strong reputation and provides good value. As a result, it might help to sustain the market.

Promotion

The fourth and final P in the marketing mix is promotion. It refers to the methods used to market and promote the product or service. This includes advertising, public relations, sales promotion, and personal selling. 

Effective promotion is essential in creating awareness and driving demand for a product.

You need to consider a few important elements when promoting your product. Here are some things to remember:

• How can you reach your target audience either it was through the media channels that your customers prefer to use?
• Which marketing strategies will bring in the most buyers for your product?
• Which media outlets will provide you with the best return on your advertising investment?
• Remember to account for the price of promoting your product.
• By taking into account these factors, you can develop a promotion strategy that successfully reaches your target market and produces results.

The 7Ps of Marketing: An Extension

The 4Ps of marketing has been expanded to seven, with the involvement of three more elements that are consider crucial in today’s marketing viewpoint. 

So the three additional Ps are People, Process, and Physical evidence.

People

The first additional P in the 7Ps of marketing is People, which refers to the employees and customers involved in the marketing process. 

Understanding the target audience and their needs is crucial in determining the right marketing strategy. And also employees play a crucial role in executing the marketing plan effectively.

Process

The second additional P in the 7Ps of marketing is Process. This refers to the methods and systems used to deliver the product or service to the customer. 

So this includes the processes involved in product development, production, and distribution. Understanding the processes involved in delivering the product is essential in determining the right marketing strategy.

Physical Evidence

The third and final extra P in the 7Ps of marketing is Physical Evidence. It refers to the tangible elements of the product or service that provide evidence of its existence. 

So this includes packaging, branding, and the physical appearance of retail stores and website design. Physical evidence is essential in creating a strong brand image and building customer trust.

The 4Ps vs 7Ps: Which is Better for Your Marketing Strategy?

The 4Ps and 7Ps of marketing both have their advantages and disadvantages, and the choice between them will depend on the specific requirements of a business and its target audience. So 4Ps provide a straightforward approach to marketing, while the 7Ps offer a more wide approach.

The 4Ps of marketing mix refer to the four key factors or areas of focus in marketing strategies: product, price, place, and promotion. These four factors has use in marketing for decades and are consider the traditional elements of marketing.

However, in the modern age, organizations have extended the 4Ps model to include three more factors in their marketing strategies: processes, people, and physical evidence. 

These three factors are consider important elements in marketing a service, which led to the development of the 7Ps of the marketing mix.

The 7Ps are product, price, promotion, place, physical evidence, people, and process.

So each of the 7Ps are important variables that relate to marketing a product or service, and they can be leverage to the benefit of the marketing plan.

The difference between the 4Ps and 7Ps is that the 4Ps are the traditional factors in marketing, while the 7Ps are the extended model that includes three additional factors to account for the complexities of marketing services in the modern age.