Economics

What are the 7 p’s of marketing/Product/Price/Promotion etc.

When we talk about the 7 P’s of marketing we mean the variables that have been added to the traditional marketing mix .

The traditional mix includes the product, the price, the promotion and the place.

The traditional 4 P’s

  • Product : It is the good or service that satisfies the customer’s need, for example, if it is a Coca Cola, the product is black carbonated water that meets the consumer’s thirst need. To be a product it must have other components such as a container, in this case it is the can that preserves the product from its production to the moment of consumption. In addition, the product must have a name that differentiates it from the rest of the competing products, in this case the Coca Cola brand is the name that differentiates it from other brands sold in the market.
  • Price: It is the amount of money that the customer is willing to pay for that satisfactory, with the previous example if we pay $ 1.00 for a can of Coca Cola, this is the price. The customer is willing to pay that price when he considers that what he receives is worth more than what he delivers.
  • Promotion: It is also known by the name of communication and it is the way the company sends messages to the target audience so that they know about the benefits of the product. In communication, the message informs and persuades the target audience to prefer our products and to buy them. We can talk about an advertisement on television, a banner on the internet, a direct contact with the client, among others.
  • Plaza: The plaza is synonymous with distribution and represents the way in which the company brings products in the most appropriate places, times and conditions for the customer. The place where the client finds his product must be adapted to the needs of each subject, if you are in university you do not have to go to the Coca Cola factory to get your drink, but you find it in a cafeteria that is in the university .

Marketing evolves every day, so it has to adapt and add strategies that better suit the needs and desires of consumers and customers. This is the reason why we now talk about 7 P’s in marketing.

7 P’s of marketing

The variables that have been added are the following:

  • People or individuals: Individuals representing clients in the company , and is one of the most important variables of marketing, because all strategies must revolve around meeting the needs of the customer. Marketing begins with getting to know the customer through market research and ends up producing the satisfiers to meet the unmet needs of those customers. All the people who work in a company must unify their efforts to give the best customer service, because the customer is their reason for being.
  • Processes: The processes refer to all the activities that the company carries out to maintain a close relationship with its customers. This relationship should help to give a better follow-up to your clients in all the stages that they have contact with the company; because if you do it well you will achieve customer loyalty.

In this variable, companies make use of automated media, information and data, to give a better response to consumers and thus serve them better, to continue counting on their preference and their buy-back.

  • Positioning: Positioning is synonymous with presence, the strongest competition within marketing is to occupy a predominant place in the mind of the consumer. Positioning is the way the consumer sees us, we can be a quality leader like Apple or a low price leader like Taco Bell.

The point is to occupy a privileged place in the mind of the consumer, so that our brand is remembered, recognized and preferred.

In conclusion, we can say that it does not matter if we talk about 4P’s or 7P’s, the important thing is to know that all our marketing actions must be based and focused on the client, always trying to exceed their expectations.

Companies must always deliver more added value than the customer expects to receive. That way we make sure to maintain a long-term relationship with them. To achieve this goal, we must always be aware of meeting each of our consumers their interests, tastes and preferences; these aspects are always different in each person.

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