7 Ps OF MARKETING MIX
All marketers are using different tools in order to get the desired response from their customers or best satisfy their needs. Marketing Mix is a combination of marketing tools that a company uses to satisfy their target customers and achieving organizational goals.4 ps and 7ps are using as the marketing tools for satisfying all customers needs:
Product is the actual offering by the company to its customers for profit.
It’s target customer which also includes value-added stuff. Product may
be tangible or intangible. Tangible means goods and intangible means services. Customers purchase the products according to their needs which is also helpful for the company to gain the more and more profit.
Price includes the pricing strategy of the company for its price. How many customers should pay for a product? Pricing strategy not only related to the profit but also helps in finding target customers. Pricing decisions also change the choice of all marketing channels. Price is the main tool involving in the marketing because through price, a customer can purchase a product.
Promotion includes all communication and selling activities to persuade future. Promotion is very helpful for the increasing the selling rate of a company and it is also a useful tool for the customers because through promotion customers are aware of the product and it is a very easy way to buy the product
Place: It does not only include the place where the product is placed; all these activities performed by the company to ensure the availability of the product to the targeted customers.availability of the product at the right place, at the right time and in the right quantity is important in placement decision.
People: People are an essential ingredient in service provision
Recruitment and selection of right staff are required for the competitive advantages. Customers can judge service provisions in an organization.
Process: This element of the marketing mix looks at the systems used to deliver the service. An efficient service that increases the delivery speed will foster customer loyalty and confidence in the company. All services need to be underpinned by clearly defined and efficient processes.
Physical Evidence: It is about where the service is being delivered from. It is particularly relevant for retailers operating out of shops. This element of the to marketing mix will distinguish a company from its competitors.