7Ps in Marketing Mix

The 4Ps were designed at a time where businesses sold products, rather than services and the role of customer service in helping brand development wasn't so well know. Over time, three extended ‘service mix P’s' were added: Participants, Physical evidence and Processes, and later Participants was renamed People. Today, it's recommended that the full 7Ps of the marketing mix are considered when reviewing competitive strategies.

The 7Ps helps companies to review and define key issues that affect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.

How can I use this model?

Companies can use the 7Ps model to set objectives, conduct a SWOT analysis and undertake competitive analysis. It's a practical framework to evaluate an existing business and work through appropriate approaches whilst evaluating the mix element as shown below and ask yourself the following questions: 

• Products/Services
• How can you develop your products or services?
• Prices/Fees
• How can we change our pricing model?
• Place/Access
• What new distribution options are there for customers to experience our product, e.g. online, in-store, mobile etc.?
• Promotion
• How can we add to or substitute the combination within paid, owned and earned media channels?
• Physical Evidence
• How we reassure our customers, e.g. impressive buildings, well-trained staff, great website?
• People
• Who are our people and are there skills gaps?
• Process
• How can we provide better product/service to customer expectations?

Elements of Marketing Mix

Partners may be a new 'P' in future to answer the question of whether we're seeking new partners and managing existing partners well.

KAYNAK:

http://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/