Explain 7 P's marketing.
The marketing mix is a familiar marketing strategy tool, which you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights. The 7Ps model was devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach. 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, Booms and Pitner added three extended â€˜service mix Pâ€™s': 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 effect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix. 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? Partners: Are we seeking new partners and managing existing partners well?.
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