The analysis of your products and services through the 7 P’s
The marketing mix is a set of elements put together so that in the end the company knows what the best strategy to apply is. It refers about having the right product (a product that satisfy the needs and wants of consumers) with the right price (the right pricing strategies that will be affordable to the target customers), which will be available at the right place (the best distribution channel) and with the right promotion (the best promotional strategies that will reach the target audience).
The marketing mix is also about people, process and physical evidence. The 4 P’s of the marketing mix has been extended to the 7 P’s.
A product may be tangible or intangible. A product is described as something that a customer will buy to satisfy his needs or wants. (Boundless, 2016)
The price refers to the amount that a customer pays in exchange of a good or service. The price plays an important role in the marketing mix; it determines all the factors (resources, labour, etc) that are needed for the production of the product. (Vincent Van Vliet, 2013)
Place is the distribution channel used by the company to reach the customers. Distribution channel can be wholesaler, retailer or agent.
It is all the efforts made by a company to promote its product in the market, for example through advertising. (Vincent Van Vliet, 2013)
In Booms and Bitner’s service marketing mix, people include people who are directly or indirectly related in delivering a product so as to achieve customer satisfaction. (Vincent Van Vliet, 2013)
Process refers to the input, the output and the outcome that is the activities, procedures so as to deliver a good product to its customers. (VincentVan Vliet,2013)
It refers to an environment in which a service comes about from an interaction between an employee and a customer which is combined with a tangible commodity, for example brochures, reports, company website. (Vincent Van Vliet, 2013)