WHAT IS MARKETING ?
7 P’S OF MARKETING
IMPORTANCE OF 7 P’s OF
WHAT IS MARKETING
• Marketing is communicating the value of a
product, service or brand to customers, for the
purpose of promoting or selling that product,
service, or brand.
• Marketing techniques include choosing target
markets through market analysis and market
segmentation, as well as understanding
consumer behavior and advertising a product's
value to the customer.
Product: The product is the primary – though not the only –
component of the 7 Ps of the marketing mix. Marketing consultants
will consider carefully which features of the product are most likely
to appeal to its target market, as well as taking into account factors
such as the life span of the product, and its potential for
diversification and development.
Price: The price that is set for a product not only determines
the amount of profit the business will be able to make from it
(and therefore how many units will need to be sold), but also
affects the value of the product as perceived by the consumer.
Many consumers will use the product’s price as a means of
judging its quality, and most will compare the price with that of
similar products before deciding which to purchase.
Place: Products are not only sold in shops – they may
also be sold door-to-door, online, or in trade fairs or
This is an
covering all the
media by which a
its product –
relations and sales
People: Knowing the customer is the linchpin of a
successful marketing strategy – without accurate
customer profiling, none of the other 7 Ps of
marketing mix can be correctly channeled, and the
product may well fail to sell.
Positioning: One of the most important of the 7 Ps of marketing
mix, positioning refers to a product’s status in relation to the
wider market, particularly how it lines up against competitors.
Packaging: This refers not just to
the way in which a product is
wrapped, but also to its overall
presentation, and the way in which
its physical arrangement is
designed to attract the customer.
• Traditionally, the marketing mix was developed for the
fast moving consumer goods sector, and there were 4
Ps: Product, Price, Promotion, and Place (or
• As service sectors have become more aware of
marketing, this marketing mix has been developed to
also include: People, Process and Physical Evidence.
Even if you think you only sell a product, so the original
4 Ps will suffice, it can be useful to think how much of a
service element there is to your business. Indeed, the
goods-service continuum demonstrates that very few
products are purely goods and very few purely service.