THE 7P’S OF THE

MARKETING MIX
ENTREPRENEURSHIP
WHAT IS MARKETING MIX?
• Traditionally, the marketing mix is a framework for your
marketing strategy containing four key elements: Product,
Place, Price and Promotion. Then we have the extended
marketing mix - or the 7Ps - which contains the first four
elements, plus Physical Evidence, People and Positioning. It’s
important to note that while the marketing mix can influence
your strategy and provide a greater understanding of the
wider market, as well as your business internally, it doesn’t
work in isolation. The marketing mix is a tactic that works
best when it’s implemented regularly or semi-regularly as a
structure for planning, executing, evaluating and re-
evaluating your marketing activities.
WHO CREATED THE MARKETING
MIX?
• The marketing mix is a concept developed by professor and
academic, Neil H. Borden, who elaborated on James
Culliton’s concept of business executives being mixers of
ingredients- ingredients being different marketing features
and practices.
 WHAT ARE THE 7P’S OF MARKETING
• 1. PRODUCT MIX

• -Product refers to what is being sold, a physical product,

service, or experience. No matter how you position yourself
as a brand, your product or service is always going to be at
the center of your strategy and will influence every aspect of
the marketing mix. When you think of your product, consider
factors such as: Quality, Specific features,
Packaging/presentation. The problem that it will solve for your
customers. Product in this case, then, is about crafting
something that meets the needs and desires of your target
audience..
• 2. PLACE
• -Choosing the right distribution channels significantly impacts
your product's accessibility and visibility. Effective placement
ensures your product is available when and where your target
audience needs it. Place in the marketing mix doesn't just mean
physical locations—it encompasses websites, catalogues, social
media, trade shows, and brick-and-mortar stores. As of 2021, in-
store shopping dominates, accounting for 80.9% of sales, while
online shopping comprises 19.1%. By 2022, online retail sales
reached 21%, showing modest progress. Place covers all
distribution channels. Factors like your target audience influence
your choices. Selling via a single high-street store won't work if
your audience is mostly online or global. A mix might suit your
business. Understanding your target audience is vital for the right
distribution. To profit consistently, distribute where your brand fits
and your audience can access. Make your presence felt where it
matters most.
• 3. PRICE
• -The right pricing strategy is critical for a product's success. A misstep in
pricing can jeopardize your ROI. Bain & Company research found that 18%
of companies lack internal processes for pricing decisions. Your price
should mirror customer perception, align with your budget, and ensure
profitability. Pricing significantly impacts your business's success, affecting
marketing, sales, and demand. Various pricing strategies exist, each with
unique benefits and considerations, depending on your product and brand
image.
• 6 Common pricing strategies:
• *Price Skimming: Begin with a high price, gradually lowering it over time.
• *Competition-Based Pricing: Set prices above or below competitors' rates.
• *Economy Pricing: Target budget-conscious buyers with lower prices.
• *Premium Pricing: Attach a high price, emphasizing product quality.
• *Value-Based Pricing: Determine price based on perceived customer value.
• *Cost-Plus Pricing: Set price based on production cost plus markup.
• .
• 4. PROMOTION
• -Promotion is at the core of our marketing expertise. Whether
through direct marketing, PR, advertising, content strategies, or in-
store presentations, as marketers, we excel in raising awareness and
engagement.
• -Promotion involves telling a compelling brand story that resonates
with consumers, guiding them to consider your offerings. Effective
promotional strategies achieve various goals, from elevating brand
recognition to driving sales and revenue. Promotional tactics fall into
two categories: traditional and digital. Traditional methods
encompass print media, broadcasting, mail, billboards, and word of
mouth. Digital avenues include email, social media, content
marketing. Digital marketing generates 50% more customer
interactions than traditional methods. The way you communicate
and promote directly affects your brand's success. Misplaced
messages or poor timing can negatively impact sales. Understanding
your audience through segmentation and targeting, along with
integrating marketing data.
• 5. PHYSICAL EVIDENCE

• -Physical evidence means more than just proof of purchase -

it encompasses the overall existence of your brand. Think
website, branding, social media, the logo on your building,
your store’s decor, the packaging of your product, the post-
purchase thank you email, even the ambience of your store.
All of these elements offer your customer the physical
evidence they need to be certain that your business is viable,
reliable and legitimate. For consumers to truly be comfortable
with you, to complete a purchase, remain loyal and advocate
for your brand, they need to be confident that you’re
legitimate and worth their time. To create a well-crafted
strategy that ensures you offer great customer support, be
sure to deliver products and receipts efficiently and reliably,
and provide a customer experience that is seamless across
each and every touchpoint.
• 6. PEOPLE

• -People, in the marketing mix, refers to anyone directly or indirectly involved

in the business side of the enterprise. That means anyone involved in selling
a product or service, designing it, marketing, managing teams, representing
customers, recruiting and training. It’s critical to the success of your brand,
and the satisfaction of your customers, that everyone who represents the
company (including the chatbots) is polite, professional, knowledgeable and
fully trained. Employees need to be able to solve the problems that
customers have, so as a business, you need to offer training, good working
environments and anything that will safeguard the contentment of your
employees. 50% of consumers will switch to a competitor after a single bad
experience, while 80% will switch after multiple bad experiences. Excellent
customer service is a must for any brand operating in today’s customer-
centric market. Digital strategist, Dave Chaffey, says that people buy from
people because of the human connection that we all typically crave. When
marketers create a strategy that’s highly tailored and personalized, they can
be as influential as the best, most persuasive salesperson. Having the right
people is key for both long and short-term success. Each part of the
marketing mix can help your customers see you as reliable and dependable,
which is crucial to any branding strategy.
• 7. POSITIONING

• -Market positioning refers to the ability to influence

consumer perception regarding a brand or product relative to
competitors. The objective of market positioning is to
establish the image or identity of a brand or product so that
consumers perceive it in a certain way.
• For example:
• A handbag maker may position itself as a luxury status
symbol
• A TV maker may position its TV as the most innovative and
cutting-edge
• A fast-food restaurant chain may position itself as the
provider of cheap meals
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