7Ps of marketing (marketing mix)
7Ps of marketing is a widely popular and one of the most basic framework that helps businesses analyze and develop their marketing strategies. These elements encompass various aspects of the marketing mix, including product, price, place, promotion, people, process, and physical evidence. Let’s explore each P with examples from India to get a better understanding:
- Product: This refers to the goods or services that a company offers to its customers. For example, Tata Motors, an Indian automobile company, offers a range of products such as passenger cars (Tata Tiago, Tata Nexon), commercial vehicles (Tata Ace, Tata Prima), and electric vehicles (Tata Tigor EV, Tata Nexon EV).
- Price: This refers to the pricing strategy used by a company to set the price for its products or services. An example would be Flipkart, an Indian e-commerce company, which often offers discounted prices and deals on various products to attract customers and gain a competitive edge.
- Place: This element refers to the distribution channels and locations where customers can access the product or service. One example is Amul, an Indian dairy cooperative. Amul has a strong distribution network across India, ensuring its dairy products like milk, butter, and cheese are readily available in both rural and urban areas through a vast network of Amul milk booths and retail stores.
- Promotion: This element encompasses the marketing communication strategies used to promote the product or service. For instance, Vodafone Idea (now Vi), a major telecom operator in India, uses a mix of advertising campaigns, social media promotions, and celebrity endorsements to create brand awareness and attract customers.
- People: This refers to the employees and staff involved in delivering the product or service and their interaction with customers. The Taj Group of Hotels, a luxury hotel chain in India, focuses on delivering exceptional customer service by training their staff extensively to provide personalized experiences to guests.
- Process: This element refers to the procedures, systems, and workflows involved in delivering the product or service. Swiggy, an online food delivery platform in India, has a streamlined process that involves ordering, delivery coordination, and payment processing to ensure a smooth and efficient experience for both customers and restaurants.
- Physical Evidence: This element refers to the tangible elements that support the product or service, such as packaging, branding, and the overall physical environment. For example, Titan, an Indian watch brand, invests in aesthetically pleasing packaging and in-store displays to enhance the overall buying experience and reinforce the brand image.
Feel free to share more examples in comments.
(image credits: shutterstock.com)