7 P’s of Marketing MixRahul Singh
Marketing Mix 7 P’s(Process, People and Physical Evidence)
This article is a continuation of Basics of Marketing: 4 P’s
In addition to the 4 P’s in that article there are 3 are three P’s viz.:
• Physical Evidence
People are related directly to the business. Research is an important element to find whether there are enough people in our Target Group that is in demand for certain types of products and services. The employees of the company are the ones who deliver the services to the customer so they are also significant to the company’s cause. This is what is called the “internal” competitive advantage. If your employees genuine. People also form the culture of the organization.
The process is mostly relevant to the service industry. India is a service economy and this P of marketing mix holds significance for us. They systems that are in place in an organization and the processes affect the execution of the service. The costs need to be minimum and the efficiency has to be maximum. Speed and cost are the two major metrics that are aligned with process. Minimize cost and maximize profits is the success mantra for the service industry.
Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed they are still receiving a “physical product” by this definition. In the service industries, there should be physical evidence that the service was delivered. Additionally, physical evidence pertains also to how a business and it’s products are perceived in the marketplace.