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ENTREP_Module5

The document discusses the 7Ps of Marketing, which are essential components of a marketing mix used to effectively market products and services. The 7Ps include product, place, price, promotion, people, packaging, and positioning, with each element playing a crucial role in satisfying customer needs. Understanding and implementing these elements can significantly enhance a company's competitive advantage in the market.

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Art Justine
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4 views

ENTREP_Module5

The document discusses the 7Ps of Marketing, which are essential components of a marketing mix used to effectively market products and services. The 7Ps include product, place, price, promotion, people, packaging, and positioning, with each element playing a crucial role in satisfying customer needs. Understanding and implementing these elements can significantly enhance a company's competitive advantage in the market.

Uploaded by

Art Justine
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MODULE 5 – 7P’s of Marketing

Whatever you sell or offer you must outline your marketing mix. Marketing mix has been around as early as trade existed
and that is quite long already. The only difference is that today everything is well outlined and keeps evolving even
further. To get to the point, marketing mix is a business mechanism used for effective marketing of the products. There is
no hesitation that anyone would benefit from a powerful 7Ps. Marketing Mix is a set of controllable and connected
variables that a company gathers to satisfy a customer better than its competitor. It is also known as the “Ps” in
marketing. Originally, there were only 4Ps but the model has been continually modified until it became 7P’s. The original
4 P’s stands for product, place, price and promotion. Eventually, three elements have been added, namely: people,
packaging and positioning to comprise the 7 P’s.

The 7 P’s of Marketing Mix

There are several important frameworks which you can utilize for the purpose ofmarketing your product and services. A
very crucial structure among these is the “7P’s of Marketing. The framework of “7 Ps of marketing” includes product,
place, price,promotion people, packaging and positioning. Realizing these P’s in the most idealmanner can turn out to be
very profitable, however, you should totally see each description of the 7 P’s first.

1. PRODUCT The first P in the Marketing Mix is the Product. Marketing strategy typically starts with the product.
Marketers can’t plan a distribution system or set a price if they don’t know exactly what the product will be offered to
the market.

Product refers to any goods or services that is produced to meet the consumers’ wants, tastes and preferences.
Examples of goods include tires, MP3 players, clothing and etc. Goods can be categorized into business goods or
consumer goods. A buyer of consumer goods may not have thorough knowledge of the goods he buys and uses.
Examples of services include hair salons and accounting firms. Services can be divided into consumer services, such as
hair styling or professional services, such as engineering and accounting

The two (2) types of products

There are 2 types of goods. Consumer Goods and Business Goods. The table below shows the comparison
between the 2 types of goods.
2. PLACE
Place is the second P in the Marketing Mix. Place represents the location where the buyer and seller exchange goods or
services. It is also called as the distribution channel. It can include any physical store as well as virtual stores or online
shops on the Internet.
It is one thing having a great product, sold at an attractive price. But what if:
• Customers are not near a retailer that is selling the product?
• A competing product is stocked by a much wider range of outlets?
• A competitor is winning because it has a team of trained distributors or sales
agents who are out there meeting customers and closing the sale?
Place matters for a business of any size. It is a crucial part of the marketing mix.
The main function of a distribution channel is to provide a link between production and consumption.
The Different Pricing Strategies and Its Definition

4. PROMOTION Promotion is the fourth P in the Marketing Mix. Promotion refers to the complete set of activities, which
communicate the product, brand or service to the user. The idea is to create an awareness, attract and induce the
consumers to buy the product, in preference over others. The following are the most common medium in promoting a
product and this is called promotional mix

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