List of companies having 7 P's of Marketing with example
Today ,we are going to understand
7 Ps of marketing in detail.
The important purpose of marketing for
any company is to make customer
aware about their product.
A marketing mix is a set of factors that
company can use to make customer
purchase companies product.
Marketing mix usually refers to set of four
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| Image of 7P's of Marketing |
7 P's of marketing
1.Product
2. Price
3.Place
4.Promotion
5. People
6.Physical evidence
and
7.Process
List of companies having 7p of Marketing
is also added to that
and called 7 ps of marketing.
Please watch my video till end
because you will find different examples
for each and every point we are going to study today.
Number 1 : Product
According to Kotler product is anything
that can be offered to a market
for attention, acquisition,
use or consumption that satisfy consumer need or want.
It includes physical objects, services,
personalities, places, organization and ideas
We can take the
Example : of magic
as an intangible product for entertainment.
Number 2 : Price
Price is the only p in marketing mix that
generates revenue.
Price is the amount of money
that your customers have to pay
in exchange for your product or service.
There are several pricing strategies
that you can follow.
Selecting a pricing strategy is based on
the product itself, competitive environment,
customer demand and other products that you offer.
Example : many tour operators use psychological pricing.
That is when you take a rounded price
and trade it with an odd number
just below that price.
This strategy can also be known as the .99 price.
Number 3 : Place
Place in marketing stands for distribution
of goods and services.
It is the process of moving product
from producer to customer in
the right place and at the right time.
It can be moved through direct sales or
through different distribution
channel like distributor, wholesaler, retailer etc.
Example : order given on e-commerce sites.
Online order given by customer on
e-commerce will delivered to customer
directly without any intermediaries.
Number 4 : Promotion
To effectively strengthen
the customer's view of the organization,
the promotion mix must be integrated
with the marketing mix
to deliver a consistent message and
strategically position the company and product.
The four main promotional tools are
advertising, sales promotion,
public relations and personal selling.
Example : In a survey of
representatives of the commercial banking sector
in the United States,
it was found
that in 2018 the sector spent 600 million
$ on advertising for mobile banking
and online banking facilities.
Number 5 : People
One of the essential elements of the
marketing mix is people.
This includes everyone involved in
the product or service, directly or indirectly.
Not all of these people came in contact with the customers.
But all of these people have their
own roles to play in the production,
marketing, distribution and delivery
of product and services to the customer.
Example : employees of call center.
Role of employee is very important
in managing call center properly
because call center is companies
first and only contact with the customer.
When customers call,
you don't want to receive them with a bad experience.
Number 6 : Physical Evidence
According to Zeithaml and Bitner
physical evidence is the environment
in which the service is delivered
and where the firm and customer interact
and any tangible components that
facilitate performance or communication of the service.
The physical evidence thus
includes all the tangible representations of the services
such as layout, decor, cleanliness,
equipment, employee dress, etc.
Example : Seat in cinema
are very comfortable and clean
with very pleasant environment.
Number 7 : Process
Process is the actual manner in which
the services are delivered.
Since the customers are present at
the time of service delivery
the service process is a
prime consideration in customer satisfaction.
Example : the steps involved
in the process for customer
when they decides to
take membership of video service providers
like Netflix, Amazon prime or Disney +
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