The 7P’s are considered as a tool for marketing strategy by Boom and Bitner which is also called as extended marketing mix. This strategy increases the number of control variable form four to seven, which is an extension with three P’s in the existing marketing mix model (Boom and Bitner). The traditional marketing mix model is generally made for the tangible products. The aspect of extended marketing mix is that it is applicable also on the service industries and also for enhancing the knowledge about environment. The 7P’s is the applicability towards tangible product as well as take in the service related offerings. The company cannot often do extremely well in all 7P’s though it can be vary with various conditions or at different targets (Ahmed, 1995). The elements of the 7P’s are as follows;
Product
Product is an object which is developed by the company on huge scale with some specific volume of units. There are many products that are available for use and it is the responsibility of the seller in order to insure its customers that it is best suitable for them (Matt, 2012). The product should be manufactured as accordingly to the demand of the customers/ buyers. A good product involves the factors like service, brand, quality, packaging, appearance and warranty etc.
Price: Price is the amount that is paid by the customer against the product and services. The price of the product is settled by the company as according to the investment made during the preparation. Price is the most important factor of marketing. The pricing process is settled to state the competitive pricing and expensive pricing shows the superiority of the product.
Place
Place is the area at which the product is available for the customers that may involves the outlets of different products. Place also consider the factor of delivery and timings as it involves a lot of weight with customers. If their raised issues with the delivery of the product or some of items are missed then the customer may be lost.
Promotion
Promotion involves the factors that are required to familiar the product with customers. Advertisement and promotional programs are the examples of promotion. Advertisement is the most important tool which is an option to make the product available for customers. Promotion is most important part for the sale of the product as it provides awareness to the customers (Matt, 2012).
People
Different people are involved in direct and indirect marketing; they may be developers, customers, employees and management etc (Ahmed, 1995). When services provided are related to offering then the people involved in it are consumer and these should not be ignored because they also added additional value to the product.
Process
It involves procedures that are required for the preparation of the product. The number of sales and activities are defined in process. It also considers the after sales services, orders to take the marketing strategies.
Physical evidence
Specific environment is provided to the customers at which product is available. It is stated that satisfied customers are the best advertisement about the product and brand. Marketing strategies should involve effective communication for potential customers (Boom and Bitner).
References
• Ahmed, P.K (1995) "Using the 7Ps as a generic marketing mix: an exploratory survey of UK and European marketing academics", Marketing Intelligence & Planning, Vol. 13 Iss: 9, pp.4
• Matt (2012). 7p’s by Boom and Bitner.
• Booms, B.H & Bitner, M.J. Extended Marketing Mix 7-P’s. Value based managemnt.net