The 4Ps and the 7Ps of the marketing mix
Student-written example
Shared for study and reference. Not a sample of our professional writing.
About this example
This assignment was contributed by a student. The views expressed are the author’s and do not necessarily reflect those of UKEssays. Use it to inform your reading and develop your own work.
Question
What are the 4Ps & 7Ps of the marketing mix?
Answer
The marketing mix is a tool used when developing a marketing strategy. The four P’s of the marketing mix consist of product, place, price and promotion: Product – This refers to an item which can satisfy customer needs or demands, which can be either a tangible good (physical existence) or an intangible service. Price – This refers to the price that you will charge for the product/service. The three basic pricing strategies include market skimming, market penetration and neutral pricing. Place – This refers to providing a convenient place for consumers to access the product or the distribution channel from where the value is created. Promotion – This refers to how the product or service can effectively reach the target market focused on. There are a variety of ways in achieving this, which can include advertising online, public relations, sales promotion etc. There is also a theory of 7P’s (Service Marketing Mix) which includes the original 4P’s and 3 additional ones, these are: People – This refers to ensuring you have trained staff to deliver the service as would be expected by customers. Process – This refers to systems used to deliver the service. It is important to have consistent systems so that customers all receive the same service experience. Physical Evidence – This refers to the environment in which the service is delivered. For example, if you were providing a hotel service you would need to ensure that each room has a bed, wardrobe, bathroom with shower etc. and that the environment be clean and tidy.
References
UKEssays writing support
Need support with your own question?
Our experienced academic writers hold at least a 2:1 degree from a reputable university, with most exceeding this minimum.
Send us your question and, if you wish, any marking criteria. We’ll write a model answer to your brief.
Cite This Work
To export a reference to this article please select a referencing stye below:
Related Services
View all
DMCA / Removal Request
If you are the original writer of this assignment and no longer wish to have your work published on UKEssays.com then please click the following link to email our support team:
Request essay removal