The marketing mix is a familiar marketing strategy tool, which was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. Over time, it was expanded to 7Ps with Participants, Physical evidence and Processes being included to the mix. Participants was later renamed People. Today, it is recommended that the full 7Ps of the marketing mix are considered when reviewing competitive strategies. The 7Ps helps companies to review and define key issues that affect the marketing of its products and services. Now, it is often referred to as the 7Ps framework.
How can I use this model?
Companies use the 7Ps model as a strategy to set and achieve their marketing objectives or undertake their competitive analysis. It is a practical framework to evaluate an existing business according to the elements of the mix as shown above.
Questions to ask When Reviewing the Marketing mix
Products/Services: How can you develop your products or services to gain competitive advantage in the market?
Prices/Fees: How can we change our pricing model to be attractive to the customers?
Place/Access: What new distribution options are there for customers to experience our product, e.g. online, in-store, mobile etc.?
Promotion: How can we add to or substitute the combination within paid, owned and earned media channels?
Physical Evidence: How we reassure our customers, e.g. impressive buildings, well-trained staff, great website?
People: Who are our people and are there skills gaps?
Process: What are the systems and processes that deliver the product to the customers?
