The Marketing Mix 4P’s and 7P’s Explained
The advent of significant service sectors and digital marketing and communications, have changed both marketing strategy and dynamics of business in reaching consumers.From the Marketing Mix (2018):
‘Before we go into all the elements of the marketing mix, and to avoid confusion between the 4p’s, 7p’s and even the 4c’s – you should pay attention at the image below to understand what makes up the entire marketing mix. |
| 4Ps or 7Ps in Marketing? (Image copyright MarketingMix 2018) |
The image above is a simplistic diagram of the elements that are included in a marketing mix.
It is a basic concept, but here’s the cold hard truth…
If you don’t understand it in detail or at all, then there is a fairly certain chance that you are missing out on the key ingredients that will ensure scalable success from the ground up.
It has been said many, MANY times in business that if you don’t know your target market well enough and figured out what they exactly want, you’ll commit entrepreneurial suicide and the business will inevitably fail.
On the other hand, you can be sure to attract mountains of profits when you have a deep understanding of these concepts. Understand this fully and you will know exactly how to maximize profits on your own sustainable business or help become a valuable asset within your company and gain endless promotions.
Sadly, for many existing marketers and aspiring marketers, this concept is glossed over as “everyone seems to know what it is” and is disregarded as basic knowledge. But do you really know what it is? Let’s find out.
Now, what is a marketing mix, exactly?
Marketing Mix 4P’s Product, Price, Place and Promotion.
Marketing Mix 7P’s People, Process and Physical Evidence.
Marketing Mix 4C’s Customer Value, Cost, Convenience and Communication.’
Of the above key changes have occurred in how ‘people’ ‘communicate’ in a digital environment carrying word of mouth WOM quickly and broadly to attain value from trusted sources, in other words out of the control of conventional marketing.
