Service Marketing

The 7Ps of Marketing Mix

SUBMITTED TO: SIR.PRADEEP DUBEY

2010

SUBMITTED BY: AVINASH SINGH

CMD(2009-11)

12/22/2010

The 7Ps of Marketing Mix

Services are very different from products. So the marketing concepts need to be revisited while marketing a service. Services can range from financial services provided by the banks, technology services provided by the IT company, food and ambience as a service provided by restaurants or even a blog where an author provides a service (information presentation, interesting reading etc) to his audience. Services marketing are dominated by the 7 Ps of marketing namely Product, Price,  Place, Promotion, People, Processand Physical evidence.

Marketing professionals and specialist use many tactics to attract and retain their customers. These activities comprise of different concepts, the most important one being the marketing mix. There are two concepts for marketing mix: 4P and 7P. It is essential to balance the 4Ps or the 7Ps of the marketing mix. The concept of 4Ps has been long used for the product industry while the latter has emerged as a successful proposition for the services industry.

The 7Ps of the marketing mix can be discussed as:

Product is your core offering.This is “the thing” that will fulfill the needs of your customer. If your product is faulty, every thing else fails. It must provide value to a customer but does not have to be tangible at the same time. Basically, it involves introducing new products or improvising the existing products.

Price has a lot of impact on the service buyer’s satisfaction level. Often, paying a higher price makes a customer more satisfied. Price is often considered a proxy for quality. Pricing must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like.

Place often offers a different side of value (utility) to the customer. Who would want to travel 10 miles to have a regular dinner, even if that is priced very...