Marketing Mix: The Information on Updated 7P’s
Marketing mix is intended to help the companies assess their business activities. Originally, there were
4P’s that epitomized the marketing mix which included product, price, place and promotion. But
recently, 3P’s have been added which stands for packaging, positioning and people. Marketing mix helps
attain maximum results. Below are the 7P’s briefly elaborated:
Product:
A product is the primary element for which the entire procedure is conceded. Extensive research during
product development stage can help shape the right merchandise according to the market demand. A
product life cycle comprises of introduction, growth, maturity, decline and reinvention.
Price:
Price is the most crucial factor. It should cover all the built-up expenditures and deliver a rational
revenue. Competitor’s pricing should be in contemplation. Price of a product also depends upon the
social class targeted. The prices of a product are subjected to economy of a country.
Place:
Place determines where the product or service is being sold. To make a product efficacious, it should be
within the customer’s reach. Now a days, online presence has made selling easier. Customers can
nowadays order the product online irrespective of their location.
Promotion:
Promotion of a product increases the sales remarkably. Advertising on TV, social media and bill boards
are the preferred way of promotion. The advertising approach should synchronize with the nature of
product.
Packaging:
The external appearance of a product and service holds high value. Visually, the packaging of a product
should be appealing with product’s name, manufacturing company and other crucial specifics. It is
necessary that food and pharmaceutical products should comprise of manufacture and expiry dates.