7Ps

• Marketing Mix

  • a business mechanism used for effective marketing of the products. There is no hesitation that anyone would benefit from a powerful 7Ps.
  • a set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor. It is also known as the “Ps” in marketing.
• 7Ps of Marketing

  • Product
  • Place
  • Price
  • Promotion
  • People
  • Packaging
  • Process
• Product

  • Any physical good, service or idea that is created by an entrepreneur or an innovator in serving the needs of customers and addressing their existing problems.
  • There are 2 types of goods: Consumer Goods and Business Goods.
• Consumer Goods

  • the demand for this is a "direct demand"
  • the number of buyers is great
• Business Goods

  • the demand for this is a "derived demand". It is derived from the demand for consumer goods, which are made using this.
  • have only limited number of buyers
• Three-Level Concept of Products or Services

  1. Core Benefits of the Products or Service
  2. Physical Characteristics of the Product or Service
  3. Augmented Benefits of a Product or Service
• Place

  • Location or the medium of transaction
  • It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the internet.
• Price

  • Value assigned to a certain product or service after considering its costs, competition, objectives, positioning, and target market.
• The Different Pricing Strategies

  • bundle pricing
  • premium pricing
  • psychological pricing
• Bundle Pricing is the act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately.
• Premium Pricing means setting the price of a product higher than similar products. The goal is to create the perception that the products must have a higher value than competing products because the prices are higher.
• Psychological pricing is the practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are. This practice is based on the belief that customers tend to process a price from the left-most digit to the right, and so will tend to ignore the last few digits of a price.
• Promotion

  • Presenting the products or services to the public and how these can address the public’s needs, wants, problems or desires.
• Examples of Promotion


  • Advertising
  • Selling
  • Sales Promotion
  • Public Relations
• Selling


  Personal selling occurs when an individual salesperson sells a product, service or solution to a client. Salespeople match the benefits of their offering to the specific needs of a client.
• Sales Promotion


  Any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service.

  • Free gifts

  • Free Samples

  • Free Trial

  • Customer Contest

  • Special Pricing
• Public Relations


  The article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films your company as a result of information he or she received and researched.
• Five Stage Personal Selling Process

  • prospecting
  • making first contact
  • the sales call
  • objection handling
  • closing the sale
• Packaging

  • how the product or service is presented to customers
  • entice customers to purchase the product or service
• Five Basic Function of Packaging

  1. protection
  2. containment
  3. information
  4. utility use
  5. promotion
• Process

  • Step-by-step procedure or activity workflow that the entrepreneur or employees follow to effectively serve customer