4Ps - 7Ps of Marketing Mix

4-Ps of Marketing - Mix The 4-Ps of Marketing

The traditional marketing mix contains of four major elements, the "4-Ps of marketing". As defined by Kotler et al. (1999):

1. Product: "Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. In includes physical objects, services, persons, places, organizations and ideas."
2. Price: "The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service."
3. Promotion: "Activities that communicate the product or service and its merits to target customers and persuade them to buy."
4. Place: "All the company activities that make the product or service available to target customers."
All of these elements have their specific place in any company's marketing strategy:

The 7-Ps of Services Marketing

In the context of services marketing, Booms and Bitner (1981) have therefore suggested an extended "7-Ps" approach that contains the following additional "Ps":
1. People: All people directly or indirectly involved in the consumption of a service, e.g. employees or other consumers.
2. Process: Procedure, mechanisms and flow of activities by which services are consumed.
3. Physical Evidence: The environment in which the service is delivered. It also includes tangible goods that help to communicate and perform the service.