What Are the 7 P’s in Marketing?

What are the 7 P’s in marketing? What does these P’s involve? And why do you need to know them? If you are interested in knowing, then this article can help you. So, read on.

What Are the 7 P’s in Marketing?

Product

The first P is the product. This refers to the goods, services, or ideas that you will offer to your target market. For example, if you want to sell ice cream, then your product is the ice cream itself. The product is what you will sell to earn a profit.

Price

Next, the second P is the price. This refers to the amount of money that you will charge your customers for your product or service. The pricing of a product or service affects the target market’s buying behavior and can also affect the company’s profit margin.

Place

Then, the third P is the place. This refers to where your product will be sold to your target market. You have to identify where to sell or make your product available for sale. 

For example, if you want to sell ice cream, then you can decide to have an ice cream shop, so people can buy from there. You may also choose to have a virtual store, so people can buy from there as well.

Promotion

Further, the fourth P is promotion. This refers to how you will inform your target market about your product. And then make them aware that it exists and why they should buy it instead of other products or services. 

Also, it involves some advertising methods so that more people can learn about it. And know why they should buy it instead of other products or services out there. 

People

Then, the next P is people. This refers to the people or employees who will be working for the company. They are the ones who will create or produce the product or service that you will sell to your target market. 

Process

Next up is the process. This refers to all the actions or tasks that you will do to make the product or service available for sale. For example, if you want to sell ice cream, then you need to make it. Or process it. 

Physical Evidence

Finally, the last P refers to physical evidence. It is the physical evidence of the product or service that you will give to your target market. For example, if you want to sell ice cream, then you will sell ice cream itself.

Physical evidence is essential for the target market to see, so they can decide if they want to buy it or not.

What Are the Importance of the 7 P’s in Marketing?

Why is it important for companies to be aware of these 7 P’s? Firstly, it is because by being aware of these 7 P’s, you can better decide what to do when you want to sell your product or service. Also, you can then create a marketing mix that can help you achieve the company’s marketing objectives.

This is because companies need to know how to communicate with their target market. So, they can tell them about the product or service that they are offering.