The seven P's of marketing are the service marketing mix, which addresses seven key characteristics in building a complete marketing strategy. The service marketing mix extends the original product mix of product, place, price and promotion by adding three additional service components: people, processes and physical evidence.Continue Reading
Product, place, price and promotion are known as the four P's of marketing. The product is the item a company sells. Place or distribution refers to the physical location of a business or the ways in which the company distributes goods to customers. Price refers to the amount the company charges for its goods. Promotion is the use of advertising, public relations and personal selling to communicate benefits to targeted customers.
The addition of three service elements to the original four P's is based on the differences in selling intangible solutions relative to hard goods. The people component is based on the premise that people deliver services. In an auto repair shop, specialist certificates often hang on the wall to alert customers to the expertise of mechanics. Processes refers to the fact that services are often delivered in multiple steps over time. Ensuring a quality experience from start to finish is important in service marketing. Physical evidence includes the visual elements, such as cleanliness, professional decorum and product packaging that customers observe in a service business.Learn more about Marketing & Sales