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
Differentiation is a marketing strategy that businesses employ to make their products unique and stand out from competitors. It is the typical strategy for industries for which multiple competitors produce identical or very similar products.Full Answer >
Holistic marketing refers to a marketing strategy in which one considers the big picture of a business, its role in the economy and community and its impact on the lives of its consumers. The four key points of holistic marketing are internal marketing, integrated marketing, relationship marketing and socially responsive marketing.Full Answer >
"Market aggregation" is defined as the marketing of standardized goods and services to a large population of people that have similar needs, according to Inc. Another name for market aggregation is "mass marketing," a strategy that treats all customers as a single group that is handled homogeneously.Full Answer >
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