What Is The Marketing Mix? 4Ps & 7Ps of Marketing

Product, Price, Place, Promotion.

If you read the first line and thought “ah the 4Ps of marketing”, then you probably already know a thing or two about the marketing mix. And if you really know this model, you’ll know there are three more: People, Process, and Physical Evidence. But if all this is new, you're probably wondering: What even is the marketing mix? You're in the right place! This blog will help answer that question so you can become a stronger marketer.

Before we answer that question, let’s go back to basics and understand where the term "marketing" came from.

The foundation of marketing is putting the right product in the right place, at the right price, at the right time. Simple right? The hard part is doing it well. 

Marketing is all-encompassing. It has a presence in all stages of the business cycle: market research, analysis, product development, distribution methods, sales, and customer feedback. And marketers use campaigns to execute this journey.  

So, what is the definitely of a "marketing mix"? Read on to learn and uncover why it’s important to master it. 

Contents

• Marketing Mix Definition

• Marketing Mix 4Ps – Understanding the Concept

• The New Marketing Mix: 7Ps

• Digital Marketing Mix: Achieving Business Goals with Online Technologies

• The 4Ps & 7Ps of Marketing covered: What’s Next?

Marketing Mix Definition

What is the marketing mix? The general definition of the marketing mix is as follows: a set of marketing tools a business uses to promote a company’s brand or product in the market.

Traditionally, the model was built from the 4ps of marketing: Product, Price, Place, and Promotion. But as marketing evolved, so did the strategy. With People, Process, Physical Evidence as additions, expanding to 7ps of marketing. 

Businesses use the elements of the marketing mix to drive marketing decisions at every level. It helps them to:

• Identify and optimize strengths and limit weaknesses
• Become more competitive and adaptable 
• Improve collaboration between department and partners  

But before you start using the 4Ps or 7Ps of marketing, you need to determine the persona of your target audience. Understanding the details of who you are selling to, will help you hone the details of your marketing mix. You can’t get started without this. 

Marketing Mix 4Ps – Understanding the Concept

The 4Ps of marketing are the foundation of the idea of the mix and have been used since the 1960s. The 4Ps stand for: 

1. Product
2. Price
3. Place
4. Promotion

Marketing Mix Product

The marketing mix product simply refers to what is being sold. When we talk about the product, we mean elements like quality, packaging, design, and brand. In developing the product, you must ensure it meets the demand for your market, aka does your target market want or need this?

The life cycle also must be considered in this stage, which includes the growth, maturity, and sales decline phase. Offering a better product to your target audience over your competitors will ultimately allow you to take home the win for this element. 

5 questions that will help define "Product" for your marketing mix:

1. What do the customers want from the product/service?
2. How and where will they use it?
3. What are the must-have features to meet the client’s needs?
4. Does the product have a catchy name?
5. How is your product different from your competitors?

Marketing Mix Price

In the marketing mix, price refers to the price your customer is willing to pay. Hello, product value!  

The price should inherently be higher than the cost of production, as this determines your profit. Adjusting the price not only has a big impact on sales and demand but also shapes the perception of your brand. 

A lower price can sometimes be associated with inferior products. Consequently, pricing too high can result in costs outweighing the benefit. So where’s the sweet spot?  

When setting a price, marketers should consider the value the product offers, general industry standards, and evaluate different pricing strategies. 

Answer these 5 questions to help you get started with the marketing mix element: "Price"

1. Is this priced favorably?
2. How does the price compare to competitors?
3. Should discounts be offered? 
4. Do you accept payment plans?
5. Are there any credit terms the customer might need to meet?

Marketing Mix Place

Within the spectrum of the marketing mix, place means the distribution and availability of your product for potential customers. 

And you can’t talk about place without talking about your target audience. This element comes with a deep knowledge of the target persona. Once you have mastered an understanding of the ins and outs of your target customers, you will discover the most efficient distribution channels. 

Tip: Use consumer insights to learn about your customers and the broader market.

So how do you put your product in the right place?

Here are 5 questions that will help you define the element belonging to the 4Ps of marketing: "Place"

• Where do buyers look for your product?
• How do you access the right distribution channels?
• How is your distribution strategy different from competitors?
• Do you need to use a sales force?
• Do you need to sell online?

Marketing Mix Promotion 

Get the word out!

When talking about the marketing mix, promotion means what, who, and how. What is communicated, who it is communicated to, how that audience is reached, and the cadence of your promotions. It uses methods like:

• Advertising
• Sales
• Public relations
• Email marketing
• Social media

The main purpose of promotion is to boost brand recognition and sales.

Nail these 5 questions, and you’re on the road to a stellar promotion strategy for your marketing mix:

1. Where and when can you get your marketing messages across to your target market?
2. How do your competitors conduct their promotions? 
3. And how does your competition influence your choice of promotional activity?
4. When is the best time to promote your product?
5. Should you consider a social-first approach?

The New Marketing Mix: 7Ps

Sometimes, the 4Ps of marketing can be expanded to the 7Ps:

1. Product
2. Price
3. Place
4. Promotion
5. People
6. Process
7. Physical Evidence

The 7Ps of marketing help a company define gaps that affect the marketing of its products. 

Let’s take a look at the details.

Marketing Mix People

Businesses are reliant on the people who run them, right? So it’s a no brainer that having the right people on your team is essential — they are as much a part of your business offering as the products or services you're selling.

Determining what makes up the ”right people” for your business can vary, but it should encompass these three aspects:

1. Quality service
2. Genuine passion
3. Open to feedback

Tip: Having the right people is an internal advantage that affects your position in the market.

Marketing Mix Process

The marketing mix process encompasses the how in which your product or service is delivered to customers. It can mean your sales funnel, a distribution system, or other systematic procedures that ensure your business is running effectively and efficiently. And you want to make sure that your process is well organized to minimize costs. 

Other examples include the order in which employees perform tasks, the number of queries salespeople receive, or how performance is tracked and measured.

Marketing Mix Physical Evidence

A modern marketing mix can't ignore physical evidence. Evidence in a business sense can be tangible or intangible. A tangible example is product packaging, receipts, or contact experience. Intangible physical evidence is the public perception of a business’s product in the marketplace.

Consistent branding across communication channels is a way to influence consumers’ brand perceptions, to the point where when they hear a word, sound or phrase, your brand is the first thing to come to mind.

For example, when you think of fast food, who do you think of first? Most people will say McDonald’s. You instantly know their presence in the marketplace. That's intangible physical evidence!

Now that we have all of the Ps covered, let’s move on to how the 7Ps of marketing are applied to the digital marketing landscape.

Digital Marketing Mix: Achieving Business Goals with Online Technologies

This is how a business achieves its marketing goals using digital technologies. And as more business is done online, digital marketing solutions become more and more popular.

Paid, owned, and earned media are the ingredients needed for a great digital marketing mix and should be encompassed in your marketing reports. Simply put, by categorizing your efforts into paid, owned, and earned media you identify how your content achieves a seat at the audience table.

It looks something like this:

*Source: Search Engine Journal

Paid Media

Here, you’re paying for visibility or exposure to a particular audience. Paid media allows you to get in front of a new audience more quickly than organic strategies, but they can only stretch as far as your budget allows. Examples include: 

• PPC
• Paid social 
• Display 
• Paid influencers
• Native advertising

Owned Media

This refers to marketing that occurs on any property that you own and control. The great part about this is you have more control over the content you want your customers to see. Here are some examples:

• Website
• Blog
• Profile
• Email 
• Social pages

Earned Media

Here you have little to no control. This is someone else's property that offers you free placement in front of a new audience (i.e., a person says something about you for “free”).

The great part about earned media is that it puts you in front of a new audience without paying for it. The caveat is that you don’t have control over the messaging. Examples include:

• A publication covering a story about your brand
• Social media share (often in the form of UGC)
• Customer story 

All three of these areas play an important part in the digital marketing mix and help you understand your financial efficiency and how you stack up against your competition.

The 4Ps & 7Ps of Marketing covered: What’s Next?

By now you should have a better understanding of what the marketing mix is. Now it's up to you! Use the 7Ps of marketing to make sure your strategy is air-tight and updated for the era of modern digital marketing.

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