What Are the 7 P’s of Marketing
The 7 P’s of Marketing is seven formulas you should use often to evaluate your business activities. These seven formulas are product, price, promotion, place, packaging, process, and people. And your marketing plans should base on this 7 formula:
- Product: Adopt the mindset of an external marketing consultant called to assist in determining if your company is in the right business at the right time. Ask crucial questions like, “Is your product or service appropriate for the market and customers of today?” Is your product superior in some outstanding way to your competitors? These are the important questions to ask and answers should be about creating a high-qualityproduct that solves the specific needs of customers.
- Price: This is the second P in the 7 P’s marketing strategy. It entails establishing the right pricing strategy in line with the realities of the current market and production cost. A price adjustment may be introduced into the strategy depending on the market trend. Sometimes reducing or increasing the price of your product could be the right move. This is because price influences buying decision and how a customer value your product.
- Promotion: It involves all the ways deployed to communicate the value of your product to the target market. It includes sales promotion, creating copy-write content, etc. Moreover, it has been proven that regularadjustment to marketing strategy could increase sales significantly. Whatever method of marketing you are adopting today won’t last forever, after all.
- Place: This refers to the location where your product is sold. On the other hand, it is also the channel used to make the product available to customers. Sometimes changing location can increase sales. However, if you are not selling so well, be open to reviewing your location when it is a possible factor affecting your sales. Meanwhile, introducing multiple channels where customers meet the product could help in increasing sales rates. For instance, introducing telemarketing, retail houses, mobile distributors, etc or combining them might help as well.
- Packaging (Physical evidence): Choosing an unknown product or service is risky for the consumer because they won’t know how good it is until they try it. However, you can reduce this uncertainty by allowing prospective customers to see what they are purchasing. This is done by packaging. Essentially, the packaging is the way your product or service appears. How you set up your business office and how a customer is served are all about packaging. The truth is that excellent packaging can place the value of your product on a higher scale. It attracts deep-pocket buyers.
- Process: This involves steps taken in providing your product or service to your customers. These steps include things like your sales funnel, payment systems, distribution strategy, and customer relationship management. When you implement customer-focused processes, you enable your employees to provide a positive and consistent customer experience while also working more efficiently. Consider your internal processes from the customer's point of view. Are you simple to work with? Do the partners you work with share your company's values?
- People: The last P but not the least of 7P’s marketing... If the right marketing strategy is implemented by the wrong people, nothing good will come out. A better marketing strategy will only yield better results if it is carried out by the right people. This principle should be one of the secrets of effective marketing. From the same angle, as a business owner, you should know who is in the right position to carry out each task and have a way to attract them.
What Is the Difference between 4Ps and 7 P's Marketing
- 4P marketing consisting of Product, Price, Place and Promotion while 7 P's has all - 7P marketing is a more comprehensive strategy. It is more effectivefor big companies having competent competitors.
- 4Ps is an essential strategy for small businesses while 7 P's is for highly differentiated products - both are relatively effective but they are applied for two different reasons.
7 P's of Marketing with Examples
Let's dive into the business structure of big companies who adopt the 7 P’s of marketing.
7 P’s of Marketing Example - Apple
Free 7 P's of Marketing Template 
- Product: Apple’s innovative products are iPhones, Macbooks, iPads, and
- Price: Thepricing strategy is based on the premium brand it has. Taking advantage of the fact that people highly value their product. It also adopts the geographical pricing and minimum advertising price strategies.
- Place: Its products are sold via its retail outlets and online-approved stores.
- Promotion: Advertising, personal selling, direct marketing, public relations, word of mouth, sponsorship, and social media.
- Packaging (physical evidence): Uniquepackaging of Apple products and its sleek design.
- Process: Automated processes, such as order processing, delivery, and returns.
- People: It has tech-inclined staff members focusing on customer experience.
7 P’s of Marketing Examplee - McDonald's
Free 7 P's of Marketing Template
- Product: It offers global fast food such as fries, beverages, desserts, and a variety of burgers.
- Price: Value pricing, going rate, cost plus pricing, price discrimination, and loss leader.
- Place: It has about 36,000 outlets globally. Restaurants located at strategic parts of the city centers and highways of more than 100 countries. Besides, it also offer the home delivery service in some regions.
- Promotion:Sponsorships, social media ads, and video ads content.
- Packaging:A recognizable consistent restaurant layout to strengthen brand popularity and trust.
- Process: Seamless order and delivery systems to reduce waiting time.Transparent food preparation.
- People: Friendly staff members trained to keep up with customers’ expectations.
7 P’s of Marketing Example - Tesla
Free 7 P's of Marketing Template
- Product: Tesla offers eco-friendly vehicles, solar roof tile & panels, charging wall connector & powerwall.
- Price:Premium pricing strategy, product line pricing strategy.
- Place:It has about 764 retail stores/galleries/service centers around the world.
- Promotion: It takes use ofdigital marketing, social media and personal selling to seek more prospects.
- Packaging: Its cozy car galleries and sleek vehicle exemplify its brand identity and value
- Process: Online delivery process, feedback collection and inventory system at retail stores.
- People: Tech-passionate individuals largely make up the company’s staff strength.
7 P’s of Marketing Example - Adidas
Free 7 P's of Marketing Template
- Product: Colorful high-quality athletic footwear, apparel, and accessories used in sports and physical fitness
- Price: Premium pricing strategy, skimming pricing strategy and competitive pricing strategy.
- Place: Global distribution network.Its products are sold in branded stores, online platforms, and sports retail stores.
- Promotion: TV ads, product placementl, sports sponsorship and social marketing.
- Packaging: Compelling store designs,captivating product displays and user-friendly websites.
- People:Mediator, sales team, employees and customer support staff.
7 P’s of Marketing Example - Costco
Free 7 P's of Marketing Template
- Product: Awide range of products such as electronics, groceries, household items, furniture etc.
- Price: Cost-effective pricing, annual fee of membership.
- Place: 855 warehouses situated in densely trafficked areas of more than 10 countries.
- Packaging: Warehouses are roomy, and neatly organized to improve customer satisfaction and provide a comfortable shopping environment.
- Promotion: Promotional events, discounts/waivers, membership program, social media marketing.
- Process: Orderly inventory management, swift checkouts, and seamless supply chain.
- People:Employee-focused people who are passionate about serving the customers.
7 P’s of Marketing Example - Amazon
Free 7 P's of Marketing Template
- Product: Amazon’sproducts are websites (enables sales of other companies' product, having millions of people visit them each day), media content, kindle e-readers, and web services(which offers global computer storage and database).
- Price: Amazon has multiple pricing strategies that are seasonal and dynamic. To name a few, value pricing, cost-plus pricing, competitor pricing, and price discrimination.
- Place: E-commerce website.
- Promotion: Amazon rolls out strategic email campaigns,video content ads and affiliates ads.
- Packaging (Physical evidence): User-friendly website which contains customer’s review, high-resolution product images to exhibit stock in store, and reliable payment options.
- Process: User-friendly order processing, streamlined online shopping, and timely delivery.
- People: Amazon has innovative team members with a customer-centric approach.
7 P’s of Marketing Example - Netflix
Free 7 P's of Marketing Template
- Product: Amassive collection of on-demand video content such as movies and series.
- Price: Subscription pricing, value-based pricing strategy.
- Place: Online, accessible from any part of the world through smart devices.
- Promotion: Ads via digital channels and social media
- Packaging: Optimized apps and websites.
- Process: 30-day free trial, user-friendly apps with intuitive interface.
- People:Understand user preferences and focus on customer satisfaction.
How to Apply the 7 P’s of Marketing Strategy
Boardmix saves you a lot of time by providing a 7 P’s marketing template. But first, you have to understand why you should use the 7 P's marketing strategy before applying it. These are a few tips on how to apply it.
- Define your marketing goals: Define the goals your marketing plan will achieve. the goal should be realistic and time-based.
- Conduct market research: Discover who your competitors and customers are, their attributes, and uniqueness.
- Target audience: understand your buyer personas.
- Create KPI for your marketing strategy:Every marketing strategy needs performance indicators to measure its success.
- Marketing team: Create a team that understands how 7P’s strategy works.
- Have a realistic cost-effective budget: This will help to manage costs and resources.
After careful preparations, the Boardmix 7 P's marketing template is recommended...this is why:
- The template is designed to help you use the 7 P's marketing strategy without hurdles.
Free 7 P's of Marketing Template
- This toolis designed to support all kinds of business activities including online business meetings and real-time collaboration.
Try for Free - It’s user-friendly, a sample template helps you to fill in or customize the blank template into any desired layout.
- Tools such as AI tools, editing, and text tools will help you create your own unique 7Ps marketing strategy.
- You can easily share your work with others via a sharing link and set different permissions for them.
