Do you know your 4 P’s?
The 4 P’s are well known within the marketing community, but do you know and have you heard of the 7 P’s?
The 4 P’s
The traditional 4 P’s are ‘Product’, ‘Price’, ‘Place’ and ‘Promotion’. However, in more recent times, this notion has developed into 7 P’s, with ‘People’, ‘Process’ and ‘Physical evidence’ being added to the list.
Why use the 4 P’s
The 4 P’s act as a checklist of considerations that the marketing plan should address. If one or more of the 4 P’s are not considered, the marketing campaign may well fail to achieve success.
4 P’s explained
Although each of the 4 P’s is specific to the product or service and the context in which it will be marketed, the explanations below are generic and hopefully provide some guidance when thinking about the specific areas.
The product or service needs to be well thought out. This can range from product design, through to production quality. The product needs to fit a need and be designed to achieve this purpose. The inclusion of all aspects of design in the development of the product is critical to achieving success.
The price needs to be appropriate and competitive for the product. This does not mean it needs to be the cheapest on the market, but rather, it needs to be appropriately priced for the nature of the product and it’s placement in the market.
The way the product is positioned in the market place is a key aspect of achieving success. This can be achieved in a number of ways but is normally a function of the promotional strategy.
The promotion of a product or service is very much the preserve of the traditional marketing function. It incorporates sponsorship, advertising, PR and many other marketing channels such as social media.
So what are the 7P’s?
The introduction of a broader set of considerations is becoming more common because there is a perception that the 4 P’s are too narrowly focused.
People can be considered either from the consumer (target audience) and also from a resource/skill attribute required for the product. Understanding the social dynamics in very important in considering a comprehensive approach.
Every product or service requires a clearly understood process for designing, implementing and reviewing the product launch and marketing development process.
Physical evidence is an attempt to provide some kind of information or proof of success and is important in designing processes that inform and influence decision-making. These can also be key market indicators, which would demonstrate achievement of the campaign such as the change in consumer behaviour.
These are simple rules that should be considered when planning, developing and delivering your marketing campaigns.