Sounds peculiar “Ps in marketing”. Well, it is not that inexplicable as it might sound, instead, it is a very basic thing about any effective marketing mix. To understand this, we have to understand what Marketing exactly is and then we will understand how Ps are so influential in marketing.
What Is Marketing?
Marketing can be explained as a method of networking, where a company or any business organisation focusses on connecting with their past, present, and new consumers to spread awareness about their products and services so that more customers are inclined towards their products.
Features Of Marketing:
1. Profit Earning
Marketing is a part of business activity, it should be effective enough to bring profit to the business and also responsible for the growth of the business.
2. Consumer Satisfaction
Another feature of Marketing is satisfying the consumers by providing solutions to their queries and also answering all their questions.
3. An Art
Marketing is often considered an art because it involves various ways to persuade consumers and people to show interest in the company’s goods and services.
Marketing is goal-oriented because it has a pre-targeted to achieve so that a wide number of people are aware of their products.
After reading about Marketing and its features, we have got some ideas about what it is. Now we will try to understand what are the Ps of Marketing.
Ps Of Marketing:
Ps are considered as a part of the marketing mix, that is used by the marketers of a business or a company. Previously, there were 4Ps in the marketing mix, but eventually, to make it more effective, it has been advanced to 7Ps.
At first, we will see what is incorporated in 4Ps.
4 Ps Of Marketing Mix:
Product means goods and services offered to the customers as per their needs and preference. All the demands of the customers should be met properly. Marketers should have proper knowledge on where to sell the products and how to create demand.
Here, marketers try to fix where they can sell their products and also methods to deliver them to the market. They take decisions considering where the consumer demand for the product is more.
Marketers here fix the proper price for their products after understanding available discount options and also the value of the products.
Promotion means promoting the products so that more consumers come to know about their products and services. Here, the promotion can take place through advertising, public relations.
These are what comprised under 4P’s. Now we will understand what is comprised of 7Ps.
7 Ps Of Marketing Mix:
After understanding 4Ps, we can see only 3 points have been included here. The extra point:
People are an important factor which also helps in the working of the business. Therefore, intelligent people who can give more input for the business should be hired.
The process includes all the steps which are required or undertaken to provide the good and services to the customers.
7. Physical Evidence
A blend of the environment and branding where the services are provided to the customers.
This is what P’s in Marketing means. These P’s play a vital role in the working of a business.
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