U1.16 — The Concept of the Marketing Mix
Overview
The marketing mix is the set of marketing decisions a business makes to attract customers and achieve its marketing goals.
It started as the 4Ps — Product, Price, Place, Promotion.
Many modern businesses (especially service businesses) use the extended marketing mix, which adds three more Ps to create the 7Ps.
The 7Ps (Extended Marketing Mix)
The first four are the original 4Ps. The last three are added because services rely heavily on staff, systems, and customer experience.
Product
What the business sells. This includes features, quality, design, branding and packaging.
- What problem does it solve for customers?
- What makes it better or different?
Price
What customers pay and how the price is set.
- Budget vs premium pricing
- Discounts, bundles, memberships
Place
Where and how customers buy. It’s about convenience and access.
- In-store vs online
- Location, distribution and delivery
Promotion
How the business communicates to attract customers and persuade them to buy.
- Advertising, social media, sponsorships
- Sales promotions, PR, influencer posts
People
The staff and service quality. People can make or break the customer experience.
- Training, attitude, expertise
- Customer service and communication
Process
How the service is delivered from start to finish.
- Waiting times, booking, checkout
- Consistency and reliability
Physical Evidence
The “proof” of quality customers can see or experience.
- Venue appearance, signage and ambience
- Website quality, reviews, uniforms
🏈 Biz Fact: The Super Bowl is one of the few events where people want to watch the ads.