Mastering the 7Ps of Marketing
Mastering the 7Ps of Marketing
Items in this lesson
Mastering the 7Ps of Marketing
What do you already know about the 7Ps of marketing?
Learning Objective
At the end of the lesson you will be able to explain how a coordinated marketing mix (7Ps) shapes a marketing strategy and campaign, and adapt it to different products and organisational goals.
What are the 7Ps of Marketing?
The 7Ps include
Product,
Price,
Place,
Promotion,
People,
Process,
Physical Evidence.
These make up the coordinated marketing mix for goods and services.
Product: Core and Augmented
Understand product features, design, branding, and unique selling points. Consider how augmented elements like customer service and warranties create extra value for customers.
Product Life Cycle Stages
Products go through development, introduction, growth, maturity, and decline. Strategies must adapt at each stage to sustain success.
Price: Strategies & Influences
Pricing is influenced by competitors, product differentiation, costs, and product life cycle.
Key strategies include penetration, skimming, competitor-based, destroyer, cost plus and psychological pricing.
Pricing Strategies
Penetration - Set price low then increase
Skimming - set price high then decrease when competitors enter
competitor-based - set price based on competitor pricing.
destroyer - set price low to eliminate competition, then increase
cost plus - set a mark up on production cost
psychological pricing - set prices such as £9.99
Place: Where Products are Sold
Distribution combines physical shops ('bricks'), online methods ('clicks'), and a mix of both. Effective placement gets products to customers, wherever they are.
Coordinating the Mix for Campaigns
Strategic campaigns align the 7Ps with the organisation’s ethos and market needs. Both traditional and digital methods are integrated for best results.
Recap & Reflection
Think about a product you know. How does its marketing mix reflect its stage in the product life cycle and company ethos?
Write down 3 things you learned in this lesson.
Write down 2 things you want to know more about.
Ask 1 question about something you haven't quite understood yet.
