The marketing mix is a foundational model in marketing that has traditionally been dominated by the 4 P’s: Product, Price, Place, and Promotion. However, this model has evolved, expanding to include three additional P’s—People, Process, and Physical Evidence. Together, these 7 P’s offer a comprehensive framework for executing and evaluating your marketing strategy. Let’s explore them …

1. Product
   The product is what you’re selling — whether it’s a physical good, a digital item, a service, or even an experience. It must meet existing or induced consumer demand or offer a solution to a problem that customers face. In your marketing strategy, you must clearly articulate how your product stands out from the competition, its unique features, and its benefits.
   ‌
2. Price
   Price is what your customers are willing to pay for your product or service. It’s a reflection of the perceived value of your product, competitive pressures, and your business objectives. Your pricing strategy can include discounts, offers, or loyalty schemes to attract and retain customers.
   ‌
3. Place
   Place refers to how and where a product is sold. This could be online through an e-commerce platform, through a network of physical retail stores, or a combination of both. In your strategy, consider the most effective distribution channels to reach your target market.
   ‌
4. Promotion
   Promotion encompasses all the ways you tell customers about your products and entice them to buy, such as advertising, sales promotions, public relations, and personal selling. The promotional strategy should aim to be creative, memorable, and persuasive.
   ‌
5. People
   People are the employees who work for your business, including customer service representatives, salespeople, and marketing teams. They represent your brand and create the customer experience. Your strategy should include training and development to ensure that your team delivers excellent service.
   ‌
6. Process
   Process is the delivery mechanism for your service or product, including the sales funnel, payment systems, and support services. It should be efficient and user-friendly. Your marketing strategy should map out these processes and continuously seek ways to improve them.
   ‌
7. Physical Evidence
   Physical Evidence is the environment in which the service is delivered and where the company and customer interact. It also includes any tangible components that facilitate the service or act as proof of the service provided. Your strategy should ensure that all physical evidence supports and enhances the brand image.
   ‌

Creating a marketing strategy is a vital exercise for any company, and it’s well worth the time and resource investment. Not sure where to start on yours? C-360 is available to help you create, and execute, a tailor-made marketing strategy that works for you. Contact us to get started!