The 7 P's Of Marketing

Marketing is the process of designing and integrating various elements of enterprise objectives. Marketing is the combination of the product, the distribution system, the price structure, and the promotional activities. The term marketing is also used to describe a combination of four elements - the product, price, place, promotion, people, process, and physical evidence. These are also known as " Seven P's Marketing".

(1) Product: A product is an item that is offered for sale. A product can be a service or an item. Product is also made by keeping in mind to satisfy all the needs and wants of the customer and also to satisfy the needs and wants of the market. Decisions relating to the product designing, packaging, and labeling of varieties of the product.

(2) Price: Price is the value of the product that is fixed by the company and the price of a product is set on an average so that every individual can easily afford that product. A value that will purchase a finite quality, weight, or measure of goods or services. Decision on price is very important because sales depend to a large extent on product pricing.

(3) Promotion: Promotion is the way by which a company does publicity of its product by telling the quality, offers, ingredients, advantages, etc. The company communicates to different sources to promote its product. A company advertises its product so that the customers can get the information about the product and get attracted towards the product.

(4) Place: Place is the last element of the marketing mix. In this element, the product should reach the place where it can be consumed by the customers. The place where customers buy a product, and the means of distributing your product to that place, must be appropriate and convenient for the customer.

(5) People: People are the most important element of any service and experience. People are all the persons involved in all activities of producing and providing services and products to have a rating in the eyes of consumers. Services tend to be produced and consumed at the same moment and aspects of the customer experience are altered to meet the individual need of the person consuming it.

(6) Process: Process is all about knowing what to do and how to do it, especially in services marketing. The process is the series of actions necessary to provide products and services with the best services to consumers. A process can contain methods or procedures applied to obtain the product needed by a consumer. A service process has to be fast, easy, and friendly to give more value to consumers of a product.

(7) Physical Evidence: Physical evidence pertains to how a business and its products are perceived in the marketplace. Physical evidence is a device needed to support the appearance of a product, thus directly showing the quality of the product and services provided to the consumers.