If you’ve studied marketing, you’re likely familiar with the concept of the marketing mix.
One of the most well-known versions of the marketing mix is the 7 Ps model.
But who invented the 7 Ps of marketing and advertising?
The 7 Ps of marketing was invented by E. Jerome McCarthy, an American marketing professor.
Initially, McCarthy proposed a 4 Ps model in 1960 which was later expanded to the 7 Ps by Booms and Bitner in 1981 to address the needs of the service industry.
The Evolution from 4 Ps to 7 Ps
Before the introduction of the 7 Ps model, McCarthy initially proposed the concept of the 4 Ps of marketing: product, price, place, and promotion.
However, as marketing practices evolved, there was a need for a more holistic approach to really help brand’s succeed.
This led to the expansion of the marketing mix framework to include additional elements.
What are the 7 ps of marketing?
Let’s break them down:
- Product: This refers to the goods or services offered by a company. It involves factors such as quality, design, features, and packaging.
- Price: Price is the amount customers are willing to pay for a product or service. It includes considerations such as pricing strategies, discounts, and value perception.
- Place: Place refers to the distribution channels and methods used to make products available to customers. It involves decisions related to retail locations, online platforms, and logistics.
- Promotion: Promotion encompasses all the activities businesses undertake to communicate and promote their products or services. This includes advertising, public relations, sales promotions, and digital marketing.
- People: People represent the individuals involved in delivering the product or service to customers. This includes employees, sales representatives, customer service personnel, and other stakeholders who interact with customers.
- Process: Process refers to the systems and procedures that businesses implement to deliver their products or services. It involves aspects such as order fulfillment, customer support, and quality control.
- Physical Evidence: Physical evidence pertains to the tangible elements that support the marketing of a product or service. This can include things like packaging, branding, store layout, and other physical cues that influence customer perception.
Why do thee 7 P’s of marketing matter?
The 7 Ps of marketing provide a comprehensive framework that helps businesses consider all key aspects of their marketing strategy.
By evaluating each element, marketers can ensure they have a well-rounded approach to meet customer needs, differentiate themselves from competitors, and achieve their business goals.
Understanding the origin and significance of the 7 Ps of marketing allows marketers to utilize this framework effectively in their own strategies.
By incorporating these elements into their marketing mix, businesses can create a more holistic and impactful approach to reaching their target audience.
At the End of the Day
The 7 Ps of marketing represent a comprehensive framework that guides the development and implementation of effective strategies.
The model, initially conceived by E. Jerome McCarthy and later expanded by Booms and Bitner, has revolutionized marketing practices and continues to be a cornerstone in the field.
Understanding and applying the 7 Ps can help you develop a strategic, customer-focused approach to marketing for your business or the businesses your ad agency supports.
Comments are closed.