7P refers to the marketing mix, a concept in marketing that consists of seven fundamental components that a company can control in order to influence consumer behavior and achieve its marketing objectives. The 7Ps are a framework for developing and implementing a comprehensive marketing strategy.
The first element is product, which refers to the goods, services, or ideas that a company offers to meet customer needs and wants. This includes quality, features, design, packaging and branding.
The second element is price. It refers to the amount customers are willing to pay for a product or service. Pricing decisions also consider factors such as discounts, promotional offers, and payment terms.
Place is the third element and involves the distribution and availability of products to customers. This includes decisions related to selling channels, logistics, and physical location of stores or online platforms.
Promotion is the fourth element. It refers to all activities the company undertakes to communicate and promote its products to the target market. This includes advertising, sales promotions, public relations, and personal selling.
The fifth element is people, which refers to the employees or personnel who interact with customers. Effective training and customer service are essential in this regard.
Processes refer to the methods and procedures that a company follows in delivering its products or services to customers. Efficient processes contribute to customer satisfaction.
The last element is physical evidence, which pertains to the tangible elements that customers encounter when interacting with a product or service. It includes packaging, branding, and the overall impression customers get from a company.
By considering and adjusting these seven elements, companies can strategically manage their marketing efforts to create a favorable market position and satisfy customer needs.