Marketing Mix: The 4Ps and 7ps of Marketing Explained

The marketing mix is a strategy to build a strong brand and increase sales. For product-based companies, creating a good marketing mix is essential. It involves combining key elements to help promote and sell their products or services.

What is Marketing Mix?

The marketing mix is a set of strategies used to promote and sell a product or service. It focuses on selling the product at the right place, price, and time. The product is then marketed through the right promotional strategy. The main parts of the marketing mix are the 4Ps: Product, Price, Place, and Promotion. Business managers use these 4Ps to plan their marketing strategies. Today, the marketing mix often includes extra Ps to help with growth.

4Ps of Marketing Mix

1. Product:

A product is something made or created to meet the needs of customers. It can be a physical item or a service. It’s important to research thoroughly before creating a product, as it goes through different stages in its life cycle: growth, maturity, and decline. Marketers should innovate when a product reaches the decline phase to keep demand high. A successful product should stand out from competitors and offer something unique. This helps build brand value.

2. Price:

Price is the amount customers pay for a product or service. It’s a crucial part of the marketing mix because it affects both the business’s profit and its ability to survive in the market. Even small price changes can have a big impact on sales and demand. When setting the price, factors like competitor prices, location, discounts, and sales terms need to be considered.

3. Place:

Place refers to the distribution and availability of the product. The product should be placed in locations where potential customers can easily access it. This ensures that it reaches the right audience at the right time.

4. Promotion:

Promotion is about communicating the product’s features and benefits to the public. It’s one of the most important and costly elements of the marketing mix. It helps grab customers’ attention and encourages them to buy the product. Promotion can include direct marketing, advertising, personal branding, and sales promotions.

7Ps of Marketing Mix

The 7P model is an expanded version of the 4P model. As marketing has evolved, three additional P's were added to address modern business needs and technologies better. The first 4 Ps of Marketing Mix are already mentioned above. Now, let’s have a look at the rest of the 3 Ps here.

1. People:

People are essential in marketing because they deliver the product or service. Hiring and training the right people is key to offering great service. Employees who believe in the company’s products or services can do their best work, which helps the business grow. It’s also important to listen to employees’ honest feedback to improve the business.

2. Process:

The business process needs to be organised and regularly checked to avoid mistakes and reduce costs. Having a clear and efficient process helps maximise profit and keeps the business running smoothly.

3. Physical Evidence:

In service industries, physical evidence shows that the service was delivered. Branding is one example of this. For example, when you visit a coffee shop like Starbucks, the branded cups, the cosy seating area, and the overall shop design all serve as physical evidence of the brand and the experience customers can expect. 

Importance of Marketing Mix

The marketing mix is a useful tool for developing the right marketing plan and putting it into action with the right strategies. Evaluating your product, promotion, price, and place is an important part of your overall marketing approach. The marketing mix works closely with targeting, positioning, and segmentation. In the end, all the parts of the marketing mix, including the extended mix, work together to create a successful strategy.

Marketing Mix Example: Coca Cola

Let’s look at Coca-Cola, one of the most popular soft drink brands. At first, Coca-Cola mainly targeted adults, positioning the drink as a refreshing way to get a quick boost. However, after looking at consumer trends, they found that young people also wanted a fun drink to enjoy during social activities.

So, Coca-Cola decided to change its approach and created marketing campaigns aimed at younger customers, focusing on fun, happiness, and togetherness. While the original product stayed the same, they also introduced variations like Diet Coke and Coca-Cola Zero for those looking for healthier options.

They set a competitive price and offered discounts and special deals during holidays to attract more buyers. Coca-Cola made sure their drinks were available in vending machines, supermarkets, and stores everywhere.

By keeping up with promotions and advertising, including sponsoring big events like the FIFA World Cup and the Olympics, Coca-Cola made sure its brand stayed in the spotlight.

By using the right product, price, place, and promotion, Coca-Cola has stayed at the top of the beverage market, appealing to both older and younger customers. Today, Coca-Cola is loved by people of all ages around the world.