As more and more new companies rise and vie for their piece of an already crowded market place, a greater number of people are beginning to recognise that unless you have something truly unique or extraordinary, simply offering a product is not enough to win you customers. In fact those who truly grasp the nature of things will understand that gaining a new customer only wins you the battle, if you mean to win the war you have to retain them and foster their loyalty.

The marketing mix, is a process which marketeers will undertake when considering a new range of products, trying to revitalise current products that they believe are under-performing, or even when setting up an entirely new business. Depending of the kind of market that a business is in, or entering, there are a varying number of aspects to the marketing mix: The 4Ps pertain to a product-driven business, such as a clothes retailer or electronic goods store; and the 7Ps for service driven businesses, like fast food joints, plumbers, consultants, etc.

The 7Ps is what is known as the extended marketing mix, and adds three extra elements which go on top of the original 4Ps, which were initially put forward in 1960 by E.Jerome McCarthy, an American marketeer. The 4Ps that make up the basic marketing mix are:

  • Price
  • Place
  • Product
  • Promotion
and the additional three which make up the 7Ps of the extended marketing mix are:
  • People
  • Process
  • Physical evidence

Combining these four, or seven, and balancing them out right is not going to guarantee a successful endeavour, but will ensure that your chances are the very highest they can be. With that in mind, our next blog will focus more intently on the original marketing mix and its 4Ps, and the one after will study the 7Ps of the extended marketing mix in greater depth; so be sure to check back in with us at Pens Unlimited soon.

Post By Alem