LESSON 2: ALL THE 7PS

product

is any physical good, service, or idea that is created by an entrepreneur or an innovator in serving the needs of the customers and addressing their existing problems.

place

refers to a location or the medium of transaction. A strategic location depends on the nature of the business and the primary target market.

price

is the peso value that the entrepreneur assigns to a certain product or service after considering its costs, competition, objectives, positioning, and target market.

promotion

involves presenting the products or services to the public and how these can address the public's needs, wants, problems, or desires. In here, the primary target market should be identified because it will become the main audience.

people

is one of the three additional Ps in the marketing mix. In today's marketing arena, this play a vital role in servicing customers even though the entrepreneur sells only physical goods.

packaging

is how the product or service is presented to customers. It is the overall identification (look and feel of the product or service. This will determine the uniqueness of the product from competitors. This is the first element that customers see because they don't know what's inside yet.

process

is the last addition in the marketing mix as marketers began to realize the importance of the internal and external operations of the business to serve customers better. is defined as a step-by-step procedure or activity workflow that the entrepreneur or employees follow to effectively and efficiently serve customers. Its components include input, throughput, and output.