4.5 The 7P's of marketing

product, price, people, place, physical evidence, process, promotion

product

a good or service that business organizations produce to satisfy consumer needs and wants.

businesses should make sure to produce right products for their targeted customers.

price

the amount of money that consumers pay to acquire business organization’s product.

consumers are price sensitive, its one of the main factors.

marketing department must consider competitor’s prices and consumers’ ability to pay to sell their products at the right price.

marketing dep should collaborate with the finance team.

Place

the methods of distributing products to customers, ensuring that goods and services are available at the right location, at the right time, and in the right quantity

promotion

how business organization communicates with its customers.

promotion informs and persuades customers

people

the staff and employees involved in the delivery of the product or service

processes

the procedures, mechanisms, and flow of activities by which a service or product is provided to the customer

physical evidence

the tangible aspects of a service that gives customers proof of the quality and existence of a product or a service