The 7Ps model is a marketing model
that modifies the 4Ps model. The 7Ps is generally used in the service
industries.
Here is the expansions from the 4Ps
to the 7Ps marketing model:
Marketing Mix : People
Of both target market and people
directly related to the business.
Thorough research is important to
discover whether there are enough people in your target market that is in
demand for certain types of products and services.
The company’s employees are
important in marketing because they are the ones who deliver the service. It is
important to hire and train the right people to deliver superior service to the
clients, whether they run a support desk, customer service, copywriters,
programmers…etc.
When a business finds people who genuinely
believe in the products or services that the particular business creates, it’s
is highly likely that the employees will perform the best they can.
Additionally, they’ll be more open
to honest feedback about the business and input their own thoughts and passions
which can scale and grow the business.
This is a secret, “internal”
competitive advantage a business can have over other competitors which can
inherently affect a business’s position in the marketplace.
The systems and processes of the
organization affect the execution of the service.
So, you have to make sure that you
have a well-tailored process in place to minimize costs.
It could be your entire sales
funnel, a pay system, distribution system and other systematic procedures and
steps to ensure a working business that is running effectively.
Tweaking and enhancements can come
later to “tighten up” a business to minimize costs and maximizes profits.
In the service industries, there
should be physical evidence that the service was delivered. Additionally,
physical evidence pertains also to how a business and it’s products are
perceived in the marketplace.
It is the physical evidence of a
business’ presence and establishment. A concept of this is branding. For
example, when you think of “fast food”, you think of McDonalds.
When you think of sports, the names
Nike and Adidas come to mind.
You immediately know exactly what
their presence is in the marketplace, as they are generally market leaders and
have established a physical evidence as well as psychological evidence in their
marketing.
They have manipulated their consumer
perception so well to the point where their brands appear first in line when an
individual is asked to broadly “name a brand” in their niche or industry.
The 4Cs marketing model was
developed by Robert F. Lauterborn in 1990. It is a modification of the 4Ps
model. It is not a basic part of the marketing mix definition, but
rather an extension. Here are the components of this marketing model:
- Cost – According to Lauterborn, price is not the only cost incurred when purchasing a product. Cost of conscience or opportunity cost is also part of the cost of product ownership.
- Consumer Wants and Needs – A company should only sell a product that addresses consumer demand. So, marketers and business researchers should carefully study the consumer wants and needs.
- Communication – According to Lauterborn, “promotion” is manipulative while communication is “cooperative”. Marketers should aim to create an open dialogue with potential clients based on their needs and wants.
- Convenience – The product should be readily available to the consumers. Marketers should strategically place the products in several visible distribution points.
Whether you are using the 4Ps, the
7Ps, or the 4Cs, your marketing mix plan plays a vital role. It is important to
devise a plan that balances profit, client satisfaction, brand recognition, and
product availability. It is also extremely important to consider the overall
“how” aspect that will ultimately determine your success or failure.
By understanding the basic concept
of the marketing mix and it’s extensions, you will be sure to achieve financial
success whether it is your own business or whether you are assisting in your
workplace’s business success.
The ultimate goal of business is to make profits and this is a surefire, proven way to achieve this goal.
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