In marketing, P7 refers to the Marketing Mix – 7 Ps.
It is an extension of the traditional 4Ps and is mainly used for service marketing.
7 Ps of Marketing
Product
What you are selling (goods or services).
Price
The amount customers pay for the product or service.
Place
Where and how the product is distributed to customers.
Promotion
Advertising, sales promotion, publicity, and marketing communication.
People
Employees, staff, and everyone involved in delivering the service.
Process
The procedures and systems used to deliver the service.
Physical Evidence
The physical environment or proof of the service (office, website, packaging, receipts, ambience)
The extended marketing mix (7P's) is the combination of seven elements of marketing that aim to work together to achieve the objectives of a marketing strategy. These 7 elements are: product; price; place; promotion; people; process and physical. ... This is the so-called extended marketing mix.
Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
Place – The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.
Price – The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions.
People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.
Processes –The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.
Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
the 7 P's of marketing involve additional 3 P's. Marketing mix consist of 4 P's that is product, price, place, promotion. After that if we also want to include service factors which will affect the business then we use additional 3 P's which are People, Physical Evidence, Process.
Once you've developed your marketingstrategy, there is a "Seven P Formula" you should use to continually evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning and people.
7P is marketing mix where in This mix is helpful in services marketing. In product marketing mainly 4P's are used. These 7p's are Product Price Plaace Promotion People Process Physical evidence