7Ps is the modified version of 4Ps model of marketing mix.
First 4Ps – Click here.
The other three Ps are people, process and physical environment.
5. People – Marketing Mix
Why this element is added in modified version?
You must have noticed that earlier in 4Ps discussion, the main aspect to create a perfect marketing mix is to understand the end user of product.
But it took time for businesses to understand that the people working for them is also important for a successful business.
If you have a team which believes in the product or service you offer, you will surely have a competitive advantage. Your employee will work passionately. They will be eager to hear customer feedback and improve the product.
The business needs to share the ownership of the business with people, needs to understand their challenges, works toward to make them successful so that they can contribute towards achieving the company’s vision.
6. Process – Marketing Mix
The most important factor for success in
Your processes should be cost-effective, controlled and mistake proof.
7. Physical Environment – Marketing Mix
Why should your client trust you?
Sometimes your work speaks for you, but in case of large projects, where big money is involved, client might look for a company who is financially stable, has a good office and hire top talents.
This kind of branding helps companies in service industry charge premium and gain trust of their clients.