1.) Product – The Product should fit the expectations of consumers, should be working and fit the suited criteria.
2.) Place – The product should be available in it’s demanded location and closest location should also be considered. This should be in the form of a Main Street, mail order or online shop access. The product should be available from where your target consumer finds it easiest to shop.
3.) Price – The product should represent value for money on what is on offer. This does not mean it to be the cheapest option; one of important aspects are, that consumer don’t mind paying extra for better quality and longer endurance.
4.) 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 values and intent to the correct audiences in the form they would most like to receive it, whether it be informative or appealing to their emotions.
5.) People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people representing your company is essential because they are as much a part of your business offering as the products/services you are offering, which will always result as an addition to the companies reputation.
6.) 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, which is why a standard is expected if the company wishes to be taken seriously or develop a respected reputation.
7.) Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDF’s) they are still receiving a “physical product” by this definition.
The information for this blog post, has been used from this article here: http://www.professionalacademy.com/blogs-and-advice/marketing-theories—the-marketing-mix—from-4-p-s-to-7-p-s