In this era of a highly competitive world, MARKETING is one of the very essential tools that business houses, especially; make use of in order to have a strong grip in the market. It is a part of the management process, essentially a bridge that fills up the gap between production of goods and services and their use by the customers.
The process of marketing is basically carried on by coordinating various elements called the 7Ps of marketing. The first 4Ps are essentially based on the goods market, and the extension of the 3Ps is essentially based on the services market. They are-
- Product- Identification of consumer’s needs, analysing the pros and cons of producing a product to meet those needs, selecting the best alternative and developing the product. When we say a product, we mean both goods as well as services.
- Price- This element deals with determination of the price of the product produced. Various factors that affect the price of the product- its cost of production, storage, advertising, etc. All these factors are kept in mind while fixing the price of the product. Also various strategies that may be adopted in determining the price are dealt with here.
- Promotion- It is the effective communication by the organisation about its goods and services to the consumers so that leads to a positive impact on the company. Advertising, PR, Sales promotions are all key tools of promotion.
- Place- It is concerned with creating place utility of the product.
- People- This includes all those who are concerned with the service, either directly or indirectly, like- employees, customers, workers, etc. Examples maybe like nurses, teachers, etc. Who are inseparable from the service they provide, hence it becomes essential to deal with it as a separate element.
- Physical evidence- It refers to the whole environment in which the service is provided to the consumer. It essentially includes all the tangible goods that make up the environment wherein the service will be provided. It creates a perception about the service provider in the minds of the consumers.
- Process- This involves the operational aspects of the service such as the procedures, time duration and sequence of activities leading to the consumer experience of the service. Creating an effective service process is essential for the success of a service firm.