One of the most important marketing frameworks that aspiring Registered Marketing Professionals must take into the heart is the 7 Ps of Marketing.
All businesses can be servitized to add innovation and stimulate growth. We live in the world where customers are demanding great service. Thus, having a deeper understanding of the 7 Ps of Services Marketing is a must.
The 7 Ps of service marketing is a set of seven elements that are considered to be crucial components of a successful marketing strategy for services. The 7 Ps are:
- Product: This refers to the service that is being offered and its features, benefits, and quality.
- Price: This refers to the cost of the service, including any pricing strategies that may be used, such as discounts or bundle deals.
- Place: This refers to the channels through which the service is marketed and sold, such as online, through a call center, or in a retail store.
- Promotion: This refers to the marketing and advertising efforts used to raise awareness of the service and persuade customers to use it.
- People: This refers to the individuals involved in delivering the service, such as employees and customer service representatives.
- Process: This refers to the systems, procedures, and processes used to deliver the service, including customer service processes and quality control measures.
- Physical evidence: This refers to the tangible elements that support the service, such as the appearance of a retail store or the design of a website.
The 7 Ps of service marketing provide a framework for businesses to consider all of the key factors that contribute to the success of a service marketing effort and to ensure that all aspects of the marketing mix are aligned and working together.
Having said this, Registered Marketing Professionals will have an edge if they can craft a service marketing mix strategy rooted in the 7 Ps of marketing.