Transcript

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Kiran Kapur (00:00):
Mark Beasley mentioned the marketing mix, so I thought it would be useful to quickly look at the seven Ps of marketing. These are, as Mark points out, very much go back to the early stages of marketing when we used to consider particularly a physical product. So we started off with just four Ps and those were the product, price, promotion, and place.

(00:21):
Product is obviously the actual thing that you buy. Increasingly now a product or a service or perhaps a digital product, so something that I download onto my computer. So it doesn't have to be something tangible that I can touch and feel, but it is anything that I am as an organisation selling to my customer.

(00:40):
Then we have the Price, which is clearly how much my customer has to pay for it. And where you position yourself on price very much indicates where you see yourself fitting within the marketplace. So if I'm a high price luxury good, or if I'm a middle market, or if I'm a lower end of the market and sort of buy it, pile-it-high, sell-it-cheap. My pricing actually indicates it's an indication of a level of the quality and the type of company that I am.

(01:06):
Place is the one that really should be 'distribution'. It's how you get your product into the hands of your customer or your customer's computer or the place that they receive the service. It also includes anything, so it includes anything to do with the delivery of actually getting your product to your customer.

(01:25):
And Promotion is probably the one that most people think of when they think of marketing, and that's the pretty bit. The packaging, the website, the advertisements, and so on. That's all to do with promoting the company.

(01:37):
Then marketers woke up to the idea that actually we had things called Services now, and not everything was a physical product. And that in fact, increasingly, customers were looking for more than just buying a product from a company. They were looking for a bit more of a package. So we created three more Ps of marketing, which were people, process and physical evidence.

(01:55):
The People one was the idea that everybody who comes from your organisation, who comes in contact with your customer, is actually selling your company or presenting your company. So people, the type of people that you hire, the way that they're trained, all became very important aspect of the way the company presented itself.

(02:13):
The Processes were anything to do with the systems that the customers went through. Customers aren't really interested in processes. They just want to see the outcome from them. So when I'm ordering something, I don't want to know how complicated it was for you to set up the ordering and get the payment from me and everything else. I just want to click a box online and know that you've taken my payment and the product will arrive. And that's all a process. It can also be queues waiting for calls to be answered in a call centre or the queue that I have to wait in a retail environment or physical when I'm physically standing in a queue.

(02:45):
And then lastly, we had Physical Evidence, which is basically anything that shows your company. So it could be your premises, your reception area, the premises that a service is delivered. Is it clean? Is it tidy? It could be the way that staff are presented. So are they wearing a uniform? Do they turn up in ripped jeans? All of that presents your organisation.

(03:08):
That's a very quick run through of the seven Ps of marketing, product, price, promotion, place, people, process, and physical evidence.