7 Ps of Marketing | Marketing Mix for Services

Summary

This video script delves into the fundamentals of marketing, highlighting the importance of the 'seven Ps'—Product, Price, Promotion, Place, People, Process, and Physical Evidence—as essential marketing tactics. It emphasizes the need to understand and satisfy customer needs, the role of uniqueness in service offerings, and the impact of customer feedback on product improvement. The script also introduces the concepts of service marketing and the balance required between the seven Ps for successful marketing strategies, using the example of a seven-star hotel to illustrate the application of these principles.

Takeaways

• 📢 Marketing is defined as the activity of promoting a company's product in the best possible way through advertising.
• 🎨 Examples of marketing include TV ads for daily soaps, shampoos, mobile phones, and wristwatches, as well as billboards and pamphlets.
• 📍 The importance of targeting the right audience and using various platforms like social media for marketing is highlighted.
• 🛍️ The seven Ps of marketing are Product, Price, Promotion, Place, People, Process, and Physical Evidence, which make up the marketing mix.
• 💡 Service marketing focuses on understanding customer needs and creating interest in the product to satisfy those needs.
• 🌟 Uniqueness in services is crucial; businesses should offer something that is not provided by others or excel in what they offer.
• 💼 Good service includes not only physical products but also excellent customer service and clear guidelines.
• 🔑 Service marketing mix involves the original four Ps: Product, Service, Price, and Place, with a focus on intangible aspects.
• 💰 The pricing strategy is essential as it determines the target audience size and the level of service provided.
• 📈 The location or place of service delivery is vital for accessibility and the success of service marketing.
• 🗣️ Promotion is key to presenting products and services to the target audience, requiring a clear understanding of customer needs.
• 🤝 The people involved in the service interaction can significantly impact the service quality and customer feedback.
• 🏢 Physical evidence, such as customer feedback, plays a role in reflecting the service quality provided by a business.
• 🔄 The process of service delivery, including standard operating procedures, is crucial for the successful execution of marketing services.
• 🔄 The 7Ps and 7Cs concepts link marketing tactics to customer-centric strategies, emphasizing the importance of coordination and communication.
• 🏨 An example of service marketing mix is a seven-star hotel, where each of the seven Ps plays a role in the overall customer experience.

Q & A

What is the basic concept of marketing according to the script?

The script defines marketing as an activity of showcasing and advertising a company's product in the best possible way, using various forms of media and communication to connect with the target audience.

Why is advertising important in marketing?

Advertising is important in marketing because it helps to represent products in the best light, reaching out to the target audience and creating interest in the products or services being offered.

What are some common examples of advertising mentioned in the script?

The script mentions ads for daily soap, shampoo, mobile phones, and wristwatches, as well as wall paintings, banners, hoardings, and pamphlets as common examples of advertising.

How has the use of social media impacted marketing and advertising today?

Social media has become a significant platform for marketing and advertising, with companies using Facebook ads, Google ads, and email marketing to target their audience and customers more effectively.

What are the seven Ps of marketing mentioned in the script?

The seven Ps of marketing are Product, Price, Promotion, Place, People, Process, and Physical Evidence, which make up the necessary mix of tactics a business must have to advertise a product or service.

What is service marketing and how does it differ from product marketing?

Service marketing focuses on promoting intangible offerings and experiences, emphasizing customer satisfaction and the uniqueness of the service provided. It differs from product marketing in that services cannot be physically possessed or stolen, and they require good customer service and guidelines.

Why is understanding customer needs crucial in service marketing?

Understanding customer needs is crucial in service marketing because it helps in creating interest in the product and ensuring customer satisfaction, which is key to converting leads into sales.

What is the significance of uniqueness in service marketing?

Uniqueness in service marketing is significant as it helps a company stand out by offering something that is not provided by others or by being the best in the market, thus attracting and retaining customers.

How does the script define a good service in the context of marketing?

A good service, according to the script, is not only about physical products but also about providing good customer service, clear guidelines, and positive customer experiences.

What are the original four tactics of the service marketing mix as mentioned in the script?

The original four tactics of the service marketing mix mentioned in the script are Product, Service, Place, and Physical Evidence, which help in understanding the tangible and intangible aspects of the service provided.

How can the seven Ps be converted into seven C's as per the script?

The seven Ps can be converted into seven C's by equating Product with Customer, Price with Cost, Place with Convenience, Promotion with Communication, People with Caring, Process with Coordination, and Physical Evidence with Confirmation, focusing on the customer's perspective.

Outlines

00:00

📢 Introduction to Marketing and the 7 Ps

This paragraph introduces the concept of marketing as the activity of advertising a company's products in the most appealing way, using various examples such as TV ads, billboards, and social media. It emphasizes the importance of targeting the right audience and creating interest in the product. The 7 Ps of marketing—Product, Price, Promotion, Place, People, Process, and Physical Evidence—are introduced as essential tactics for a successful marketing strategy. The paragraph also touches on service marketing, highlighting the need to understand customer needs and offering unique services to stand out in the market.

05:01

🛒 Exploring Service Marketing and the 7 Ps Adaptation

The second paragraph delves into service marketing, explaining it as a sophisticated approach to promote products and encourage customer purchases. It discusses the importance of satisfying customers and offering unique services to gain a competitive edge. The paragraph also introduces the original 4 Ps of service marketing mix and relates them to tangible examples like train travel experiences. It further explains the significance of pricing strategy, the accessibility of services, and effective promotion to reach the target audience. The role of people in the service industry, the importance of physical evidence, and the necessity of managing processes are also highlighted, concluding with the transformation of the 7 Ps into 7 Cs to align with customer-centric marketing.

Keywords

💡Marketing

Marketing is the process of promoting and selling products or services, including advertising and creating a brand image. In the video, it is defined as an activity that shows and advertises a company's product in the best possible way, using various examples such as ads for daily soap, shampoo, mobile phones, and more. It's central to the video's theme as it sets the stage for discussing the 'seven Ps' of marketing.

💡Product

A product refers to the goods or services offered by a company to satisfy customer needs. In the script, the term is used in the context of the 'seven Ps' of marketing, emphasizing the importance of understanding customer needs and creating interest in the product. An example given is a company offering a train travel experience.

💡Price

Price is the monetary value charged for a product or service. The video discusses how pricing strategy is crucial in marketing, as it can affect the number of customers a company can target, with lower prices attracting a larger audience and higher prices catering to a more select clientele.

💡Promotion

Promotion is the act of raising awareness about a product or service through advertising and marketing strategies. The script highlights promotion as a key way to represent products and services to the target audience, with modern methods including social media, Google ads, and email marketing.

💡Place

Place, in marketing, refers to the channels through which a product or service is made available to customers. The video script mentions the importance of location for services, stating that accessibility can significantly impact the success of service marketing.

💡People

People in the context of the video refers to the individuals involved in the marketing process, including the company's staff and the customers. Their interactions and feedback are crucial for the success of marketing efforts, as they can influence the reputation and customer satisfaction.

💡Process

Process in the script denotes the systematic steps or procedures involved in delivering a service or product. It is highlighted as an essential part of marketing, where managing each step, from check-in to checkout routines, can significantly affect the success of a business.

💡Physical Evidence

Physical evidence pertains to the tangible elements associated with a service, such as the location where the service is delivered. The video uses the example of feedback from customers about their experience staying at a hotel, which serves as physical evidence of the service provided.

💡Service Marketing

Service marketing is a subset of marketing that focuses on the promotion and delivery of services rather than physical products. The video explains it as a sophisticated set of tactics to promote company products and encourages customers to buy, emphasizing customer satisfaction and uniqueness of the service offered.

💡7 Ps

The 7 Ps refer to the marketing mix, which includes Product, Price, Promotion, Place, People, Process, and Physical Evidence. The video script discusses these elements as the necessary tactics for advertising a product or service, highlighting their importance in creating a successful marketing strategy.

💡7 C's

The 7 C's is a customer-centric approach to the marketing mix, redefining the 7 Ps with a focus on customer needs. The video script translates the 7 Ps into the 7 C's, such as Product equals Customer, Price equals Cost, and so on, to emphasize the importance of aligning marketing strategies with customer expectations.

Highlights

Marketing is defined as the activity of advertising a company's product in the best possible way.

Examples of marketing include various types of advertisements like daily soap, shampoo, mobile phones, and wristwatches.

Marketing tactics include wall paintings, banners, hoardings, and pamphlets to reach the target audience.

Social media platforms like Facebook, Google, and email are utilized for modern marketing and advertising.

The seven Ps of marketing are product, price, promotion, place, people, process, and physical evidence.

Service marketing is a sophisticated way to promote company products and encourage customer purchases.

Understanding customer needs is crucial in service marketing for creating interest in the product.

Uniqueness in service offerings is important to stand out in the market.

Good service includes not only physical products but also customer service and guidelines.

Services are intangible and cannot be stolen, requiring self-management.

Service marketing mix includes the original four tactics: product, price, place, and promotion.

Price plays a significant role in targeting customers based on cost value.

The location of services provided is important for accessibility and customer reach.

Promotion is key to representing products and services to the target audience.

People involved in the service process, such as staff and managers, affect the business reputation.

Physical evidence includes tangible elements and service delivery locations.

Process management is essential for executing marketing services effectively.

The 7Ps and 7Cs model relates marketing tactics to customer needs, emphasizing customer-centric marketing.

Balancing all elements of the service marketing mix is crucial for success.

An example of service marketing is a seven-star hotel, highlighting the importance of product, price, place, promotion, people, process, and physical evidence.

Transcripts

before discussing the seven PS of

marketing let's discuss what marketing

is and why we need this what are the

important terms and factors by which we

can easily understand the marketing

concept we only can understand marketing

as an activity of showing advertising

any company's product in the best

possible way we can understand it by

some examples

have you ever noticed many types of ads

on your tape showing different kinds of

things like some of them for daily soap

some of them for shampoo and some of

them for mobile phones and wristwatches

and so on and they always try to

represent their best way to connect to

their target audience or whenever you go

somewhere outside your house you noticed

some ads paint on the wall or some

banner and big hoardings on the street

or some pamphlets which contain the

details of some products it's all the

form of marketing which people generally

use to advertise their services in these

days people use social media for their

marketing and advertising as Facebook

ads Google ads email marketing and many

more medium companies used to follow to

Target Their audience and customer so

here we will discuss further Marketing

in all parts of marketing let's start

our video but before starting this video

stay tuned with us by subscribing to our

Channel as you already know marketing is

already discussed Above So further let's

move to the next topic of the seven PS

in marketing a seven piece of marketing

are generally known as the seven

important tactics which are product

price promotion place people process and

physical evidence the seven PS of

marketing make up the necessary mix of

marketing the business must have to

advertise a product or service so

further let's discuss service marketing

what is service marketing and how can we

easily understand this

service marketing mix this is the most

proper and sophisticated way of tactics

to promote Company products and

encourage customers to buy their product

whatever your product is in this term

you have to understand the need of

customers first what they want actually

and how you can create much interest in

your product that's the only thing which

you have to do while representing your

product because in service marketing the

most important thing which works for you

and your favor is if the customer is

satisfied with your services and your

behavior your way of representation then

you easily can convert that lead into

cells

one more thing which is really very

important part of this term that is

uniqueness you have to represent you are

providing something which is not

provided by others or you are best in

all of them that should be on your

priority list but before any type of

discussion you must have to understand

what is a good service which someone can

provide service means it's not only

about physical things but also you can

provide service by providing good

customer service or providing by giving

good guidelines or anything it's all

known as services but one thing Services

can't be stolen or taken from someone

you have to manage your own thing by

yourself and furthermore there is the

last term known as product marketing in

which you have to manage the market

product as well as a service facility

now in the service marketing mix we can

understand it by the original four

tactics one product we can understand it

by an example

first a company wants to see a train

travel experience of us or anything

which is provided to us second services

are intangible which we only can imagine

whatever our product is we can think of

our Target product as an asset and after

that can give our facility around them

two price price also plays a very

important role in our marketing sector

because when our price is low we can

Target a large number of customers while

when we have high cost value for our

product we can only give Services only

to The Limited customers so whatever our

product is we have to decide price first

according to your product and your need

three place the place where you are

providing Services also plays a very

important role because if you give your

services in all possible areas your

service marketing will be good the ease

of access that a customer has a service

4. promotion this is the hardest way to

represent your product and services to

your target audience in this section

first you have to decide who is your

Target customer after that you'll have

to decide your product and

responsibilities and the rest of things

so before considering anything further

this is the most important thing which

you have to understand first and try to

find out the needs of your customer so

that you can provide them the necessary

Services they need

five people the people with whom you

interact or the person with whom you are

connected can also affect your services

let's take an example to understand this

point

let's assume that you are a manufacturer

or brand promoter or the one who is

directly connected with other people so

you will also play a very important role

in this section because if they are

using your product obviously they have

some feedback about your product like

it's a good one or a bad one or need

Improvement or any type of positive or

negative feedback at least they can

inform you so this is also a very

important part of the marketing

six physical evidence under this section

we discuss the place where we provide

our service or the place where our

service is delivered or any tangible

element that provides service about it

7. process this is the very important

part because before the execution of any

marketing Services you have to manage it

first by calculating each and every

process what you should do what you

should not do and many more things so

you have to decide first what the first

process you have to execute and what the

next step it generally can be understood

by standard operating procedures or

stops

so these are the seven PS of standard

marketing now let's move to the next

topics 7ps and seven C's what is this

this is actually defined as 7p standing

for product and 7c standing for

customers so let's discuss this term

also

here we will discuss the seven PS in the

most customers Manner and convert them

into seven seas

as product equals customer price equals

cost Place equals convenience promotion

equals communication people equals

caring process equals coordination

physical evidence equals confirmation

now when we discuss the service

marketing mixed sweet spot we have to

understand all these seven tactics

should be successful then we only can

succeed in our mixed marketing if we

want to execute our service and

marketing successfully we have to

balance all these elements whether it's

price or place people or any other

element in the seven list

let's understand it more conventionally

with some good examples let's take as an

example a seven star hotel product the

product which is basically what we are

providing that hotel rooms and

accommodation

price this is also a very important

factor that determines the price we have

decided for our hotel rooms for one

night or two nights and with which type

of facilities

place the location of the hotel also

matters because if it's in a prime

location people easily can find out

about you may love your services too but

if your hotel is far away from the prime

locations many few can reach you or

contact you so the location always

matters first

promotion this also plays an important

role in creating your brand value how

well you are promoting your services or

how easily people can connect to you

through your promotion that's a big

thing for anyone people the manager the

hotel staff and their behavior and how

they treat their customers also affect

your reputation and business too

process what is the Strategic process of

your services we are providing hotels so

with the process of our check-in

routines what's the process of our

checkout routine what's the process of

payment method and many more things

these are the small things which people

generally ignore but these small things

play a major role for succeeding any

business or organization

physical evidence in this section we can

take examples of feedback such as what

the customer thought about your services

about their experience while staying

your hotel and how hard to find you and

your website these things also matter if

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you thanks for watching