Marketing mix revisited : the 7Ps of marketing
In our first article, we introduced one of the basic concepts of marketing called the marketing mix or the 4Ps of marketing (link: https://mpoweriimk.blogspot.com/2020/12/the-marketing-mix-simplified.html ) . Later, this concept was extended to include three more Ps and is now called the 7Ps of marketing . With rapidly evolving markets and customers, it has become necessary to focus on all seven elements to devise a fool-proof marketing strategy. Let us go back to our chewing gum business. Earlier, you devised a marketing strategy by focusing on the 4Ps – Product, Price, Promotion and Place. But you soon realize that you are facing stiff competition from giants like boomer and Wrigley’s and your sales also started to decline. You now decide to e...
