7 Ps of Marketing | Marketing Mix for Services

Summary

This video by "Leaders Talk" dives into the essential concept of the 7 Ps in marketing, specifically in service marketing. First, it explains the basics of marketing and its evolution through different mediums like social media. It then elaborates on the 7 Ps: Product, Price, Promotion, Place, People, Process, and Physical Evidence. Each element is crucial for marketing success, affecting how services are presented and perceived. The video uses practical examples, like hotel services, to illustrate these points. Overall, it's a valuable guide for understanding service marketing's multifaceted nature.

Highlights

• The 7 Ps of Marketing make up the necessary mix to advertise a product or service effectively 📈.
• Service marketing is about understanding customer needs and offering unique value 💡.
• Price, Place, and Promotion are crucial for reaching and engaging your audience strategically 🗺️.
• People and Physical Evidence significantly influence customer perceptions and satisfaction 💬.
• A practical example of the 7 Ps is explained with hotel services, showing real-world application 🏨.

Key Takeaways

• The 7 Ps of Marketing are essential tactics for successful service marketing 🎯.
• Marketing involves strategic advertising of products and services to reach target audiences 📢.
• Understanding customer needs is crucial for effective service marketing 📊.
• Social media has become a significant medium for modern marketing efforts 🌐.
• Every element of the 7 Ps contributes to building brand value and customer satisfaction 🏆.

Overview

The video kicks off by introducing the concept of marketing and its evolution through various advertising forms, from traditional posters to modern social media platforms like Facebook and Google ads. Marketing, as presented, is the comprehensive activity of showcasing company services engagingly and efficiently.

Delving deeper, the video explains the 7 Ps of Marketing—Product, Price, Promotion, Place, People, Process, and Physical Evidence. These are vital strategies that a business must adopt to market their offerings effectively. Each ‘P’ serves a unique purpose in ensuring that marketing efforts align with customer expectations and business goals.

To bring theory into practice, the video uses the example of a seven-star hotel. This example demonstrates how the hotel markets its services using the 7 Ps, from setting the right price and choosing the perfect location to carefully managing guest experiences and staff interaction. Such practical insights help solidify understanding and application of the marketing mix.

Chapters

• 00:00 - 00:30: Introduction to Marketing The chapter introduces marketing by discussing its definition and the importance of understanding key terms and factors related to it. Marketing is described as the activity of advertising a company's product in the most effective way. The chapter gives examples of various advertisements for daily products like soap, shampoo, mobile phones, and wristwatches, emphasizing the effort to connect with consumers in the best possible way.
• 00:30 - 01:00: Forms and Importance of Marketing This chapter discusses various forms and the significance of marketing. It highlights traditional methods such as ads painted on walls, banners, hoardings, and pamphlets, as well as modern techniques like social media marketing via Facebook ads, Google ads, and email marketing. The importance of targeting the audience and customers through these mediums is emphasized as the chapter explores different facets of marketing.
• 01:00 - 01:30: The 7 Ps of Marketing This chapter introduces the concept of the 7 Ps of Marketing, which are key tactics in marketing strategies. The 7 Ps consist of product, price, promotion, place, people, process, and physical evidence, and they form an essential mix that businesses use to market their products or services. The chapter sets the stage for a subsequent discussion on service marketing.
• 01:30 - 02:00: Service Marketing and Customer Satisfaction This chapter discusses the importance of the service marketing mix as a set of strategies to effectively promote company products and encourage customer purchases. It emphasizes understanding customer needs and creating interest in products as a key to successful service marketing. The chapter highlights that customer satisfaction, achieved through quality service and positive interactions, is crucial in converting leads into sales.
• 02:00 - 02:30: The Importance of Uniqueness in Service Marketing The chapter 'The Importance of Uniqueness in Service Marketing' discusses the crucial aspect of differentiating oneself in the service industry. It emphasizes the idea that businesses must represent their services as unique or superior compared to others, making it a priority to stand out. The chapter begins exploring what constitutes a good service, highlighting that services are not just about physical products but also include good customer service, guidance, and other non-tangible offerings. There is an underlying message that uniqueness in service marketing requires understanding and showcasing what sets a business apart from the competitors.
• 02:30 - 03:00: Product Marketing and Service Marketing Mix The chapter discusses product marketing and service marketing mix, emphasizing the importance of managing your own products and services. It introduces the concept of product marketing, where one must manage both market products and service facilities. The service marketing mix is explained using the original four tactics, starting with 'product,' illustrated with examples such as a company offering a train travel experience. The intangible nature of services is noted, contrasting with tangible products, and the idea of considering a target product as an asset is highlighted.
• 03:00 - 03:30: Understanding the 7 Ps with Examples This section focuses on the pricing aspect of marketing within the 7 Ps framework. It discusses the importance of price in marketing strategies, emphasizing how lower prices can target a broader customer base, while higher prices may limit the customer base to those with more purchasing power. The importance of setting prices correctly based on the product and the market needs is highlighted.
• 03:30 - 04:00: Promotion and Customer Needs The chapter 'Promotion and Customer Needs' discusses the challenges and strategies involved in promoting services to target audiences. It emphasizes the importance of identifying the target customer before planning product responsibilities. The chapter highlights the necessity of understanding customer needs to offer the appropriate services. This foundational understanding is presented as crucial before proceeding with other promotional activities.
• 04:00 - 04:30: Role of People and Feedback in Marketing This chapter discusses the significant impact that people and their feedback have on marketing efforts. It emphasizes the role of individuals, such as brand promoters and those who interact directly with consumers, in shaping the perception and management of a brand. The feedback from these people, whether positive or negative, is crucial as it informs necessary improvements and helps in understanding the strengths and weaknesses of the product or service. This interaction and feedback loop is positioned as a fundamental component of marketing strategy.
• 04:30 - 05:00: Physical Evidence and Strategic Processes This chapter covers two main aspects: physical evidence and strategic processes. Physical evidence refers to the tangible aspects or locations where services are provided. It highlights the importance of physical elements in delivering a service. The strategic process is crucial for managing marketing services efficiently. It involves planning and executing each step of the process, deciding what actions need to be taken, and determining the sequence of these actions to ensure successful service delivery.
• 05:00 - 05:30: The 7 Ps and 7 Cs of Marketing In this chapter, the concept of the 7 Ps and 7 Cs of marketing is introduced. The 7 Ps are aligned with traditional marketing terms: Product, Price, Place, Promotion, and People. Meanwhile, the 7 Cs provide a customer-centric counterpart to these terms. Product corresponds to Customer, Price to Cost, Place to Convenience, and Promotion to Communication, while People remain a focal point. This approach emphasizes standard operating procedures and the application of these frameworks in practical marketing strategies.
• 05:30 - 06:00: Execution and Balance in Marketing Mix The chapter titled 'Execution and Balance in Marketing Mix' discusses the critical aspects of balancing the seven elements of the service marketing mix. These elements include coordination in the caring process, confirmation through physical evidence, and other key factors like price and place. The chapter emphasizes that for successful execution of service marketing, all seven tactics or elements need to be effectively balanced. This concept is further illustrated with conventional examples such as a seven-star hotel.
• 06:00 - 06:30: 7 Star Hotel Marketing Example The chapter '7 Star Hotel Marketing Example' emphasizes several key factors that are crucial for successfully marketing a seven-star hotel. The primary focus is on the aspects that include the product, price, place, and promotion. - **Product**: It highlights the significance of the services provided, particularly the quality of hotel rooms and accommodations offered to customers. - **Price**: Pricing is identified as a vital element, with discussions around determining the cost of staying in the hotel per night and how pricing is influenced by the type of facilities provided. - **Place**: The location of the hotel is highlighted as a critical factor. A hotel situated in a prime location garners more visibility and accessibility, thus attracting more guests. However, if the location is remote, it may hinder reachability and reduce customer contact. - **Promotion**: Though not completely detailed in the provided text, the importance of promotion in marketing is hinted at as a significant strategy for attracting customers to the hotel. The chapter effectively breaks down these marketing components and explores their implications on the hotel's success.
• 06:30 - 07:00: Conclusion and Viewer Engagement The chapter discusses the significance of strategic marketing and customer interaction in enhancing brand value. It emphasizes the importance of staff behavior in building reputation, along with the operational processes involved in hospitality services, such as check-in and check-out routines, and payment methods, highlighting their impact on customer experience.

7 Ps of Marketing | Marketing Mix for Services Transcription

• 00:00 - 00:30 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
• 00:30 - 01:00 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
• 01:00 - 01:30 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
• 01:30 - 02:00 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
• 02:00 - 02:30 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
• 02:30 - 03:00 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
• 03:00 - 03:30 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
• 03:30 - 04:00 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
• 04:00 - 04:30 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
• 04:30 - 05:00 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
• 05:00 - 05:30 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
• 05:30 - 06:00 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
• 06:00 - 06:30 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
• 06:30 - 07:00 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
• 07:00 - 07:30 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 you like the video then please consider liking the video and subscribing to the channel so that I can make a video for you thanks for watching