Marketing is simply a process to create, communicate & deliver the values to the targeted customer at a profit. #1 – Product. Product Marketing. Extended Marketing Mix (7 P's) Revision Video The marketing mix is the combination of elements used by a business to enable it to meet the needs and expectations of customers. 7 P’s of Marketing 1. You should end up with something like this: Simply said, the service marketing mix assumes the service as a product itself. In the realm of hotels, marketing is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals. Here is the list of 7 Ps of marketing. The actual Seven Ps or Adjusted Marketing Mix is really a marketing technique system which grows the quantity of manageable factors from 4 within the initial Marketing Mix Model toward 7. These considerations are now known as the 7 Ps of service marketing in the hotel industry and sometimes referred to as the marketing mix of the hospitality industry! MARKETING Marketing is a process that depends on customer‘s needs & demands. After reading you will understand the basics of this powerful marketing tool.. Background of the Service Marketing Mix (7 P’s) In services marketing, an extended marketing mix is used, typically comprising 7 Ps, made up of the original 4 Ps extended by process, people, and physical evidence. Visit our Marketing Theories Page to see more of our marketing buzzword busting blogs.. Marketing is a continually evolving discipline and as such can be one that companies find themselves left very much behind the competition if … The services marketing mix is dominated by the 7 Ps of marketing namely Product, Price, Place, Promotion, People, Process and Physical evidence. ACCURATE INSTITUTE OF MANAGEMANT &TECHNOLOGYSubmitted to: Submitted By:Porf. Arun Kumar Singh Ankur Yadav(4031) Sujeet Kumar(4191) 2. The first P you need to consider is the Product. marketing, and businesses ignore this at their peril. These considerations are now known as the 7 Ps of service marketing in the hotel industry and sometimes referred to as the marketing mix of the hospitality industry! In essence, the marketing function is the study of market forces and factors and the development of a company’s position to optimise its benefit from them. Draw up a table with seven columns, and use these to sketch out your key strategic considerations for each of the 7 Ps. Definition___ 3. Contemporary service marketing texts tend to be organised around a framework of seven Ps or eight Ps. The 7 Ps of services marketing is indeed a popular framework used by marketing professionals to design the critical dimensions of the strategic blueprint while marketing a service. ProductUsually the services offered are intangible in nature, but the products that may beoffered by it may be tangible. It is all about getting the right product or service to the … Now days the 4Ps of marketing and the 7 Ps of marketing is common and almost every business student is well familiar with all of them. The 7Ps of the service marketing mix: Product … The services marketing mix consists of 7 P’s as compared to the 4 P’s of a product marketing mix. Your product or service is the heart of your business. Marketing is considered as the backbone of a business. People1. 7 Ps of Marketing Overview. Elements of Services Marketing Mix. The 7 Ps comprises the original 4 Ps plus process, people, physical environment. 7Ps marketing formula explained below. 1. The 7 P’s of Marketing. Promotion 5. And recently, two further ‘P’s were added, mainly for service industries (like the hospitality industry)— Process and Physical evidence. 7 ps of service marketing 1. 7 PS Of Service Marketing  1)  Product A product can be defined as a mix of intangibles & tangibles offered by the marketers at a price customer buys a product by paying a certain amount. Entrepreneur Media, Inc. values your privacy. Marketing Theories – The Marketing Mix – From 4 Ps to 7 Ps. The contemporary marketing mix, or the 4 Ps, which has become the dominant framework for marketing management decisions, was first published in 1960. The 7Ps of service marketing is what came out from the update and what we will review today. Physical evidence What is the value that the consumer receives? Marketing, business - The 7 Ps of Marketing - Entrepreneur.com. The eight Ps framework; comprises the 7 Ps plus performance which refers to the standards of service performance or service quality. This article explains the theory and concept of Service Marketing Mix, also known as the 7P’s in a practical way. Let’s imagine we are setting out to market a new SaaS product. The services marketing mix is also known as an extended marketing mix and is an integral part of a service. 1. The standard Marketing Mix system has been mainly aimed and helpful for tangible products. The short video below provides an overview of the Extended Marketing Mix (7P's) concept and there are some additional study notes below the video. Product 2. Here are, in our humble opinion, the updated 7 P’s of the marketing mix. As can be seen above, the Services Marketing Mix consists of the original Product Marketing Mix: Product; Price; Place; Promotion; But these four tactics were extended by three to create the Services Marketing Mix: People; Physical Evidence; Process In this article, we’ll take you through the 7 Ps, and how you can use them to inform your work.