In a tech-enabled world, the 7Ps of marketing adapt to the digital landscape, acknowledging the significant role of technology in shaping customer interactions and market dynamics. In this article, we will explore the evolution of the traditional marketing mix from the classic 4Ps to the contemporary 7Ps, with a specific focus on how these principles adapt and thrive in our increasingly tech-enabled world.
For decades and decades the marketing mix has been one of the most entrenched theories spurring the marketing approach of many businesses all over the world till date. Preparing your favourite meal will require a combination of some specific ingredients, that is the exact same way that you can think about the marketing mix – what are the various factors that businesses can use to influence the buying decisions of potential consumers to achieve marketing objectives?
It is in light of that, that Edmund Jerome McCarthy proposed the idea of the 4P’s of marketing in his 1960 critically acclaimed book “Basic Marketing: A managerial approach”. Over time, due to the the ever-evolving business landscape the marketing mix has evolved to from the original 4 to 7P’s. The transition from the traditional 4Ps (Product, Price, Place, Promotion) to an expanded marketing mix with 7Ps involved incorporating additional elements to address the complexities of modern marketing. The three additional Ps are People, Processes, and Physical Evidence.
Let’s take a look at how the 7Ps have evolved in our tech enabled world:
- Product
We have seen the rise of digital products where many enterprises retail ebooks and white paper pdf’s. Beyond physical goods, it includes digital products and services. The consumer emphasis is now on features, usability, and how technology enhances the product. We now have airlines even selling digital flight tickets. Let’s take Apple’s iPhone for instance, Beyond the physical device, it includes an ecosystem of digital services like the App Store, iCloud, and Apple Music, enhancing the overall product offering.
- Price
Technology enables businesses to implement personalized pricing strategies and explore innovative payment options. Now we can see dynamic pricing on airline websites, or transportation services like Uber where prices fluctuate based on factors like demand, time of booking, and user behavior, showcasing technology’s role in adaptive pricing. Technology has even advanced the use of subscription based pricing.
- Place
With e-commerce and digital platforms, the concept of place extends beyond physical stores and offices to online channels, marketplaces, and social media. What this means is that a store location has less of an impact on the accessibility of the products or services being offered. Accessibility has now been redefined to the extent that products and services can now be accessed with a click of a button. Some good examples of commerce platforms place are Amazon, Jiji, Shopify, Etsy, Selar etc.
- Promotion
Traditional advertising has metamorphosed into digital marketing whereby firms now use social media campaigns, content marketing, and influencer partnerships through the platforms provided by technology for broader reach and targeted communication. In addition to all the platforms, in recent times there has been some significant strides in the reduction of manual effort, whereby automation tools optimize promotional efforts.
- People
In a tech-enabled world, the people aspect encompasses not only customer service but delves more into user experience (UX) designers, data analysts, and tech support. It’s about human interaction in both physical and digital spaces.
- Processes
Automation, AI, and data analytics streamline business processes. Technology enhances efficiency, responsiveness, and the ability to adapt to changing market trends. A good example is an automated customer relationship management (CRM) system, like Salesforce, that streamlines processes by automating tasks, managing customer data, and improving overall efficiency in sales and marketing.
- Physical Evidence
This is where branding plays a key role, this extends to the digital interface, website design, user interfaces, and overall digital presence. It includes how technology visually represents the brand, and the type of digital footprint an entity can create. Think about it is this way, when your brand or name is Googled, what comes up? That is when you will know how much of work you have to do to create the evidence of your brand.
Conclusion
All in all, the 7Ps still hold a significant amount of relevance in businesses, and the comprehension of it, in the tech enabled world that we are in today will allow businesses to thrive without being outwitted by their competitors for failing to adapt to modern practices in marketing.
>>>the writer is one of the fastest rising public speakers in Africa, a corporate trainer, and a marketing consultant. He is known as Ghana’s greatest Gen-z keynote speaker where his knowledge on digital marketing, personal branding, business and communication has paved way for him to have a significant amount of traction and followers on business oriented platforms like LinkedIn.
You can book Paa Kwesi Folson as a speaker for your next programme or corporate training, you can get in touch with him via: [email protected] or http://linkedin.com/in/paa-kwesi-folson
