Market and competition
Marketing mix (7Ps)
Also called 7Ps of marketing, 4Ps of marketing
Check that product, price, place, promotion, people, process and physical evidence all tell the same story to the same customer.
- Time45 to 75 minutes
- People2 to 8 people
- Steps3
What it's for
A launch fails as often from a mismatch as from a bad product: a premium product sold through discount channels, or a simple service behind a complicated sign-up. The marketing mix lists the decisions that shape what customers experience, so a team can check that they fit together.
The first four Ps cover any product. The last three were added for services, where the people serving customers, the steps they go through and what they see along the way are part of what's being sold.
How to run it
Name the customer5 min
Agree who this mix is for. A different customer usually needs a different mix.
Fill the seven25 min
What you've decided, or are assuming, for each P.
Check the fit10 min2 votes each
Read across the board: does each P suit this customer and support the others? Vote on the biggest clash.
Tips
- Price says something about quality. A price that's too low can make a good product look cheap.
- For a digital product, physical evidence is the website, the app store page and the emails.
Where it comes from
Neil Borden coined the term marketing mix in the 1950s. E. Jerome McCarthy grouped it into four Ps in Basic Marketing (1960), and Bernard Booms and Mary Jo Bitner added people, process and physical evidence for services in 1981.
Pairs well with
5C analysis
Look at the company, customers, competitors, collaborators and context together before deciding where and how to compete.
Positioning statement
Who it's for, the need, what it is, the key benefit, and how it differs from the alternative, in two sentences.
Value proposition canvas
Map a customer's jobs, pains and gains beside your product's pain relievers and gain creators, to check that the two really fit.