The 4P’s and 7P’s of Marketing

The 4P’s (Product, Price, Place, Promotion) form the backbone of traditional marketing theory. For service-oriented industries, this expands to the 7P’s by including People, Process, and Physical Evidence.

• Product: This covers the goods or services being sold, including features, quality, design, and variants. Product differentiation and unique selling propositions (USPs) play a key role.

• Price: What is the pricing strategy? This includes cost-plus, value-based, and competitive pricing. Pricing affects brand positioning and perceived value.

• Place: Distribution channels — online, retail, or hybrid. Logistics, warehousing, and delivery mechanisms fall under this P.

• Promotion: Encompasses all communication tactics — advertising, public relations, digital marketing, and promotions.

The extended 3Ps add:

• People: Employees and service personnel who represent the brand.

• Process: The procedures that ensure service delivery consistency.

• Physical Evidence: Tangible proof of service quality (e.g., packaging, ambiance).
  

This framework is essential for product launches, marketing planning, and service strategy.