Definition

The 7P marketing mix is an overall planning framework for creating winning marketing strategies that includes the seven components that make up a marketing approach. These are: product, price, place, promotion, people, process, and physical evidence. 

Trivia

1. The foundations for the 7P marketing mix model were laid by E. Jerome Mc. Carthy, who in 1960 presented his concept of the 4P marketing mix in a book Basic Marketing: A Managerial Approach; Mc. Carthy is considered one of the key creators of marketing thinking. 
2. The 4P mix model turned out to be effective for selling products, but not services, so Booms & Bitner in 1982 supplemented Mc Carthy's scheme with another three components.
3. The 7P mix model is sometimes enriched with additional elements (such as partners or positioning), but even without them the scheme is considered complete and sufficient.

Information

The 7P marketing mix consists of the following components:

1. Product (product or service) - is subject to sale. It is a component whose purpose is to respond to the customer's need. Planning product activities is based on the assumption of the need to constantly improve and adapt the offer so as to best respond to customer needs and stand out from the competition. Activities such as modifications of existing products and services are taken into account, e.g. by extending the offer with additional benefits (after-sales support, warranties, etc.), as well as introducing new goods that meet other customer needs. 
2. Price - this is the only element of the 7P marketing mix that generates income. Setting the price should result from market research, especially in terms of how much the buyer is willing to pay for the offered product or service and what prices the competition sets. An inappropriate price may have a negative impact on sales results or the brand image.
3. Place (place) - this is where customers purchase a product or service. Sales may take place in a physical or virtual space, in the product creator's store or through distributors. Any logistical issues should be considered here.
4. Promotion (promotion) - concerns the transfer of knowledge about the brand and the product or service offered in order to build a positive image and arouse interest in the product among customers. At this stage, the most important thing is to select appropriate promotion methods and channels to reach the target group and create the desired brand image in a broader social context. 
5. People (people) - employees are largely responsible for creating relationships with customers and represent the company in the most direct way. Their knowledge, professionalism and commitment, maintained at a high level, can positively distinguish the brand from the competition and encourage customers to use the product or service again. 
6. Process - the sales process that begins with the interaction with the customer. It concerns the efficiency of information transfer and sales, which activities can be automated and how to persuade the customer to leave an opinion about the product or service. The aim of process planning is to create sales conditions that give the customer the greatest possible satisfaction. 
7. Physical evidence (material evidence) - concerns how to provide a potential customer with external confirmation that the product offered will be satisfactory. These may include, for example, opinions of existing customers, transparent websites, precise terms of service, cooperation with a reliable business partner.

Summary

The 7P marketing mix provides a general framework for creating effective marketing strategies, focusing on many aspects related to product creation, brand image creation, and sales efficiency and effectiveness. Despite possible modifications, it remains one of the most effective tools for creating comprehensive marketing plans. 

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