To satisfy customer by unique products and services is the basic motto for any business company today and customer satisfaction is the ultimate goal. In today's tough business competition, it is not simple task for companies and to achieve their goals.For this companies uses various marketing tactics and tools for promotion of sale. Marketing mix is one of those marketing tools, which focuses on how to identify customers need and demand and satisfy them so that the basic objective of the organization can be fulfilled. Marketing mix is a concept of marketing, which defines how to generates customer oriented marketing strategy.
There are two type of mix marketing strategy 4ps i.e. Product, Price, Place and Promotion. Now three other tools have been added in modern marketing mix which are People, Process and Physical evidence to make 7ps of marketing.
(a) Product: Selection of product is very important part for a company and it should be decide as per the need and demand of customer. It is necessary to manufactured product has the need of customer, which can create a demand of same product. However some company creates demand for its product but it is of rare nature and almost companies focus on the customer's need and demand before producing a product. Products must be as per the expectation of the customer, which can satisfy their needs.
(b) Price: Price is also important factor for deciding marketing strategy for a product. Price must be in accordance with the purchasing capacity of customer. What pricing company fixing for its products and services is important but customer point of view also be in mind. Whether customer is satisfied with the price is not is important for company.
(c) Place: Place where company supply the product to the customer is also significant factor. Place where goods supplies must be convenient for the customer and supply and distribution channel should be prepared keeping in mind the convenience of customer. It is noted that distribution point is very crucial for customer and he wants delivery of products on the convenience grounds.
(d) Promotion: Promotion is the most crucial factor for the companies during marketing as it is the direct way of communication with customers. Various ways of promotion are available like advertisement, branding, and public relation tools etc, which provide effective way to communicate company messages for the product with the customers. Adopted promotional way should be easily accessible by customers.
(e) People: The marketing process in not to attached with only customers and company rather it has connection with other people too who are employee, stakeholders, media and general public. During planning marketing strategy their interests must be in mind as they provide a opportunity for the company to generate a message regarding the product.
(f) Process: Business today is not limited to only selling and buying the product rather it is a process to build a long-term relationship with the customers. For this it is important for companies to the way by which it has been providing the services and after selling the attitude of customers should be assessed.
(g) Physical evidence: Physical evidence is another important factor out of marketing mix tools of marketing. It is useful in selling and marketing services which described as the customer?s perspective about products when customer do not see it in the market.
Each one of the 7ps is important during marketing activity and not a single one can be isolated during practices. All play significant role in planning about the marketing strategy for a product or services.