The 4 Ps
- Product: what you sell, including its features, quality, design, packaging and support.
- Price: what customers pay, including discounts, payment terms and how the price compares with competitors.
- Place: where and how customers can buy, such as your website, marketplaces, stores or distributors.
- Promotion: how you communicate, from SEO and ads to email, social media and PR.
The 7 Ps for services
For services, three more Ps are often added: people (the staff who deliver the service), process (how the service is delivered) and physical evidence (what customers can see, such as the website, reviews and premises).
Marketing matrices
“Marketing matrix” usually refers to planning tools used alongside the marketing mix, such as the Ansoff matrix (growth options from existing or new products and markets) and the BCG matrix (products sorted by market growth and market share into stars, cash cows, question marks and dogs).
Marketing mix example
A local bike shop reviews its mix. Product: add servicing plans to the bikes. Price: offer a fixed price for annual service. Place: sell online with click-and-collect. Promotion: local search, a monthly email and partnerships with two cycling clubs. People, process and physical evidence for a service business: trained mechanics, a simple booking process and a tidy workshop with visible reviews.
Marketing mix checklist
- Product: does it solve the customer’s problem better than alternatives?
- Price: is it clear, and does it match the value and your costs?
- Place: can customers buy where and how they prefer?
- Promotion: do you reach them with a consistent message?
- For services, review people, process and physical evidence too.
Marketing mix mistakes
- Changing promotion while the product or price is the real problem.
- Pricing on cost alone and ignoring perceived value.
- Not updating the mix as markets and customers change.
Marketing mix FAQs
Is the marketing matrix the same as the marketing mix?
The terms are used for similar ideas, and the 4 Ps are the usual form. See promotional mix and product positioning.
What is the 7 Ps model?
The 4 Ps with people, process and physical evidence, for services. See distribution channels.