3 Additional P’s to further enhance B2B and B2C communications

Once again the market proved itself to be dynamic. Whatever is the big thing today will become outdated sooner or later. If Apple released its newest model, just wait for a few months and they will innovate again and release another. And this cycle goes the same for most of the companies.

Recently, the traditional marketing mix components aren’t enough for creating winning and competitive strategies anymore so they decided to add three more P’s. From the usual product, price, promotion and place, they included people, process, and physical evidence. Now, if you’re wondering how these differ from the first four, dig deeper into this article for you to find out.

People

Obviously, this includes everybody who will carry out the marketing activities for the product. Nowadays, marketing is no longer a transaction-based affair but more of a relationship-based one. One should be able to keep a positive contact with the consumer all throughout the various touch points where they interact.

Process

Finally, here goes a component of marketing mix that answers the question, “How?” It says whether the service to the customer has been efficient and effective, if it has shown a unique importance to them.

Physical Evidence

This might be a little confusing since some may think that this is the same with another P which is the Place. But since Place is more of associated with the distribution channels, this one actually shows literally the physical area of the business. And there is this new trend that would help reduce the cost of a conventional office space, more known to be a virtual office. This is a good opportunity to provide the best professional image to both your partners and clients for less.

Having seven marketing mix might sound more complicated than before but it surely is more competitive and effective for businesses today. Understanding these will make it easier for your business to adapt in fast-changing market trends and seemingly endless customer demands.  So, bid goodbye to the old four and say hello to the 7Ps!