The 7 P's of Marketing are Product, Price, Promotion, and Place. The additional 3 P's that got added lately are People, Process and Physical evidence.
The first 4 P's are considered the basis or the cornerstones of any marketing process. Each of these needs to be carefully looked into to ensure that an appropriate value is assigned to each one of them. It is believed that the success of a product will also vary depending on how well these 4 and now 7 elements can function together in the same conditions.
The last 3 P's are a recent addition to the entire marketing process. Many felt that although most of the success or failure of a product depended largely on its price, product structure and characteristics, promotional efforts and the place the other factors such as people, process and physical evidence could not be ignored. This is because although their contributions do not seem that apparent, they do play a subtle yet critical role in ensuring the success of the product/service.
Marketing professionals and specialists use many tactics to attract and retain their customers. These activities are included of different concepts. There are two concepts in marketing mix.
It is essential to balance the 4ps and & 7Ps of the marketing mix. The Concept of 4Ps marketing mix has been long used for the product industry while the recent arise as a successful proposal for the service industry. Mostly 7ps are using for the service industry. 4Ps called as the traditional marketing Mix and 7Ps called as the extended marketing mix.