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4Ps: Product, Place, Price, Promotion7Ps include above plus: People, Process, Physical Evidence
It is better to use 7 Ps analysis in any case, but the easier is to use 4 Ps
services industry
if you launching your product in new market
Hi everyone,
The other3 Ps is basically for services, generally services are intangible. Unlike products, services can’t be seen, touched, or tried in front of prospects. Therefore people, process, and physical evidence are very important to gain the trust of our prospects showing that we have the best trained personnel in the industry, our physical building and office looks brilliant with huge amount of money invested in it, & our process or lead time is faster than customer's expectation.
Normally for physical products we use first5 P's (Product, Price, Place, Promotion and People) but in case of Services such as Insurance, advertising etc. we use additional two P's Process and Physical Evidence but this does not mean that these2 P's are for Service business only. We too make use of these2 additional P's in Physical Product case.
I think that it used in services which lies in red ocean environment of competition..
Honestly, I prefer to think only about4P. "Process" and "people" are relating to "product" and "physical" to "promotion". The efficiency of your marketing mix will depend of the pertinence of the4P analysis.
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