What is Marketing ? Explain 7 Ps of Marketing Mix.

Answer: Marketing is the process of identifying customers’ needs and satisfying them through the exchange of goods and services at a profit. The 7 Ps of the marketing mix are Product, Price, Place, Promotion, People, Process and Physical evidence.

Meaning of marketing: Marketing includes all activities involved in the flow of goods and services from producers to consumers: finding out what consumers want, product planning, pricing, promotion and distribution. Philip Kotler defines it as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Marketing mix is the combination of controllable elements that a firm uses to satisfy its target customers. The 7 Ps are:

1. Product: The goods or services offered to satisfy customer needs. Decisions relate to quality, design, features, variety, brand name, packaging, labelling and after-sales service.
2. Price: The amount the customer pays for the product. Pricing decisions consider cost, demand, competition, discounts, credit terms and government regulations.
3. Place: The activities that make the product available to customers at the right place and time: channels of distribution, transport, warehousing and inventory.
4. Promotion: Communicating with customers to inform, persuade and remind them about the product, through advertising, personal selling, sales promotion and publicity.
5. People: All the persons involved in delivering the product or service, such as salesmen, staff and service providers. Their skill, behaviour and attitude affect customer satisfaction.
6. Process: The procedures, systems and flow of activities by which the product or service is delivered, e.g. ordering, billing and delivery. A smooth process satisfies customers.
7. Physical evidence: The tangible elements that help customers judge a service, such as the building, interior, furniture, packaging, uniforms, brochures and receipts.

A proper blend of these elements helps the firm satisfy customers and achieve its marketing objectives.