The 9 Ps in Marketing Mix

The 9 Ps in Marketing Mix

Marketing Mix

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The term ‘marketing mix’ refers to the planned mix of the controllable elements of a product's marketing plan. 

Traditionally, elements of the marketing mix are often referred to the 4Ps,: Product, Price, Promotion and Place. As society evolved, more Ps were added to the marketing mix and now we have 9 Ps in total.

These are:

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'Product' is a tangible object or an intangible one for sale. Examples of tangible objects are gasoline and pens, and of course, real estate as well. Intangible products are service-based like transportation, hotel accommodations or insurance.

'Price' is the amount that a product is asking in the market. It is determined by a number of factors including market positioning, market share, competition, cost, product identity and the customer's perceived value. A business may increase or decrease the price of product if the product is in demand or in competition.

'Place' refers to the location where a product can be purchased or the target market of the product.  It also refers to the channel where the product is available for sale. Therefore, it is often referred to as the distribution channel.

'Promotion' is all the communications that a marketer may use in the marketplace. It has five distinct elements: personal selling, advertising, sales promotion, direct marketing, and public relations.

'People' is the transactional interface between an organization and the consumers. In most of the cases, people buy from people; this is why Customer Relationship Management plays an important role in today’s business culture.

'Process' is the procedure, mechanism and flow of activities to produce a product or to provide services or products to consumers. For example, the prevailing ISO standards (such as ISO 9001) are designed to help organizations ensure their process can meet the needs of customers and other stakeholders in their field.

'Physical Evidence' is the tangible element that allows the consumers to make judgments about the organization. Examples are: Premises, Websites, Paperwork (such as tickets), Brochures, Signage (such as those on aircraft and vehicles), Uniforms, Business cards
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'Packaging' is the process of enclosing or protecting products for distribution, storage, sale, and use, it also refers to the process of design, evaluation, and production of packages and the image of the organization.

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'Payment' is the consideration for the delivery of products and services. It can be in different formats: cash, cheque, credit and even barters or loyalty program points. Terms of payment affect the ease of transaction which may also affect the buying behaviour of the consumers.