Marketing Mix from 4Ps: 8Ps and The Difference Between Them
From 4Ps to 8Ps: Towards an Integrated Marketing Mix
With the advancement of technology, market perceptions have changed. How to develop and integrate Marketing Mix theory?
The field of marketing is constantly evolving including the concept of marketing mix: fundamental changes and improvements have actually occurred in marketing mix theory over the years.
In the previous article “What is Marketing Mix”, we presented the 4Ps of Marketing Mix as the main pillars of Marketing Mix Theory. 4 Ps have been associated with Mix Marketing since its inception by E. Jerome McCarthy in 1960 and is centered around the concepts of place, price, product, and promotion.
In the late '70s, marketers widely recognized the need to update Marketing Mix. This led to the creation of the new Extended Marketing Mix in 1981 by Booms & Bitner, which added 3 new elements to the 4 Ps principles. This allowed the expanded marketing mix to include services and not just physical goods. Therefore, the new 8Ps emerged as a marketing model that modifies the 4Ps with some additional pillars. In this article, we want to point out how the 8Ps model distinguishes itself from the previous 4Ps.
Characteristics of 4Ps 8Ps
As mentioned above, the 4Ps include Place, price, product, and promotion. Form 8Ps, on the other hand, is a combination of 4Ps with 4 additional parts, which refer to Planning, processes, people, and physical evidence.
Planning
This is especially important because good planning can help save resources and increase the chances of success.
Planning involves setting objectives, developing a strategy, and allocating resources.
It’s important to have a plan in place before you start promoting your product. This will help you stay on track and make sure that you’re utilizing your resources in the most effective way possible.
For example, a small business might want to plan its marketing activities for the next six months. This would involve setting specific objectives, such as increasing sales by 20% and attracting 100 new customers.
Processes
To be successful, businesses need to have efficient processes in place. This includes all aspects of the business from manufacturing to sales and marketing.
Processes need to be aligned with the company’s objectives and goals. They also need to be efficient so that the company can compete effectively.
For example, a company might have a process for developing new products. This process would involve researching the needs of the target market, designing a product that meets those needs, and testing the product to make sure it is viable.
People
People are an important part of the marketing mix. You need to have a team of people who are responsible for promoting and selling your product.
You also need to have people who are responsible for creating and executing the marketing strategy.
The team should be able to work together and be aligned with the company’s objectives.
For example, a company might have a marketing team that is responsible for creating and executing the marketing plan. The team might also include people who are responsible for advertising, public relations, and social media.
Physical Evidence
Physical evidence is anything that can be touched, felt, or seen. It’s used to reinforce the messages that are being communicated in the marketing mix.
This includes:
1. Your premises
2. Packaging
3. Product design
4. Labels
For example, a company might have physical evidence that reinforces its brand image. This could be anything from the company’s logo to the design of its packaging.
What is the difference between 4Ps and 8Ps?
The difference between 4Ps and 8Ps lies in the purpose we want to achieve. An extended marketing mix helps companies have a deeper understanding of how to meet the needs and expectations of customers. Although sometimes seen as outdated, the 4Ps are an essential tool, which results in particularly useful for small businesses selling a product. In this case, the traditional definition of the marketing mix is more consistent with the concepts and objectives of the internationalization process. It would certainly be possible to use the 8Ps model, given the possibility that efforts to implement this strategy would not be profitable.
But when our business specializes in providing a very distinct service or product, we must choose the 8Ps model. This is where the customer experience and the degree of after-sales support shape customer satisfaction.
It is also important to highlight that the 8Ps help companies review and identify key issues affecting the online marketing mix of all types of businesses. Digital transformation and the emergence of e-commerce have introduced other new aspects related to the ways in which customers find and buy products. The consumer is no longer passive in his choices, but more selective. In this sense, the 8Ps gives the right framework, moving from a company-centric perspective to a consumer-centric one thanks to the three additional variables.
FAQs
The 8Ps of marketing mix starts from the 4Ps model and adds people, processes, programs and performance. This scheme breaks down the 8Ps of marketing mix and represents an updated and enhanced version of the traditional 4Ps model.
What are the 8Ps of the digital marketing mix? ›
The 8 Ps of marketing is product, price, place, promotion, people, positioning, processes, and performance. The goal is to get them working together for your marketing mix. If you can you'll have a much better chance to attract and convert your potential customers.
What is the difference between marketing mix and digital marketing mix? ›
The digital marketing Mix is essentially the same as the marketing mix. It is simply the adaptation of price, place, product and promotion to the digital marketing context. Of course one could also include physical evidence, people and process when marketing planning for an online service.
What is the difference between marketing mix and 4Ps? ›
The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
Why is 8Ps of marketing essential to understand? ›
The 8Ps marketing mix allows you to evaluate and adjust business and marketing strategies in real-time. This methodology saves you valuable time and money and keeps you competitive in a continually shifting marketing environment. The eight Ps of marketing are: Product.
What is the 8Ps marketing mix and the buyer decision making process? ›
The 8 Ps marketing mix includes the service product; price; place; promotion; people; process; physical evidence; and productivity. The buyer decision-making process includes need recognition; information search; evaluation of alternatives; purchase decision; and post-purchase behavior.
What are the 4 P's of marketing? ›
What are the 4Ps of marketing? (Marketing mix explained) The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.
What are the P's of digital marketing? ›
Conclusion. Including the model of 7 P's of online marketing into a company's marketing decisions flow will develop a better marketing strategy for your business. The benefits of marketing decisions around product, price, place, promotion, people, process, and physical evidence are vast.
What are the 8 P's of marketing physical evidence? ›
Product, price, place, people, performance, process, positioning, and physical evidence are the integral components companies need to implement in their marketing strategies.
Why is digital marketing mix important? ›
The digital marketing mix is important because it allows marketers to effectively promote their products and services in the digital business environment [3]. It provides a framework for comparing services with competitors and generating alternative sales approaches [2].
Which Type of Marketing Should You Use? Digital marketing is generally more cost-effective and can be more targeted, while traditional marketing can be more effective at reaching a larger audience. It's important to consider your budget and target market when deciding which type of marketing to use.
What is the difference between 4Ps and 7Ps of marketing? ›
The 4Ps are more suitable for product-based businesses, where the focus is on creating and delivering a tangible and standardized offering. The 7Ps are more suitable for service-based businesses, where the focus is on creating and delivering a customized and interactive offering.
What is the difference between 4p and 4c marketing? ›
The 4Ps of product, price, place, and promotion refer to the products your company is offering and how to get them into the hands of the consumer. The 4Cs refer to stakeholders, costs, communication, and distribution channels which are all different aspects of how your company functions.
Why is the marketing mix 4Ps important? ›
The 4Ps of marketing is a model for enhancing the components of your "marketing mix" – the way in which you take a new product or service to market. It helps you to define your marketing options in terms of price, product, promotion, and place so that your offering meets a specific customer need or demand.
What is the difference between 4Ps and 3Ps of marketing? ›
To discern the differences between services and physical products, the 4Ps marketing mix i.e. Product, Process, Pricing and Promotion has been extended to include three additional 3Ps : People, Physical Evidence and Process.
What is the 8 P's model? ›
It is a set of marketing tools used to approach the marketing strategy for your products or services, helping your business achieve company goals. The 8 Ps are: Product, Price, Place, Promotion, People, Processes, Physical evidence, and Positioning.
What is the 4p strategy framework? ›
Also known as the marketing mix, the framework identifies the four main elements that are most crucial to customer acquisition: Product, Price, Promotion, and Place (see Figure 1). By understanding this framework, you will be able to develop effective marketing strategies that will fuel the growth of your business.
What is the difference between 4Ps and 7Ps? ›
The 4Ps are more suitable for product-based businesses, where the focus is on creating and delivering a tangible and standardized offering. The 7Ps are more suitable for service-based businesses, where the focus is on creating and delivering a customized and interactive offering.
What is the 8p business model? ›
The new 8Ps of the marketing mix complement the dynamic nature of modern businesses. Product, price, place, people, performance, process, positioning, and physical evidence are the integral components companies need to implement in their marketing strategies.
