Stamford University Bangladesh

Assignment on

7P’s service base Business or Organization with an example

Prepared For:
Dr. Sara Sarwari

Associate Professors

Department of Business Administration

Stamford University Bangladesh

Prepared By:
Md. Riajul Islam

ID: MBA07218433

Stamford University Bangladesh

7P’s in marketing:

Marketing is a continually evolving discipline and as such can be one that companies find
themselves left very much behind the competition if they stand still for too long. One example of
this evolution has been the fundamental changes to the basic Marketing mix. Where once there
were 4 Ps to explain the mix, nowadays it is more commonly accepted that a more developed 7
Ps adds a much needed additional layer of depth to the Marketing Mix with some theorists going
even going further.

7P’s are:
 Product
 Place
 Price
 Promotion
 People
 Processes
 Physical Evidence

An example for 7P’s based company (Rolls Royce):

Product: product can be tangible & intangible. In both cases, if the product quality is good then
it can promote itself in the market.
For example, if a company wants to produce Rolls Royce in a specific country, they first have to
think whether Rolls Royce could meet up the demands of the customers or they would go down
in that market.
Price: Pricing has a lot to do with how a product will be perceived and branding. Pricing not
only determines amount of the profit of the business but also affects the value of the products.
For example, Rolls Royce is an exclusive name that has unparallel brand value. It has targeted
the rich and high-class people for its premium vehicles. The company adopted high premium
pricing strategy for its automobiles because all its products belong to the high luxury segment. Its
caters to affluent people who care about status, name and position without blinking on
extraordinary costs. To be associated with Rolls Royce brand name is an honor and the company
takes advantage of this fact by maintaining its high pricing range
Place: Place are familiar with a term, “being in the right place at the right time”. It means place s
very important in terms of marketing. A company should be where it’s customers want it to be.
For example, Rolls Royce is a globally recognized brand and it started its operations from the
United Kingdom with its headquarters base at Goodwood in England. Production and
administrative facilities were built at Goodwood circuit in west Sussex. Its logistic and
technology centre is at Bognor Regis, a distance of 8 miles from its headquarters
Promotion: Promotion is another vital P to pay attention to. It is art. Promotion consists of a
wide range of activity like advertising, PR, special offers, and discounts.
For example, Rolls Royce has positioned itself as a premium brand with global acceptance since
its inception. Its has been able to create powerful aspiration brand value in customer mindset.
Rolls Royce has several popular taglines attached with its brand including like nothing else on
earth and trusted to deliver excellence. The brand has been projected as classical vehicle with
very high value and hence is a customized automobile that is tailor made to suit the needs of its
owner.
People: People is the most important element is a service marketing mix. Every company is
dependent on the people who run them from frontline sales to the managing Director.
For example, Rolls Royce is aware of the problem that a bad sales reprehensive can get them
into. Therefore the training process of Rolls Royce includes various fields that need to be
addressed to Fillip dudys one of the most important aspects of training is sending candidates
undergo rigorous training involving topics about the history of the company or manufacturing
process. One of the necessities is also to create a network that will be personal effective and
efficient. Therefore, all the trainers are introduced to heads of shops.
Process: Process is like system & tactics through which a service or product is delivered to the
final customer. Again how the service is delivered is a part of what the consumer is paying for .
For example, Process in marketing mix refers to the entire process that a customer needs to
undergo in order to buy a product. On an e-shop it might refer to a number of clicks and the
overall user experience. For instance, when you are selling consumer good, the general rule is to
occasions, such as suit tailoring, we may implement more unnecessary steps for the sake of
making the experience memorable.
Physical Evidence: Almost all services include some physical elements even if the bulk of what
the consumer is paying for is intangible. For example a hair salon would provide their client with
a completed hairdo and an insurance company would give their customers some form of printed
material. Even if the material is not physically printed they are still receiving a “physical
product” by this definition.
For example, This trait usually refers to the services as they are intangible and need a physical
proof of their existence. When it comes to Rolls Royce, the physical evidence is the vehicle
itself. Rolls Royce represents the incarnation of your imagination. Therefore whatever you can
imagine the company can deliver. There is a case of customer, that demanded a hand spun,
embroidered silk with hand painted motives of sakura unsurprisingly, the company delivered.