What are the three P of marketing?
The three P's of marketing are people, process, and physical evidence. To understand these notions better one must have some marketing knowledge.
What is marketing?
Marketing is defined by the American Marketing Association (AMA)
as “the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large”. From this definition, one
can assume marketing to be consisting of different processes depending
on physical evidence which is related to targeted consumers
i.e. the people. As pointed out from the definition by the American
Marketing Association marketing is dependent on people, physical evidence, and
different processes.
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Significance of 3 p’s in the world of marketing
1. People
People are the foremost and the most important factor in marketing. Human actors are needed in the field of marketing as they act as buyers and sellers. In marketing different organizations consisting of different groups of producers work in the manufacturing of goods to satisfy the need of their consumers in a competition with their competitors.
2. Process
In marketing different processes are involved in the manufacturing of goods. These processes are used to enhance the efficiency of the product produced to increase the sale of the desired product. There are basic four processes in the manufacturing of a product. First comes situation analysis. In the situational and environmental analysis, the environment and situation of the producer's capability are observed for enhancing the product quality and quantity to attract more consumers. Second, comes the marketing strategy. Marketing strategy deals with the strategic techniques the producers adapt to attract consumers. Third, comes the marketing mix decisions. These decisions or strategies basically deal with the product, pricing placement, and promotional decisions which are taken to achieve the desired target. Lastly, comes implementation and control. After establishing the necessary strategies and decisions, a marketing plan is implemented with keeping in mind the changes in the market.
3. Physical Evidence
Physical evidence is also an important factor in the field of
marketing. Physical evidence refers to the environment to which the targeted
consumer is exposed. It is basically the layout of the premises where a certain
product is being sold. The layout or designs of the premises are important as
they are a source of attracting the targeted consumers. Other than the layout
and design of the premises, the location also plays a central role in
attracting different targeted consumers.
Conclusion
The 3 p’s i.e. people, process, and physical evidence, are
significant in the world of marketing. The producers with the help of different
processes through physical evidence attract the targeted consumers and the
cycle of marketing is repeated again and again.
Contributed by, Syeda Areeba Fatima☝
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