ENTREPRENEURSHIP

Detailed explanation-1: -The traditional four Ps of marketing include product, people, price and place-but many veteran marketers are rethinking everything in the digital age. The four Ps of marketing refer to the traditional elements surrounding a service or product that a business owner or marketer has to consider and evaluate to succeed.

Detailed explanation-2: -Since then, the theory has been expanded into the 7 P’s of marketing. Which are: Product, Price, Promotion, Place, People, Packaging, and Process.

Detailed explanation-3: -Characteristics of 4Ps and 7Ps As mentioned above, the 4Ps include Place, Price, Product and Promotion. The 7Ps model, on the other hand, is a combination of the 4Ps with 3 additional segments, which refer to People, Process and Physical evidence. People are presenting how our business works inside.

Detailed explanation-4: -The marketing mix or 7Ps is aptly named as it is the way that this mix of tactics is applied and co-ordinated that positions our organisation clearly in the minds of the customer. This helps us to stand out against competitors with an offering that satisfies customer needs, which is what marketing is all about.