A Conceptual Study of Service Marketing: Competitive Edge of 7P’s over 4P’s in Indian Market

ABSTRACT Every social and global issue is a business opportunity just waiting for the right kind of inventive Entrepreneurship, the right kind of investment, the right kind of collective action. Peter Drucker The aim of this paper is to understand the impact of services marketing 7P’s (Product or Service, Price, Place, Promotion, People, Physical Evidence, Process) in the accomplishing of competitive advantage against marketing 4P’s. Modern marketing companies are blending all the 7Ps of services marketing in their marketing activities to retain existing customers as well as to attract potential ones in Indian Market. A significant body of literature has revealed that the 4Ps of the marketing mix have emanate under disparagement by many marketing scholars from different perspectives. For services businesses, the customary marketing mix framework should be prolonged to include the other 3Ps (people, process and physical evidence) as deliberatefoundations, which distress companies’ enactment. The Service Marketing Mix comprises of seven decisions which should be considered before launching a product. Firms should plan targeted approach on these seven different components and they are Product, Price, and Place, Promotion, People, Physical Evidence & Process. All the seven variables help the firm in articulatingpremeditated decisions necessary for competitive advantage. The main objective of this article is to style the importance of relationship of 7P’s of service marketing mix for attaining competitive edgeabove 4P’s of product marketing mix in market. Marketing Mix comprises of Product marketing mix and Service marketing mix.