This lesson introduces the marketing mix as a tactical framework and explains why the traditional 4Ps are expanded to a 7Ps model in the context of services marketing.

4.1 The Extended Marketing Mix for Services
The 4Ps (Product, Price, Place, Promotion) are the classic elements of the marketing mix. However, due to the unique nature of services, this is extended to 7Ps, with the addition of People, Process, and Physical Evidence .

4.2 The Core Components of the Extended Mix
The 7Ps framework is central to financial services marketing and is explicitly taught in leading academic programmes :

• Product: The financial service itself (e.g., a loan, insurance policy, or investment fund).

• Price: The total cost to the customer, including interest rates, fees, and charges.

• Place: The distribution channels through which services are delivered (e.g., branches, online, intermediaries) .

• Promotion: The communication and advertising activities used to inform and persuade customers.

• People: All human actors who play a part in service delivery, from frontline staff to relationship managers. Their attitudes, skills, and behaviour shape the customer experience .

• Process: The procedures, mechanisms, and flow of activities by which the service is delivered. A smooth and efficient process is key to customer satisfaction .

• Physical Evidence: The tangible cues that customers use to evaluate the service (e.g., branch décor, website design, staff uniforms) .