What is 7 P's concept of Marketing mix?

The term Marketing Mix was developed by Neil Borden who first started using the phrase in 1949. The Marketing mix approach is defined 7 Ps as-

Product,
Place,
Price,
Promotion,
Process,
People,
Physical evidence.

The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing-A Managerial Approach.

Initially, there were 4P's i.e. Product, Promotion, Place, Price but later on Participants, Physical evidence and Processes were added. Further 'Participants' was changed to 'People'.

Now, it is recommended that these 7Ps of the marketing mix must be taken into consideration at the time of reviewing competitive strategies.

The 7Ps helps companies to review and define key issues that affect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.

Companies use these 7P's in SWOT analysis as well. Actually It is a practical approach/framework to evaluate an existing business and work through appropriate approaches while evaluating the mix element as by using the following questions:

Products/Services: How can we develop our products or services as per the market need or how can we market our developed product?
Prices/Fees: How can we change the pricing model as per the ever changing needs of the market?
Place/Access: What are the new distribution options we have for our customers to experience the product, e.g. online demo, in-store experience, mobile display etc.
Promotion: How can we add to or substitute the combination within paid, owned and earned media partners?
Physical Evidence: How we reassure our customers, e.g. scientific proofs, certifications, well-trained staff, great website, testimonials?
People: Who are our people and is there any skill gap?
Partners: Are we seeking new partners and how to manage existing partners as well?

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