“Marketing mix” was first mentioned in McCarthy’s book Marketing Basics: A Management ApproachAnd it includes the four Ps: product, place, price and promotion.
People, physical evidence, and procedures were included in the four P’s. Why was the introduction of this new P necessary? As it turns out, the existing four P’s do not adequately cover service and customer satisfaction.
Now that you’re a little more familiar with the concept of the marketing mix, let’s take a closer look at the seven P’s of marketing.
Any item, service, or experience that is sold is a product. If your customers are unhappy with your product, they won’t buy from you again – no matter how effective your marketing or customer service is. Therefore, the product affects all other elements of the marketing mix.
Some companies do not prioritize their marketing and other strategies, but still they succeed in selling their products. This is a result of the high quality of the products they offer. Rolls-Royce, Google and Snapchat are a few examples.
It is important to develop existing products and introduce new ones to meet customer needs Consider the quality of your product, its unique features, packaging and the value it will bring to your customers. Consider factors other than product and focus on differentiation to gain an edge over your competitors. Some examples of what differentiates products from others include warranty, good customer service, an easy-to-use application, and video tutorials.
Place is the second “P” in the marketing mix. Here, products and services are designed, manufactured, distributed and sold. An important consideration when choosing a location is its accessibility to your customers. Sales can be in person, online, in-store or through a third party. Most businesses use a combination of these. Rethink your location so that clients can easily access your products and services. Check if your business needs to expand to a new location.
Remember that choosing a location depends on your target audience. For example, if your product is ideal for an international market, building an e-commerce store is a better option than renting a storefront.
When setting your prices for your products and services, there are a few things to consider. Your costs should be covered by your price, which should reflect the customer’s estimate of the value of the product. If you offer a good or service that is unique from others in the market, you can command a higher price. Necessities like milk and salt are examples of elastic items that can increase their price. On the other hand, be careful about increasing the price of elastic goods such as luxury items like purses and shoes as doing so may cause customers to shop away from your competitors.
Promotion includes various promotional methods that inform clients that your product or service is available. Some examples of promotion include commercial advertising, various sales techniques, direct marketing, public relations, and content marketing.
Having a brand description that customers can identify with is important. Promotions help to enhance a brand image.
5. Physical evidence
Your website layout, overall branding, social media presence, brand logo, store environment, product packaging and post-purchase thank you emails are examples of physical evidence. All of these serve as tangible evidence that buyers need to create a positive impression of your brand.
Every person directly or indirectly employed by the business is referred to as one of the brand’s “people”. This includes the management team, customer service staff, product design team, sales team and marketers.
People are likely to leave a lasting impression on your clients, so they should act politely and professionally. They must be knowledgeable to improve the customer experience. If your employees are happy working for your company, your customers will be too.
In order to carry out the plan successfully, building the right task force is crucial.
We refer to the process as the path taken from the time the product is manufactured until it is delivered to the customer. This includes the delivery method of the service or product, how it will be packaged, how customers will place their order, how payment and shipping processes will work, etc.
Your processes must be effective and efficient. Customers may like your products, but they may decide against buying them due to slow shipments and poor customer support.
The Seven P’s offer marketers a precise set of instructions and strategies to create a successful plan for their business. Maintaining a competitive edge over rivals and keeping up with the changing environment requires revisiting your marketing mix.
Entrepreneurial Lifestyle · Featured · Find Your Way · Grow Your Business · Marketing · Sales
Entrepreneurial Lifestyle · Grow Your Business · Leading Your Team · Marketing · Sales