The 7Ps of Marketing - Product, Price, Promotion, Place, People, Process and Physical Evidence
The most popularly asked question in the marketing and business world
today is: "What are the seven Ps of marketing?" The 7Ps of marketing
is a marketing mix, which comprises a list of Product, Price, Promotion,
Place, People, Process and Physical Evidence. Each
of these is an active ingredient incorporated into a marketing strategy to
achieve good marketing success in business. It also draws a demarcation between
the best from the rest.
The triumph in the growth and development of every notable marketing business brand today attributes its profitability to this marketing mix. Though its birth year dates back to the 1960s, this principle has proven to hold value time and again to this day. I can tell you this because I applied it as a guide in my mini business and came out on top in my local community.
So, what I am about to tell you, is based on first-hand user experience. The 7Ps of marketing have helped me and other business owners grow our respective businesses to greater heights – and I am sure you would like to take your business to the next level too.
7Ps Of Marketing - Product, Price, Promotion, Place, People, Process and Physical Evidence
Here Is A List That
Best Explains The Seven Ps Of The Marketing Mix:
1. Product
Your product (or services) should be at the centre of attention in your
marketing strategy, and every other marketing mix should revolve around it.
This is because it is an important commodity that serves as a relational basis
between business owners and customers. Providing good products and reliable
customer services is a very effective method of retaining customers in
business.
Your product should serve the purpose it is manufactured, and gives
excellent customer satisfaction. As excellent customer satisfaction guarantees
customer return and in most cases referrals both offline and online; via social
media platforms. You can also take a step further by announcing your product
via paid advertising, blog posts, product review articles and also through
leveraging on SEO.
Characteristics Of
A Market Product
- Quality:
The excellent attribute of the product
- Packaging:
Aesthetic of the product
- Design:
The product outlook
- Specific
Features: The defining trait of the product
- Provides
solution: The reason it is manufactured
2. Price
Price is the most important amongst the 7Ps of marketing. This factor in
the marketing mix directly influences the sales of your products and services.
Knowing how to tweak your prices is a marketing strategy that would come in
handy for you. All you need to do is to identify your marketing audience and
know how much they are willing to pay for your product. When you have done
that, you can choose to increase, reduce or keep a fixed price.
You can increase the price to match that of your competitors, or
increase it to create a mental note in the minds of the buyer that your product
is of exceptional quality. You can reduce the price to draw more customers and
you can put a fixed price with the knowledge your targeted audience can afford
it.
Market Strategies
For Price
- Value-based
pricing: Fixing price based on the actual worth of the product
- Economy
pricing: Fixing low prices to gain customers
- Competition-based
pricing: Market price from other manufacturers
- Cost-based
pricing: Fixing price according to the expenses incurred during
production
- Premium
pricing: Fixing the price above the product's face value
3. Promotion
Promotional activities in the marketing mix like advertising, social
media marketing, search engine marketing (SEM), search
engine optimization (SEO), direct marketing, sharing of
business fliers etc, are all promotional strategies veered to bring the
existence of your product to the spotlight of the marketing industry.
It is best to leverage every information outlet available to bring the
knowledge of your product to a larger number of the populist on the consuming
side – this is one of the surest ways to attract more customers to your
business.
Classes Of
Promotional Strategy
The are two(2) classes/categories of promotional strategies:
- Digital
promotional strategy: SEO, paid advertising, email marketing, blogs,
online referrals, social media marketing etc
- Traditional
promotional strategies: Direct marketing, offline referrals, fliers, posters
etc
4. Place
Your marketing strategy should consider the best possible channels as
regards the medium your targeted audience can buy from you. If you want to set
up an online or an offline market, the decision should be mainly on the type of
audience that patronizes you. Set up one that ensures the best passage to
consumers who require your products and services.
From elementary knowledge in business studies, a market is any place
where buyers and sellers meet. And in the marketing mix, you understand that
'Place' is a remarkable factor that employs the necessary medium to get your
products and services across to your customers.
Categories Of A
MarketPlace
There are two(2) categories/types of a marketplace:
- Online
marketplace: e-commerce websites
- Offline
marketplace: Brick and mortar (physical structure)
5. People
This is a factor in the marketing mix that provides you with first-hand
user experience assessment, magnificent customer service and also brilliant
ideas on how to improve your product quality, sales and innovation in customer
services – which in return yields positive product reviews and more referrals
that increases patronage.
Proper communication between your workers(including chat bots) and
customers breeds customer satisfaction, provides solutions to customers'
product problems and hitch-free transactions.
Position Occupied
By People In The Market Mix
- Customer
service representatives
- Marketing
team
- Media
and publicity team etc
6. Process
The process marketing mix is recognized as the modus operandi of your
business. There are five(5) stages in the marketing process: planning, strategizing,
programming, engaging and capturing. All five stages of
the marketing process are geared towards the delivery of memorable customer
satisfaction. And the core key attributes are effectiveness, reliability and
innovativeness.
Elements In
Marketing Process
There are four(4) elements in the marketing process.
- Strategic
marketing analysis
- Marketing-mix
planning
- Marketing
implementation
- Marketing
control
7. Physical
Evidence
Physical evidence in the marketing mix provides your customers with
enough proof that your business is real. By having a physical structure (office
or shop), or an online website where your products and services are kept on
display, there is a better relational basis between your customers and your
brand.
There should also be the availability of various mediums that shows
attestation of payment for purchase made by customers.
Items That Serves
As Physical Evidence In Marketing
- Store/Office
- Website
- Social
media account
- Payment
receipt
- Newsletter
Conclusion
None of the Ps in the seven Ps of marketing can suffice for the other,
as each possesses its very own distinct working function in the marketing mix,
as well as its individual methods of application. Properly execute the
knowledge you have gathered from the marketing strategies to become a business
success.
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