Before we answer this question on 7Ps of marketing, let’s start with the beginning and see where the term “marketing” comes from. As many marketing experts have discovered, putting the right product in the right place, at the right price, and at the right time is the core of marketing. Isn’t it simple? The hard part is doing it well.
Marketing encompasses all aspects of the business cycle, including marketing strategy, analysis, product creation, distribution strategies, sales, and comprehension of your customers’ needs. Marketers use campaigns to carry out this path.
Read this article to learn the 7 Ps of Marketing and the importance of marketing mix as a marketer.
What is marketing
Any strategies a firm adopts to attract an audience to its goods or services through high-quality messages are referred to as marketing. With the long-term objective of showing product value, developing brand loyalty, and eventually increasing sales, marketing strives to create independent value for prospective buyers through content.
Importance of marketing
- Marketing is a discipline that encompasses all of a company’s efforts to attract consumers and maintain connections.
- At its most fundamental level, marketing aims to link a company’s products and services with customers who desire to use them. Profitability is ensured when items are matched with customers’ demands.
The 7Ps of marketing are – product, pricing, place, promotion, physical evidence, people, and processes. The 7 Ps make up the necessary marketing mix that a business must have to advertise a product or service.
How many Ps are there in marketing?
The marketing mix is one of the marketing strategies organisations have traditionally used to sell their product. To lay the groundwork, the marketing mix is defined as a collection of marketing techniques that a firm uses to promote its brand or product in the marketplace.
The approach was typically structured around the four pillars of marketing: product, price, location, and promotion. However, as marketing became more sophisticated, so have the approaches. Later, it was expanded to 7Ps of marketing with the inclusion of People, Process, and Physical Evidence.
To drive marketing choices at every level, businesses materialise the aspects of the marketing mix. It assists them in:
- Recognising its assets and mitigating its flaws
- Becoming more adaptive and competitive
- Improving departmental and partner collaboration
However, before you start using the 4Ps or 7Ps of marketing, you must first determine your target audience’s persona. Understanding who you’re selling to will help you determine the specifics of your marketing mix. Without it, you won’t be able to get started.
7Ps of marketing – Understanding the concept
Since the 1960s, the 4 Ps of marketing have been applied to support the concept of the mix. The 4Ps are a set of four letters that stand for the following:
The marketing mix process has changed in response to changes in the company and consumer markets. McCarthy’s concept was developed in 1981 by Bernard H. Booms and Mary J. Bitner into the 7Ps of marketing mix that we know today.
The original four Ps are still in place, but Booms and Bitner added three more:
- Physical evidence
Let’s dive deep into each one of them in the 7Ps of marketing
- Product: The characteristics, unique selling factors, and overall quality of the product or service being offered
- Promotion: Methods used to advertise the product through many channels are referred to as promotion
- Price: The product’s long-term price plan, including promotions, discounts, and special offers
- Place: Where do customers find your product, learn about it, and then buy it
- People: Those who come into direct and indirect touch with your target clients
- Process: How you will deliver the product to clients and provide them with the finest experience possible
- Physical evidence: tangible goods and experiences that convince clients that your product is genuine — in the case of digital, this includes website visits, confirmation emails, testimonials, client feedback, and more
Marketing mix – Product
Simply put, the marketing mix product is what is being marketed. When we refer to the product, we refer to aspects such as quality, packaging, design, and brand. You must ensure that the product satisfies the needs of your market while designing it, i.e., does your target market or audience desire or need it?
The life cycle, which covers the growth, maturity, and sales drop phases, must also be considered. By providing a better quality product to your intended audience than your opponents, you will be able to win this aspect.
Here are five questions to consider while defining product mix strategies:
- What do people expect from a product or service?
- What will they do with it, and how will they use it?
- What features are required to fulfil the client’s requirements?
- Is the product’s name memorable?
- What sets your product apart from the competition?
Marketing mix – Price
Price in the marketing mix refers to the amount of money your consumer is willing to spend. The price must be higher than the cost of manufacturing by definition, as this decides your profit or survival. Changing the pricing has a significant influence on the product’s sales and demand and the impression of your brand.
Tip: When customers compare your prices to your competitors, they may connect a lower price with poor quality items. However, overpricing might result in costs exceeding benefits. Where exactly is the middle ground?
Thus, while determining the price, marketers should examine the product’s value and assess various pricing techniques.
Check these questions to help you get started with this marketing mix element:
- Is this priced favourably?
- How does the price compare to competitors?
- Should discounts be offered?
- Do you accept payment plans?
- Are there any credit terms the customer might need to meet?
Marketing mix – Place
Place refers to the distribution and availability of your goods to potential buyers as part of the marketing mix. And you can’t talk about the location without mentioning your target market. This component necessitates a thorough grasp of the target persona. You will uncover the most effective distribution methods once you have nailed knowing the ins and outs of your target clients.
So, how do you position your product correctly? Here are five questions that can assist you in defining this marketing element:
- What are the places where purchasers seek your product?
- What’s the best way to find the correct distribution channels?
- What distinguishes your distribution strategy from that of your competitors?
- Is it necessary to hire a sales team?
- Do you need to sell something on the internet?
Marketing Mix – Promotion
Spread the word!
When it comes to the marketing mix, the component of the promotion mix refers to who, what, and how. What is conveyed, to whom it is transmitted, how is that audience reached, and how frequently is it promoted? It uses techniques such as:
- Public relations
- Social media
The promotion mix meaning and principle is to increase brand awareness and sales. If you can answer yes to these five questions, you’ll be well on your way to developing a promotion strategy:
- When and where can you reach out to your target market with your marketing messages?
- How do your competitors promote themselves?
- And how do your competitors impact the promotional activities you choose?
- When is the most effective time to market your product?
- Is using social media the best option?
Marketing mix – People
Aren’t businesses dependent on the individuals who manage them? Having the right people is a no-brainer since they are as much a part of your business offering as the products/services you provide. Employee performance, appearance, and customer service are all examples of this.
As a result, establishing what constitutes the “appropriate people” for your company might be difficult, but it should include the following three factors:
- Exceptional service
- Genuine enthusiasm
- Be open to suggestions
Tip: Having the right teammates is an organisational benefit that influences your market position.
Marketing mix – Process
The process in the marketing mix is the method through which your product or service is presented to clients. Your sales funnel, distribution system or other methodical operations can ensure your company functions properly. You also want to make sure that your procedure is well-organised to save money.
Other examples include the order in which individuals complete activities, the quantity of inquiries received by salespeople, and how performance is recorded and assessed.
Marketing mix – Physical evidence
Physical proof is a must-have for the 7 Ps of marketing. It might be material or intangible, and you should provide proof of delivery. Product packaging, receipts, and customer service are all physical examples. The perception of a company’s product in the marketplace is intangible physical proof.
Consistent branding across channels is a means to impact customers’ views to the point that your brand is the first thing that comes to mind when they hear a word, sound, or phrase.
Consider who comes to mind when you think about fast Pizza. Pizza Hut is a popular answer. Their existence in the marketplace is immediately noticeable. That is Intangible physical evidence.
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To create your marketing mix, Keep the 7Ps of marketing in mind, and include them in your marketing fundamentals. From the customer experience to the intangible value of your product, consider how one aspect influences the others as you design your 7Ps of the marketing mix to create a cohesive brand experience for your buyers.
Furthermore, consider how a product’s price affects its advertising approach, how specifications affect pricing, and how your employees carry out tasks. Ensure that your employees and the tools they use can connect accurately. Use the appropriate tools to reach out to the individuals.