The 7 P's of marketing
July 19, 2022
The marketing mix
was originally defined as the "4 Ps" - Product, Price, Promotion, and Place. For service businesses, a fifth "P" - People was more recently added. Packaging and Positioning have been added to the marketing mix. Brian Tracy authored the best article on the subject on the topic of "Marketing 101." That article will be listed below in the references.
Product
Product refers to what you are selling, including all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. When marketing your product, you need to think about the key features and benefits your customers want or need.
Price
You should identify how much your customers are prepared to pay, how much mark-up you need to cater for overheads, your profit margins and payment methods. To attract customers and retain your competitive advantage, you may also wish to consider the possibility of discounts and seasonal pricing.
Promotion
These are the promotional activities you use to make your customers aware of your products and services. These include advertising, sales tactics, promotions and direct marketing.
Place
Place is where your products and services are seen, made, sold or distributed. Access for customers to your products is key and it is important to ensure that customers can find you. You can set yourself apart from your competition through the design of your retail space.
People
People refer to the staff and salespeople who work for your business, including yourself. In doing so you create a positive experience for your customers. In turn, existing customers may spread the word about your excellent service.
Process
Process refers to the processes involved in delivering your products and services to the customer. It is also about being 'easy to do business with'
Physical evidence
Physical evidence refers to everything your customers see when interacting with your business. This includes the physical environment where you provide the product or servicemen and staff. Physical evidence also refers to your staff and how they dress and act.
Conclusion
Understanding these elements of your business will help you gain better control over your marketing efforts. The "Marketing Mix" has grown and evolved over the years with developing into the term 7 p's of Marketing, now understanding the different factors its time to monitor and improve each category! As always stay creative and don't stop thinking outside of the box!
Reference:
https://www.business.qld.gov.au/running-business/marketing-sales/marketing-promotion/marketing-basics/seven-ps-marketing
https://www.youtube.com/watch?v=BHWjw_6k47E
