Marketing is the elixir of a business, if done properly it can take your business to the top of the world and make it invincible. It is the most important step of a business. Without marketing, the survival of your business and the accomplishment of the dream of your entrepreneurship is not possible. Therefore, before emerging into the path of business, you need to be aware of marketing and its strategies
Once anyone developed the marketing strategy there is a “7P formula” to evaluate and grow the business. The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. Staying ahead of the digital marketing game can be tough, especially in the world of more competition and many trends and tactics. As products, markets, customers, and needs change rapidly, you must continually revisit these seven Ps to make sure that you are on track so that you achieve the maximum results possible in today’s marketplace.
The marketing professionals who shape and implement a marketing strategy contribute directly to the economic growth of the nation. Marketing focuses on the most fundamental requirements of companies to identify customers, and research their needs and preferences. In this article, we will discuss the 7P of marketing, so let's get started.
The product is the goods or services that the customer buys. When you market your product you need to think about the key features and benefits that the customers want or need. Ask yourself critical questions like “Is your current product or service, or a mix of products and services, appropriate and suitable for the market and the customers of today? Is the product or service you're offering enough for your customers?"
The perfect product must be given value to the customers and also make a good impression. Some points you must keep in mind while deciding what product you should offer are below:
- Customer service
- Use occasion
It tells how much the customer pays for the product. This refers to the pricing strategy for your products and services and how it will affect the customers. Your pricing should be in such a way that it brings profit to your business. It is the only element in the marketing that generates revenue others represent the cost. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they're still appropriate to the realities of the current market and its trends. Many companies have found that the profitability of certain services and products doesn't justify the amount of effort and resources that go into producing them.
Pricing positions you in the marketplace. The more you charge, the value or quality your customers will expect for their money. Some points you must be kept in mind are below:
- Payment methods
- Free or value-added elements
The place is all about how the product is distributed to the customer. The place where the customers buy a product, and the means of distributing your product to the right place will be appropriate and convenient. The product must be in right place at the right time in the right quantity. Customer surveys have shown that delivery performance is one of the most important criteria for the supplier. Sometimes change in place increases the sale from the previous place.
The place also means the display of your products in customer groups it may be in varieties ways like High Street, Mail Order, or the more current option via e-commerce or an online shop. Some points you must be kept in mind are below:
- Trade channels
- Sales support
- Channels numbers
- Segmented channels
Promotion talks about how the customer is found and can be persuaded to buy the product. Promotion is the way of communicating what it does and what it offers to the customers. It includes activities such as branding, advertising, PR, corporate identity, sales management, special offers, and exhibitions. Promotion must gain attention, be appealing, and tell a consistent message above all to give the customer a reason to choose your product.
Promotion does not just mean communicating with customers. It is just as important to ensure your internal stakeholders are aware of the value and attributes of your products. Some of the elements of promotion are:
- Marketing communications
- Personal promotion
- Sales promotion
- Direct marketing
This P of marketing says that the people who make contact with customers in delivering the product. The reputation of your brand rests in people’s hands. When you give excellent customer service you create a positive experience for your customers, and in doing so market your brand to them. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of sales, marketing strategies, and activities.
To be successful in business you must develop the habit of thinking I term exactly who is going to perform each task and responsibility. Some points you must be kept in mind are below:
- Individuals on marketing activities
- Individuals on customer contact
- Training and skills
It tells the systems and processes that deliver a product to a customer. The process of giving service and the nature of those who deliver are crucial to customer satisfaction. Having a good process ensures two things:
- Repeatedly deliver the same standard of service to your customers.
- Save time and money by increasing efficiency.
Small improvements in the processing or external appearance of your product or service can often lead to completely different reactions from your customers. Customers are not interested in how your business runs only matters is that the system works. Process in one of the ‘P’ which is frequently overlooked. Many customers will give up, go elsewhere and tell their friends not to use this company due to the poor processes provided by the company.
This part of the process is the first expression of a company that many customers have. As a consequence, this ‘P’ could be a great source of competitive advantage if used wisely. Some points you must be kept in mind about the process are:
- Customer focus
- Design features
- Research and development
The last ‘P’ tells the elements of the physical environment the customer experiences. A service cannot be experienced before it is delivered. Physical evidence refers to everything your customers see when interacting with your business. This includes:
- The physical environment where you provide the product or service.
- The layout or interior design.
- Your packaging.
- Your branding.
Almost all services include some physical elements even if the bulk of the customer is paying for them is intangible. The physical evidence demonstrated by an organization must confirm the assumptions of the customer. Restaurants are known to be 3 stars, 4 stars, and 5 stars. All such differentiation, and the target customer that accompanies such differentiation, is because of the use of physical evidence in marketing. Some points you must be kept in mind are below:
- Sales/Staff contact experience of the brand.
- Product packaging
- Online experience
Once you implement all the 7P in your business, it is ready to rock. Marketing helps people educate about a business's products, services and the business overall. If a business aspires to be successful then it must implement all the 7P step by step, without missing one. These 7P are the reason for proper marketing of several popular brands.
What are the 7P marketing mix?
The seven P of the marketing mix are:
What is marketing mix?
A marketing mix consists of all the various areas of a marketing plan.
What are the 4Ps of Marketing?
The 4Ps of marketing mix are: