Promotion refers to all activities involved in making your product or service known. These include:. How you promote and market your product depends on who your target market is and what message you want to get across. Know the best time to promote by learning about your market and product, and knowing how your competitors promote.
Place refers to where a product or service is sold. It is the actual distribution center. The place matters because where you sell your product will determine what kind of market you attract and how many people you can turn into customers.
Here are some questions you can ask yourself when thinking about where you should sell your product or service:. The 7Ps of marketing are just an extension of the existing 4Ps used in making a marketing mix. It was extended to add: Physical evidence, People, and Process. The 7Ps were added in order to help companies review issues that may affect the marketing of its product or services.
When thinking of a business development plan, marketing mix is an important model to help you create the right marketing strategy. The 4Ps then paved the way for two modern academics, Booms and Bitner , who, in , saw 3 additional factors that serve a great purpose: Physical Evidence, People, Process. This formed the extended marketing mix that we know today as the 7 Ps of the marketing mix.
People are at the heart of every business. Without people, you have no one to market to; no one there to buy your product or make use of your services. No matter how you position yourself as a brand, your product or service is always going to be at the centre of your strategy and therefore it will influence every aspect of the marketing mix.
When you think of your product, consider factors such as its quality, specific features, packaging and the problem that it will solve for your customers.
Whilst things like customer service are key, your product, i. But if the quality is right and it solves their problem, the product will sell itself.
Where are you selling your product or service? There are many places and ways that businesses can sell. It could mean selling via a website, catalogue, social media, utilising trade shows and, of course, brick and mortar stores.
There are a number of factors that need to be considered first. Your target audience will play a part when it comes to your distribution channels. Testing is always a good idea - would an eCommerce site work better than a physical pop-up store? Perhaps a mix of both would be appropriate for your business. You need to gain a clear understanding of your target audience if you are to establish the most appropriate place to reach customers and make a profit. In order to consistently make a profit, you need to reside and distribute in the places that are both appropriate for your brand and accessible for your audience.
How much does your product or service cost? Everyone has their price and if you target a specific audience but get the pricing structure wrong for this particular set of buyers, you can forget about getting a desirable ROI. Pricing has a huge impact on the success of your business and it can impact your marketing strategy, sales and product demand. There are many different pricing strategies used by businesses today, they all have different benefits, drawbacks and functions.
Jerome McCarthy in Later another 3 factors were added to the marketing mix. The marketing mix has become one of the main components of the marketing plan over time. In this article, we will have a closer look at the 7Ps model and the importance and the use of this marketing mix for day-to-day activities. The above-mentioned 7Ps of Marketing mix works as a key component in every s uccessful marketing plan. Using these elements, any organization can build their marketing plan in order to capture a higher market share and to preserve the target market.
Consumer education is improving in modern society and the organizations are using many methods to capture more market share. This increases the importance of concentrating on the 7Ps of the marketing mix as it helps to focus on all the important aspects of the product or the service.
Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. The Marketing Mix Simply put the Marketing Mix is a tool used by businesses and Marketers to help determine a product or brands offering.
The Marketing Mix 4 Ps: Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get. Place — The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop. Price — The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.
The extended 7 Ps: People — All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Processes —The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for. Physical Evidence — Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible.
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