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Marketing Mix & The 7 P’s Of Marketing

Product, Price, Placement, and Promotion make up the four pillars of the classic marketing mix, which was developed by Harvard Business School Professor of Marketing James Culliton in 1948 and has remained relevant in the industry for over seven decades. The 7 P’s of marketing represent a subsequent development of the original concept. In order: Product Value Chain Components (Product; Price; Promotion; Place; People; Packaging; Process).

 

What is a marketing mix?

The marketing mix refers to a group of interrelated marketing strategies and tactics that can be combined to form an overarching strategy. Marketing mix initially referred to a categorization based on product, price, placement, and promotion; today it includes product, price, promotion, place, people, packaging, and process.

 

What are the 7 Ps of Marketing?

Basic Marketing: A Managerial Approach, written by Jerome McCarthy, is credited with introducing the concept of the 4 P’s marketing mix (later expanded to the 7 P’s of marketing). The term “marketing mix” is used to describe the methodical approach an organization takes to promoting its goods and services. Product, Price, Place, and Promotion were the original four, but later People, Packaging, and Process were added. These are now commonly known as the “7 P’s” of marketing mix.

Knowing how to establish a unique selling proposition or how to reach the right customers, especially on new platforms like the internet, can be challenging for a small business owner or marketing manager.

The 7 Ps of marketing provide a useful framework for your marketing strategy and planning, allowing you to more effectively reach your target audience.

Elements of the marketing mix can also be considered in the day-to-day decision making process, with the aim of attracting the appropriate audience for successful marketing campaigns.

Among the seven components of a successful marketing strategy are:

 

1. Product (or Service)

Basic Marketing: A Managerial Approach, written by Jerome McCarthy, is credited with introducing the concept of the 4 P’s marketing mix (later expanded to the 7 P’s of marketing). The term “marketing mix” is used to describe the methodical approach an organization takes to promoting its goods and services. Product, Price, Place, and Promotion were the original four, but later People, Packaging, and Process were added. These are now commonly known as the “7 P’s” of marketing mix.

  • Design
  • Quality
  • Features
  • Options
  • Packaging
  • Market positioning

 

Product marketers should think about these five factors for effective product-led marketing:

  • Move along, please. Do not try to sell anything unless absolutely necessary. In order to fully understand the value of your product or service, it is imperative that consumers give it a try.
  • Act like a pro (on your customers). Get to know your customer’s wants and needs so you can better convey the benefits of your product.
  • Help out whenever you can. Create helpful content that addresses the concerns of your ideal clients, and they will view you as a reliable partner. Content promotion is another name for this strategy.
  • Disseminate true accounts of your experiences. Inspire satisfied clients to spread the word about their positive experiences with your company.
  • Develop a product-centric way of thinking. Prioritize developing a quality product before you worry about marketing it. Put money into R&D, and the high quality of your finished product will more than pay for itself.

 

2. Price

A pricing model takes many things into account. Companies’ products might:

  • Increase the price of a product relative to the market to give the impression that it is of higher quality.
  • Maintain a competitive price point by highlighting the product’s superior features and benefits.
  • If you’re trying to make a splash in a competitive market or win over price-conscious customers, undercutting the competition on price is a must.
  • Consider charging more once consumer recognition of the brand has grown, or charging less to draw attention to the improvements made in a newer model.
  • If you want people to be interested in discounts or bundles, you should start with a higher price.

Take into account your goals and the rest of your marketing strategy when deciding on a price point. When marketing a product, consider the following.

  • I was wondering if you planned to charge more for more advanced models.
  • Do you have to recoup expenses immediately, or can you offer it at a discount and view it as an investment in future expansion?
  • When can we expect sales incentives?
  • How low can you go before people start to wonder about your competence?
  • To what extent can prices go before people begin to feel you’re overcharging?
  • What do people think of your brand generally? Do they consider you a premium or value brand?

 

3. Promotion

The public pays the most attention to the promotional component of the marketing mix. Marketing encompasses more than just traditional forms of promotion like radio and newspaper ads; it also encompasses online and mobile marketing, marketing through social media, marketing through email and display ads, marketing through search engines, marketing through public relations, and more.

A cohesive omnichannel marketing strategy is the result of integrating all of these various promotional channels to provide a seamless experience for the target audience. Case in point:

 

  • After noticing an in-store ad, a shopper pulls out their phone to look for similar deals online and read customer reviews before making a purchase decision.
  • They check out the brand’s website, which highlights the product’s most distinguishing quality.
  • The company has asked for feedback on that specific aspect of their products. Those comments are posted on prominent review websites.
  • After a customer makes a purchase, a thank-you email can be automatically sent to them through marketing automation.

Here are some examples of how you can combine these channels:

  • Be well-versed in the various options for communicating with your audience and make the most of them.
  • The future of marketing is in targeted advertising, so jump on board.
  • Divide your marketing campaigns up into subsets according to how your customers typically shop.
  • Check how customers react to various ads, then modify your marketing strategy accordingly.
  • Bear in mind that advancement is a two-way street. As a customer, I count on you to care about my needs and concerns and to provide me with timely responses.

 

4. Place

Where exactly do you plan on selling your wares? Your placement, which extends beyond mere geographic proximity, should be based on the same market research that informed your product and pricing decisions. In terms of location, please keep in mind the following:

  • What kinds of places do you anticipate people searching for your product?
  • Do they have to handle it physically?
  • Do you think it’s more likely that customers will find your products and purchase them if you market to them through your own ecommerce website, or through one of the many third-party marketplaces?
  • Do you prefer to have one-on-one conversations with customers as they make purchases, or would you rather have problems with customer service handled by an outside party?

 

5. People

The term “people” encompasses anyone who has any kind of interaction with a customer, whether direct or indirect; therefore, it is crucial to hire top talent across the board, not just in customer service and sales.

What you can do to make sure your employees leave the right impression on clients is as follows:

  • Train your marketers to implement your marketing mix strategy.
  • Consider the values and identity of your business and your brand.
  • Spend money on skilled designers and developers to create your products or services.
  • Put your efforts into CRM, or customer relationship management, which helps you build lasting relationships with your clients and wins their undying devotion.

6. Packaging

Packaging can help a business stand out in a crowded marketplace and attract new customers, as well as reassure current ones that they made a good decision. If you want your packaging to do more for you, try these strategies:

  • Plan for specialization. A well-executed design not only aids in instant brand recognition, but also draws attention to key selling points. If you’re in the shampoo business, for instance, you can differentiate between hair types by labeling your products with color.
  • Craft in uniqueness. In addition to aiding in instant brand recognition, a well-executed design can draw attention to the product’s most salient qualities. If you run a shampoo company, for instance, you could use the packaging colors to indicate the various hair types that the product is intended to treat.
  • Increase its worth by some means. Give your customers more than they bargained for by including useful extras in your service offerings, such as a free toothbrush from the dentist, a free roofing estimate from the roofer, or a free styling guide from the hairstylist.

 

7. Process

Focus on actions that have a direct impact on the customer’s journey. If your procedures are clear and streamlined, your team will have an easier time carrying them out. When employees aren’t distracted by trying to figure out the company’s procedures, they can devote more of their attention to customers, leading to more one-on-one interactions and happier clients.

Some processes to consider:

  • How efficient are the logistics of your primary distribution method?
  • Just how well-organized are your delivery times and procedures?
  • Will there be times when your suppliers run out of product?
  • What happens if you don’t have enough workers on hand during peak times?
  • Does your website consistently deliver orders?

Finding the source of the problem and implementing a solution should be a priority if you receive multiple complaints from customers about the same procedure.

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