The “marketing mix” was first mentioned in McCarthy’s book Basic Marketing: A Management Approach, and it includes four P’s: product, place, price, and promotion.
People, physical proof, and procedure were included in the four P’s. Why did these new P’s need to be introduced? It turns out, the four existing P’s did not adequately cover services and customer satisfaction.
Now that you’re a little more familiar with the idea of the marketing mix, let’s look more closely at the seven P’s of marketing.
Anything item, service, or experience that is sold is a product. If your customer is unhappy with your product, they won’t buy from you again—no matter how effective your marketing or customer service is. Therefore, the product impacts all other components of the marketing mix.
Some companies don’t prioritize their marketing and other techniques, but they are nonetheless successful in selling their goods. This is a result of the high quality in the products that they offer. Rolls-Royce, Google, and Snapchat are a few examples.
It’s important to develop existing products and introduce new ones to satisfy customer needs. Consider the quality of your product, its distinctive features, packaging, and the value it will bring to your customers. Consider factors other than the product, and concentrate on differentiation to gain an edge over your competitors. Some examples of things that set products apart from others include warranties, good customer service, an easy-to-use application, and video tutorials.
Place is the second “p” in the marketing mix. Here, the goods and services are designed, manufactured, distributed, and sold. A crucial consideration when selecting a location is its ease of access for your customers. Selling can take place in person, online, in stores, or through third parties. Most businesses use a combination of these. Rethink your location so that clients may readily access your goods and services. Check if expanding your business to new locations is necessary.
Keep in mind that choosing a location is dependent on your target audience. For example, if your product is ideal for an international market, then building an e-commerce store is a better option than renting a storefront.
When setting your prices for your goods and services, there are a few things to consider. Your costs should be covered by your prices, which should reflect the customer’s estimation of the value of the product. If you are providing a good or service that is unique compared to others on the market, then you may set higher prices. Necessities such as milk and salt are examples of inelastic items that can have their prices raised. On the flip side, be cautious about raising prices on elastic products such as luxury items like purses and shoes because doing so may cause customers to purchase from your rivals.
Promotion includes a variety of promotional methods that inform clients that your goods or services are available. Some examples of promotions include commercial advertising, various sales strategies, direct marketing, public relations, and content marketing.
Having a brand narrative that customers can identify with is critical. Promotions help in improving a brand image.
5. Physical evidence
The layout of your website, overall branding, social media presence, brand logo, store atmosphere, product packaging, and post-purchase thank-you emails are all examples of physical evidence. All of these serve as the tangible proof that buyers need to form a positive impression of your brand.
Every person who is directly or indirectly employed by the business is referred to as one of the “people” of the brand. The management team, customer service staff, product design team, sales team, and marketers are all included in this.
People have the potential to leave a lasting impression on your clients, therefore they should act politely and professionally. They must be knowledgeable to improve the customer’s experience. If your employees are happy working for your company, your customers will be as well.
For plans to be carried out successfully, it is crucial to build the proper task force.
We refer to the process as the path taken from the time the product is created until it is placed in the hands of the customer. This includes the delivery method for the service or product, how it will be packaged, how customers will place their orders, how the payment and shipping processes will work, etc.
Your processes must be both effective and efficient. Customers may love your goods, but they may decide against buying them due to slow shipment and poor customer support.
The seven P’s offer marketers a precise set of instructions and strategies for creating a successful plan for their business. Maintaining a competitive edge over rivals and keeping up with the changing environment require revisiting your marketing mix.