7 Ps of marketing mix are very crucial as marketing is ever changing and dynamic field. The elementary function of marketing involves in identifying the need of the customer. This need-based product should also be able to satisfy the customer.
If we talk about of few decades ago when marketing experts were emphasizing on 4 Ps. The changes in the need of an hour due to existence and survival for the fittest called for the additions.
The marketing mix is one of the basic and important parameters. To succeed in the market, planning and well-defined strategy are very important. Here comes the role of 7 Ps of marketing mix which are the essential elements for a marketing team.
According to Philip Kotler, Marketing Mix is a set of controllable variables and their levels that the firm uses to influence the target market. To put it in other words, marketing efforts revolve around these interrelated elements.
These elements can be used to help in deciding which products to sell, how much to charge for them, and how often they should be promoted. Each of these elements has its own importance and value. The 7 Ps contribute for the strategy to be effective and successful in the promotion of the product.
Importance of 7 Ps of Marketing Mix
It is very important to understand and implement the use of these elements in the 7 Ps of marketing mix to create a successful execution of product. These elements can be modified, altered and regulated in a optimum way to meet the target market needs.
The 7 Ps of marketing mix provides a flexible framework that can be adjusted to meet the needs of a specific product or service, providing a holistic approach that can lead to measurable results, better decision making, and improved collaboration.
Benefits of 7 Ps of Marketing Mix
The benefits of using the 7 Ps of marketing framework include:
1. Holistic Approach: The 7 Ps of marketing mix provides a holistic view of the marketing efforts, taking into account all of the elements that can impact the success of a product or service.
2. Flexibility: The 7 Ps of marketing mix can be adjusted and optimized based on the specific needs and goals of a product or service, providing flexibility in the marketing strategy.
3. Measurable Results: By considering all of the elements of the 7 Ps, it is possible to track and measure the results of the marketing efforts, allowing for continuous improvement.
4. Better Decision Making: The 7 Ps of marketing mix provides a structured approach for decision making, allowing for informed decisions based on market research and data.
The 7 Ps of Marketing Mix comprises of
1. Product
2. Price
3. Promotion
4. Place
5. People
6. Physical evidence
7. Process
Point wise details of 7Ps of Marketing Mix
1. Product
The product is the core of the marketing mix. It’s also the first P in our 7 Ps of marketing. In fact, it may be that you’ve heard that phrase before: “Product is king.”
A product is anything that is offered to a market to satisfy customer needs. The effectiveness and usefulness of product are often broken down into categories like physical goods, digital assets, services, events and ideas. Innovation behind and the quality of the product are the main Unique Selling Proposition.
A product is made up of three parts:
1. Tangible Product – materials and construction,
2. Extended Product Part – services
3. Generic Product Part – the benefits
Deciding on a product in marketing involves several steps and considerations to ensure that the product is well-suited to meet the needs and wants of the target market.
1. Market Research: Conducting market research to understand the target market, their needs and wants, and the competitive landscape is crucial in deciding on a product.
2. Product Development: Based on the research and understanding of the target market, product development can begin. This includes creating the product design, features, and packaging.
3. Testing and Validation: Before launching the product, it’s important to test it with a sample of the target market to validate its effectiveness and gather feedback.
4. Pricing Strategy: The pricing strategy should be determined based on the production costs, target market, and competition.
5. Distribution Strategy: The distribution strategy should be determined based on the target market, costs, and the desired image or experience for the product.
2. Price
Price is an important part of the marketing mix. It’s a key factor in customer choice, and it can be used to differentiate products and services. Price is the only element in marketing mix that generates revenue.
Price communicates value to consumers, so it’s important for businesses to have a clear understanding of how much their customers are willing to pay for what they offer.
Pricing is also one way that companies communicate quality. So how do you decide on pricing? There are five main factors:
1. Production Costs: The cost of materials, labor, and other expenses associated with producing the product.
2. Competitive Market: The prices of similar products offered by competitors.
3. Target Market: The income and purchasing power of the target market will affect the price.
4. Brand and Reputation: A strong brand and reputation can justify higher prices.
5. Distribution Channels: The cost of using different distribution channels, such as wholesale, retail, and online, will affect the final price.
3. Promotion
Promotion, also known as marketing communication, is the process of communicating the value of a product or service to potential customers. The promotion of a product in marketing involves several elements and strategies to effectively reach and persuade the target market.
1. Advertising: Advertising is the paid placement of media to reach a large audience, such as TV, print, online and social media ads.
2. Public Relations: Public relations is the management of communication between an organization and its publics, such as press releases, events, and crisis management.
3. Personal Selling: Personal selling is the process of communicating directly with potential customers through face-to-face meetings, phone calls, or other direct communication methods.
4. Sales Promotion: Sales promotion is a short-term marketing strategy that includes discounts, coupons, and other incentives to encourage customers to purchase a product or service.
5. Direct Marketing: Direct marketing is a direct communication with customers through mail, email, or telemarketing.
4. Place
Place, also known as distribution, is an important aspect of marketing because it determines how and where a product or service is made available to consumers. The place or distribution strategy can greatly impact the success of a product or service.
1. Convenience: The availability of a product or service in convenient locations, such as retail stores, supermarkets, and online, can increase its sales.
2. Reach: Choosing the right distribution channels can help increase the reach of a product or service, making it available to more potential customers.
3. Target Market: The distribution channels and locations should be chosen based on the target market.
4. Cost: Distribution costs can greatly impact the final price of a product or service.
5. Brand Image: The place or distribution channels can also affect the brand image and perception of a product or service.
Post-Purchase
Post-purchase in marketing refers to the actions and strategies taken after a customer has made a purchase. This can include customer service, follow-up communication, and marketing efforts aimed at encouraging repeat purchases or customer loyalty.
1. Follow-up Communication: Following up with customers after a purchase can help to ensure satisfaction and address any issues that may have arisen.
2. Customer Service: Providing excellent customer service can help to build trust and loyalty with customers, leading to repeat purchases and positive word-of-mouth.
3. Upselling and Cross-Selling: Offering complementary or related products to customers can increase the value of a sale and encourage repeat purchases.
4. Loyalty Programs: Offering rewards or incentives for repeat purchases can encourage customer loyalty and long-term customer retention.
5. Surveys and Feedback: Gathering feedback from customers can help to identify areas for improvement and tailor future marketing efforts to better meet the needs of the target market.
5. People
People, also known as the human element, play a crucial role in the buying process. They are the decision-makers and end-users of products and services. Understanding the needs, wants, and behavior of people can greatly impact the success of a product or service.
1. Target Market: Understanding the demographics, psychographics, and behavior of the target market can help tailor products and services to meet their needs and wants, increasing the likelihood of a sale.
2. Sales and Customer Service: People, such as sales representatives and customer service staff, can greatly impact the buying experience and satisfaction of a customer.
3. Influencers: People, such as family, friends, and social media influencers, can greatly impact the buying decisions of an individual.
4. Brand Loyalty: People who have positive experiences with a brand or product are more likely to become loyal customers and recommend the brand to others.
5. Word of Mouth: People are more likely to trust recommendations from friends and family than advertising, making word of mouth a powerful tool in the buying process.
6. Physical Evidence
Physical evidence in marketing refers to tangible elements that can be used to support or reinforce the claims or messages of a marketing campaign.
This element can include the product itself, packaging, store design, and other tangible elements that the customer can see, touch, or experience.
1. Product Design and Packaging: The design and packaging of a product can greatly impact the perception of a brand and product quality.
2. Store Design and Atmosphere: The design and atmosphere of a store can create a certain image or experience for the customer and impact the perception of the brand.
3. Website Design and Layout: The design and layout of a website can impact the user experience, navigation and perception of the brand.
4. Business Cards, Brochures and other Marketing Materials: These materials can be used to reinforce the message and image of a brand and provide additional information about the product or service.
5. After-Sales Service: The quality of after-sales service such as warranty, returns and customer service can be physical evidence of the company’s commitment to its customers.
7. Process
The process in marketing refers to the steps and strategies used to plan, develop, and implement a marketing plan. Implementing a process can bring many benefits to a marketing effort.
1. Efficiency: Having a clear and structured process in place can help streamline the marketing efforts and increase efficiency.
2. Consistency: A well-defined process ensures consistency in the messaging, branding, and overall marketing efforts, promoting a cohesive brand image.
3. Measurable Results: A structured process enables tracking and measuring of the results, which can help identify areas for improvement and adjust the strategy accordingly.
4. Better Decision Making: A process allows for more informed decisions by providing a clear view of the market, target audience, and campaign performance.
5. Improved Collaboration: A process can improve collaboration among different departments and stakeholders by providing a clear understanding of roles, responsibilities, and objectives.
Conclusion of 7 Ps of Marketing Mix
The 7 Ps of marketing are an essential tool for any business. If you want to grow your brand, you need to know about these seven Ps: product, price, promotion, place, post-purchase, people and physical evidence.
These are all important parts of your marketing strategy but don’t forget about the importance of a strong brand identity!
By considering the 7 Ps of marketing, it is possible to improve collaboration among different departments and stakeholders, ensuring that all elements of the marketing strategy are aligned.
