7Ps of Marketing- Formulate the Right Marketing Mix for YourBusiness
Devised by E. Jerome McCarthy, the 7Ps model is an excellentmarketing tool to help your business to develop its marketing strategy byfocusing on the specific areas. Historically, this marketing mix was just 4Ps,but 3 more were added and today all these seven elements are considered as animportant part of the marketing and promotional strategy.
Marketing frameworks are vital to organize your work efficientlyand this 7Ps of marketing is one of these frameworks that you can use from yourmarketing toolkit and promote your band. The 7Ps of the service marketing mixincludes Product, Price, Place, Promotion, People, Processes and PhysicalEvidence.
Product
In marketing the first factor is a product that you are actuallyoffering; it includes products and services or even a mix of them. Basically,it includes the quality deliver, advantage and features offered to theconsumers, availability, warranties and many more aspects that can make anyimpact when the customer is getting at the end.
Here, you need to look at your product and think whether or not itis in the right business at this time. Ask questions like:
Prices
The second P in the formula is price. Often, paying a higher pricemakes customers more satisfied. The cost is always considered a proxy forquality and vice-versa. We cannot deny from this fact that the services beingall the more intangible; the price becomes a driving force for the actualservice consumption to happen, after services awareness and serviceacknowledgment.
Keep examining the cost of the products and services whatever youare offering to make sure that they are still in demand for the current market.Sometimes, you may need to think to lower your cost. Sometimes, it may be okayto raise the cost.
Place
The place is where your products and services are seen, made ordistributed. Access for consumers to your product is the key and it is vital tomake that consumers can find you.
The place often offers adifferent side of value to the customers. In case, you are establishing a newbusiness, find the right business locations.
Promotion
The third factor is the promotion of the service is what thecompany's focus on getting more clients. The way you promote your products orservices has a huge impact on the overall performance of the brand. Minorchanges in your advertising can lead to a tremendous effect on your sales andperformance.
From large to small companies, experiment with the differentmediums of branding and selling their products and services. And, everythingchange and get innovated, you will have to develop new sales marketing andadvertising approaches in either case, your methods of marketing will stopworking.
Processes
Processes are important to deliver quality services. Servicesbeing intangible, processes become all the more crucial to make sure thestandards are met. When you have a well-designed process, it reduces cost andalso enhances the productivity to maximize profits.
Keep in mind that the process of how your products or services aredelivered to the customers has a great impact on your business performance andcustomer satisfaction.
People
People are crucial in service delivery. It incorporates all thepeople with an effect on your sales, marketing, and the entire businessactivities. It is a fact that without the key people in the right positions,you can never conceptualise your strategy in spite of having a solid businessplan.
Work on the ability to select, recruit, hire and retain the properpeople, with the skills and abilities to do the job you want to have done.
Physical Evidence
Physical Evidence is one of the major elements that affect thecustomer's satisfaction. Your service is amazing still customers depend onother cues to judge the offering. And, this is where physical evidence plansapart.
It includes all theelements that differentiate your brand in the customer's mind.
So these are 7Ps that will help you understand where your brandstands now and how your brand can evolve further. To be successful in themarket, you need to develop the habit of thinking in terms of exactly who isgoing to carry out each task and responsibility. Share the 7Ps of marketingworksheets internally and start working on measure the success ladder.
