Importance of 7P marketing The 7 P's of marketing are: product, prices, place, promotion, physical evidence, people and processes. The 7 P's constitute the necessary marketing mix that a company must have to advertise a product or service. In the 1960s, when salespeople smoked at their desks, women played in their typing pools and sliced bread was the criterion for determining if a product was good, a marketing idea was devised so perfect that, sixty years later, it is still considered an integral part of any marketing strategy. What began as the four P's of marketing has quickly become the seven P's of marketing and includes the product, the price, the promotion, the place, the people, the process, and the physical evidence.
It goes without saying that the service or product you're selling should be at the center of every element of the marketing mix. The combination of digital marketing is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing and viral video campaigns, for example. The strategy on which the price of your product is based should be based on what your customers are willing to pay, on costs, such as retail profit margin and manufacturing, as well as other considerations. Your marketing mix can include subscription and membership discount programs, or email marketing for promotions and sales.
Successful marketing strategies include all the promotional activities in the marketing mix, including advertising, direct marketing, and in-store promotional activities. Digital promotion possibilities are only limited by your imagination and can include online events, chats, social media groups, and live broadcasts. Customers must report directly where and how their product is displayed and sold. A deep understanding of their buying patterns (and guiding them to the right stage of their buying cycle) will allow you to know where you should promote and sell your products and how that fits into your combination of online and real marketing.
Great customer service doesn't just turn into sales, but you can also increase your customer base through referrals. Getting these referrals from people who love your brand can also be a great example of how your marketing efforts can support your sales process. The product delivery process to the consumer should be designed to offer maximum efficiency and reliability, but it can also include features that are in line with your brand, such as focusing on the environment or sustainability. Physical evidence incorporates aspects that demonstrate that your brand exists and that a purchase was made.
Your marketing mix should also take into account all the things your customers see, hear (sometimes even smell) in relation to your product or service. This, of course, includes packaging and branding, but it should also include how products are displayed in stores, where they are placed and the context in which they are located, as well as the digital location, including on your website and on social networks. When it comes to creating a strong and strategic marketing mix, it's important to understand how the 7 P's of marketing fit into the whole picture. To find out how we can help your company, call us at (0) 9079 2555 or send us a note using the contact form below.
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It includes the 7 P's: product, price, place and promotion (McCarthy, 1960) and three additional elements that help us overcome the challenges of marketing services, people, processes and physical evidence (Booms & Bitner, 198). Advertising is good for raising awareness and reaching new audiences, while personal selling with a sales team is great for building relationships with customers and closing a sale. It's the full haircut, a digital clip art in PDF, the latest shade of lipstick, or information learned during a webinar. The price you charge is important, as it will determine the benefit you will get with the product or service.
The Seven P's of marketing are a relatively simple framework that any organization or manager can use to plan marketing activities and a marketing strategy. A planned approach to marketing helps us to establish clear objectives depending on the current situation that a company is facing. This page explores each of these areas in turn, analyzing the important aspects to consider when planning marketing activities. A speech by marketing specialist Neil Borden in the 1950s was the first time the term “marketing mix” was used.
This helps us differentiate ourselves from the competition with an offer that meets the needs of customers, which is what marketing consists of. .
