The 7 P's of Marketing Mix

Topics: Marketing, Sales, Customer service Pages: 6 (1883 words) Published: May 14, 2013
Marketing professionals and specialist use many tactics to attract and retain their customers. These activities comprise of different concepts, the most important one being the marketing mix. The marketing mix helps marketing companies to develop better strategies, so that the product or service they offer would target their target market accurately. When marketing a product the marketing company should have a unique selling proposition this attracts the audience’s attention. In the marketing world, there is plenty of theory and "how to" books to follow. However, the "seven P's of marketing" are the key principles that guide our work. These seven aspects - product, price, place, promotion, people, processes, and physical evidence - make up the marketing mix. They are the things that marketers need to assess and tick off in order for any of our campaigns to be successful. These tips are practical, useful, and thanks to the alliteration, easy to remember.

This is your core offering, the thing that your customer wants or needs. If there is something wrong with your product, your campaign has failed before it's even started. Marketers aim to look at products from an outsider's perspective. They ask questions such as, "is this product suitable in today's market?" "How will it benefit customers?" "Do customers need or want this product?" They also compare the product with that of competitors, and determine its strengths, weaknesses, and whether it can be improved in some way. Product must provide value to a customer but does not have to be tangible at the same time. Basically, it involves introducing new products or improvising the existing products.

Naturally, price is a major factor when it comes to sales rates and customer satisfaction. Marketers frequently assess the price of products, and make a judgement about whether the price is right for the current market or target audience. Depending on sales, profit margins, and customer demand, the price may be lowered or raised. The key is to be open to the possibility that you may need to revise your prices to compete and survive in today's marketplace. It must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like.

It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels, like Internet, wholesalers and retailers. Location is a very important consideration. The most successful marketers really think about the place where the customer encounters the salesperson, service, or product. The location can impact customer attitudes and sales, especially if that location has negative connotations attached to it. When marketing a product or service, ask these questions: "Is this the best place to reach my target audience?" "Will a change in location have a positive or negative effect on business?" "Where else can I sell my products and services?"

The way you promote your product or service has a significant impact on how your target audience views it. The promotion and positioning of your product need to align. For instance, it is probably not a good idea to sell luxury products in areas where most people are struggling to make ends meet. The right promotion will increase sales, brand awareness, and the rate of return customers. Promotion - It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating about the benefits of using a particular product or service rather than just talking about its features. Promotion is all about communication.  Why because promotion is the way in a business makes its products known to the customers, both current and potential. The main aim of promotion is to ensure that customers are aware of the existence and positioning of...
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