The marketing mix for a product is a major factor in influencing whether a business can sell it profitably. The marketing mix is made up of seven interrelated decisions − the 7Ps. The four key ones are product, price, promotion (including advertising and packaging) and place (where and how a product will be sold to consumers).
The other 3Ps largely relate to marketing services – people, process and physical evidence.
Consumers require the right product. This might be an existing product, an adaptation of an existing product or a newly developed one.
The right price is important too. If set too low, then consumers may lose confidence in the product’s quality; if too high, then many will be unable to afford it.
Promotion must be effective – telling consumers about the product’s availability and convincing them that ‘your brand’ is the one to choose. Packaging is often used to reinforce this image.
Place refers to how the product is distributed to the consumer. If it is not available at the right time in the right place, then even the best product in the world will not be bought in the quantities expected.
Selling services successfully requires people who can interact positively with customers and create the correct impression to encourage them to return. This is particularly relevant in the hotel and restaurant industry.
The processes that a business has in place to satisfy customers’ wants reliably and consistently form an important part of marketing services. For example, banks replacing an out-of-date debit card without the customer having to ask for one.
Physical evidence means allowing customers to see for themselves the quality of the service being provided. This will reduce the element of risk in buying a service as opposed to a tangible product. For example, a clean and well-presented reception area in a hotel would raise appropriate expectations in the mind of the customer.
Not all of the 7Ps have the same...
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