What Are the 7 Ps of Marketing?

Introduction to the 7 Ps of Marketing

A strategic marketing framework helps us define targets based on the existing position of a firm. The strategy outlines how those goals will be met, including the target market and the firm’s position. So we need to specify the techniques to make this strategy a reality, which is where the 7 ps of marketing comes into play.

What Are the 7 Ps of Marketing?

It can be tough for a marketing manager to know how to create a distinctive selling offer or attract ideal customers, primarily on new platforms. Thankfully, the 7 Ps of marketing provides a structure for business strategy and a critical approach for effective marketing.

You can also consider the 7 elements of the marketing mix in your everyday marketing decision-making approach to attract the target customer to advertise effectively through your promotional activities.

The 7 elements of the marketing mix are:

1. 7 Ps of Marketing Product (or Service)

Your buyer is primarily concerned with what your product or service can do for them. Thus, make it a priority to make your product the best it can be and optimise your product lines appropriately. This strategy is known as “product-led marketing.” Product considerations in a marketing mix include every facet of what you’re offering to sell.

This includes:

• Design
• Quality
• Features
• Options
• Packaging
• Market positioning

2. Price

A pricing model takes into account several elements. 

• Price a product higher than rivals to provide the appearance of a higher-quality offering.
• Price a product similar to rivals, then highlight characteristics or benefits that other companies lack.
• To break into a congested market or capture value-conscious buyers, price a product cheaper than competitors.
• Plan to increase the price after the brand is established or drop it to showcase the worth of a new model.
• Increase the basic price to make bundles or offers more compelling.

Consider your pricing plan’s goals and how the price will interact with the rest of your marketing approach. Some questions to consider while selling products:

• Will you be selling higher-end versions at a premium?
• Do you want to cover the cost instantaneously, or can you set a lower price and consider it an investment in advancement?
• Will you conduct any sales promotions?
• How low can you go before people start doubting your product?
• How far can you go before buyers feel you’re overcharging?
• Are you considered a budget brand or a premium brand?

3. Promotion

Advertising is an element of promotion. The audience is most aware of the promotion component of the marketing mix. It consists of content marketing, television commercials, print advertising, coupons or planned discounts, email marketing, social media tactics, display ads, digital strategies, search engine marketing, marketing communication and public relations.

These promotional channels integrate to provide an immersive strategy that provides a seamless experience for the target customers.

• When customers notice an in-store deal, they compare the product prices and read reviews.
• They visit the brand’s website, which highlights a distinguishing aspect of the product.
• The customer purchases the goods, and you use marketing automation to send a thank you email.

Here are several methods to combine these channels:

• Ensure you understand all the accessible channels and how to use them to reach your target audience.
• Acknowledge the trend toward customised marketing.
• Segment your advertising efforts based on the behaviour of your buyers.
• Test different campaigns and modify your marketing budget accordingly.
• Keep in mind that promotion is not a one-way path. Customers expect you to pay close attention to their needs and provide solutions as they require.

4. People

People refer to anybody who interacts with your buyer, even indirectly, so make sure you’re hiring the right performers at all levels, not just customer service and sales.

Here’s what you can do to make sure your employees have the intended outcomes for your buyers:

• Improve your marketers’ expertise to follow your marketing mix plan.
• Consider the corporate culture and brand personality.
• Employ experts to design and deliver your goods or services.
• Concentrate on CRM, which fosters meaningful ties and drives unquestioning loyalty.

5. Place

The fifth component of the marketing mix is place. Where are you going to market your product? The market research that drove your product and pricing selections will also influence your positioning. When we talk about location, consider the following:

• Where will customers seek your product?
• Will they be required to hold it?
• Will marketing directly to clients from your e-commerce website result in profitable sales, or will purchasers hunt for you on third-party markets?
• Do you want to talk to your customers when they buy, or do you want a third party to handle customer support problems?

6. Packaging

In a saturated marketplace, a company’s packaging attracts new consumers and communicates value to loyal customers. Here are some suggestions for making your packaging work harder for you:

• Design for Distinction: A smart design makes it easier for customers to recognise your brand at a glance and also emphasises certain product characteristics. For example, if you own a shampoo firm, you may mark different hair kinds with different colours on the container.
• Give Meaningful Information: Packaging is an excellent medium for product information or brand promotion. Include clear directions or an unexpected feature to surprise and amaze your customers.
• Add More Value: Go beyond your clients’ expectations by providing them with well-designed, branded extras they can use.

7. Process

Process in marketing mix states that processes that overlap with the client experience should be prioritised. The more exact and flawless your procedures are, the more efficiently your personnel can carry them out. When your team isn’t preoccupied with following protocols, they have more time to devote to customers, which comes straight into personalized and extraordinary service.

Consider the following procedures:

• Are your major distribution channel’s logistics cost-effective?
• How are your delivery and schedule going?
• Will your third-party shops run out of stock during important periods?

Conclusion

Create your 7 ps of marketing and include it into your business fundamentals. Consider how one aspect influences the others as you construct your marketing mix to create a cohesive brand experience for your customers, from the user experience to the perceived worth of your product. Consider how a product’s price affects its advertising approach, how specifications influence pricing, and how your employees carry out operations. Ensure that proper tools are used to reach the right individuals.