Learn all about the 7 P's of the marketing mix, understand why this concept is still relevant today and will be relevant for the foreseeable future. The 7 P's of marketing are price, location, promotion, product, people, process and, finally, physical evidence. This is the P that starts everything. The need for this P to be known, positioned and exhibited makes marketers work hard on strategies.
Product development has several stages and is essential to be the deciding factor in many strategies. With this P, several aspects of a product come into play, such as the life cycle of the product, the type of need it meets and its positioning. We can consider the example of Starbucks, which was established solely to make good quality coffee and coffee beverages accessible to people. Starbucks' marketing approach focuses largely on its product and on the quality of the product offered to its customers.
Physical evidence is part of the product. If your product is a tangible offer, consumers will consider all of its material elements (packaging, business cards, brochures, company branding). However, these tangible signals are also attached to a product that is intangible. For example, every time you find a FedEx delivery vehicle, you'll immediately recognize it by its purple and orange color combination.
This is how they differ from all other delivery companies. Everyone involved in manufacturing, distributing and selling your company's product is also essential. For the most part, services (intangible offerings) have marketing mixes that focus on the people presenting the product. The employees you have in the store, the delivery staff, the sales executives, all of that and more leave a lasting impression on people.
Hotels such as Taj, Hyatt and JW Marriott are known for the people who work there to serve consumers. These brands have established and built loyal customer bases because of the type of people they employ. The process involves all the ways in which the company and its customers can interact to make it easier for the product to reach the consumer. It is a map of how the company and its offers are accessible to the market.
It is not just a means to an end, but a roadmap of the company's operations. Marketers act very carefully when setting a price, which is a win-win situation for both the company and consumers. While each product, each industry will have a unique marketing mix, the underlying structure will always be based on these 7 elements. The digital marketing mix is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing and viral video campaigns, for example.
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 entire landscape. If you've achieved good results with a particular marketing campaign, it may be tempting to pursue the same activity or medium and convert it to your entirety. In the 1960s, when salespeople smoked at their desks, women wrote in their typing groups, and sliced bread was the yardstick for determining if a product was good, a marketing idea emerged so perfect that sixty years later it is still considered an integral part of any marketing strategy. By reading about mistakes and the lessons that others have learned the hard way, you can increase the effectiveness of your marketing and take a shortcut to success.
The 7 P's of marketing include product, price, promotion, place, people, process, and physical evidence. Well, yes, in recent times, it seems that 2 more P's have been introduced compared to a previous mix, which now turns the concept into a mix of 9 P's of marketing. Be open to the need to review your prices, if necessary, to remain competitive, survive and thrive in a rapidly changing market. Develop the habit of continuously examining and re-examining the prices of the products and services you sell to ensure that they remain appropriate to the realities of today's market.
An effective marketing combination is evidence-based, synchronizes perfectly, and reflects a deep understanding of how your audience interacts with your brand. . .
