What are the 7 P's of Marketing?

The moment you have identified your target audience and competition as marketing, you need to be ready to develop a marketing mix as every business requires it. You may ask why. Well, as a business owner, it is essential to entice customers.

Companies of all sizes use the marketing mix of the 7ps model just to ensure setting the objectives, conduct a swot analysis and sometimes undertake competitive research. A practical approach to the marketing mix helps evaluate an existing business with its work through suitable techniques along with assessing a marketing mix element.

So, if you have been enthusiastic lately about the fine distinctions of marketing, management and business, you must have heard the term marketing mix. Now, let's find out its meaning and uses in this detailed blog.

As a marketing scholar, it is highly important to know the power of planning. For most students, it is still a matter that often bothers them; therefore, they lean towards strategy assignment help. However, when you enter the university, you will encounter many learning opportunities that will ensure you obtain reliable information that you can utilise in the future workplace.

Additionally, when you come to the higher education perspective, you must question what strategic management is and how it is crucial for business.

So, what is strategic management anyway?

According to the assignment help mentors, it is usually divided into multiple schools of thought that one must learn about during their college years. It is a planned strategy using the company's resources in order to accomplish specific goals and objectives. Generally, it demands a sustainable evaluation of internal and external processes that may impact how a company operates. Interestingly, all companies, regardless of size, can benefit from a strategic practice of strategic management.

Importance of Marketing Mix

Several benefits of marketing play an essential role in the business:

• It helps you comprehend the product or services you can offer your customers.
• Helps in making a product successful.
• The best use of a marketing mix is for planning, developing, and executing effective marketing strategies.
• Businesses can benefit from good strategic management and use their strengths to avoid redundant costs.
• Best way to identify the needs of your customers.
• Helps in handling risk factors actively.
• Great approach for determining whether your product or service is suitable for your customers or not.
• It helps realise the right moment to promote a product or service.

What are the 7 Ps of Marketing Mix?

Below are the 7ps of the marketing mix you should know about:

Product

Anything being is called a product- be it a physical product, service or experience. No matter how you position yourself as a brand, your product or service will always be the core of your strategy; hence, it will influence multiple aspects of the marketing mix.

Your product or service will always be at the core of your strategy and will, therefore, have an impact on every component of the marketing mix, regardless of how you position yourselves as a brand. Think about your product's quality, unique features, packaging, and the problem it will solve for your customers when developing it.

Since we know that customer service is key, your product, which customers get, is the only thing they will ultimately care about.

Naturally, if your buyer is not satisfied with what you are delivering, there will be no return purchase on the product. But on the other hand, if you have a quality service that provides what they need, the product will sell itself.

Place

The place where customers make a purchase is called 'place'. Being an essential part of the marketing mix, it has a prominent role in the progress of a business. Recently, the place of purchase may vary from online to a physical store. Any physical store or an app via the website is called the place, making it the right place for physical space and online presence to reach the product/service to the buyer; on the other hand, there are also ways for the with the locations, storage and distribution sales and expertise in the respective field.

These purchasing decisions are made based on the marketing mix. They will be involved in the supply chain and logistics behind providing the product to the end customer, including storage and transposition.

Price

This is the only part of the mix that makes money; all other marketing endeavours are called price. Therefore, it's critical to correctly establish the pricing to cover costs and turn a profit. To assess what customers are willing to pay and the amount of demand for the product or service in question, market research is essential before pricing a product or service. Low prices equate to a value brand. Thus pricing must also be set with rivals in mind since the price is a potent barometer of positioning in the market relative to competitors.

Promotion

Promotion is the essential element that drives the customer base. All marketing professionals excel at promotion that is made through direct marketing, public relations, advertising, content marketing or physical store pitching.

In order to increase brand awareness of any product, good or service, it is essential to keep them engaged with a persuasive narrative with effective promotion strategies. Promotional tactics are many, which surely help increase sales, build brand reputation, and produce a profit. However, it also helps to find answers to your questions,

There are common promotional strategies used by marketers, divided into two categories. Traditional and digital.

Traditional contains- print media, broadcasting, direct mail, billboards, posters and referral that are called word of mouth.

Digital methods contain- email marketing, social media platforms, content marketing, search engine optimisation, mobile marketing, and paid marketing.

Note- Digital marketing generates an estimated 50% more impressions with customers than traditional marketing.

Physical evidence

Next comes the physical evidence, which means the overall existence of your brand; however, the deep meaning of this element is much more important than just the buying proof. For example- a website has branding, social media and a logo in different places such as a building, store, product packaging and the post-purchase email (thank you note). All these elements are essential for offering a customer the physical evidence they require in order to be definite that a business they are purchasing from is a viable and legitimate organisation.

In the massive growth of digitisation, fraud has also spread to a much higher level. As a result, people are sceptical of both online and physical store businesses, so if a service provider wants their customers to trust them and feel comfortable with their purchase.

Once the purchase is complete, it is essential that they still be your loyal customers, and for that, a business must ensure it is legitimate and worthy of their time and money.

Process

Who does not want to create a smooth, effective and efficient service? But it is only possible if the process is smooth through and through. Without a proper strategy and behind the scene activities, it is impossible to deliver a flexible service or product.

According to the strategic management assignment help mentor, it is vital to understand the critical steps of the customer journey. It starts from raising an inquiry to requesting information and making a purchase. Once you clearly understand the entire process, you will be more likely to have the process in place to ensure the customer has had a happy experience.

The question must be in place- how long did or will they have to wait until they receive the response? What is the waiting time for requesting a meeting with the sales team to discuss taking place? And what is the following process after an order is booked? How to ensure they share a review after a purchase? How can a business make the best use of technology to become more efficient?

Once you have answered all the questions and considered them, you can simply enhance the entire process and alleviate the customer experience.

People

The resources or people of the company are the backbone of the company, and an organisation must not forget it. They are essential factors when it comes to interacting with customers, taking enquiries, and processing them or taking care of orders and complaints (online or in person). Therefore, they are called the 'face' of the organisation for the customer. However, people can be inconsistent, but with appropriate training, empowerment and motivation by an organisation for representing a positive environment.

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