7ps in Marketing strategy

marketing mix

Marketing Mix


In a way, this sums up what we are trying to do here is to make you move a little faster, try to get you to go a little farther, and definitely to make your business stronger. In this article, we’re going to be talking about the “7Ps of Marketing.” You already have heard it several times. We are going to define it because we believe it’s such a big part of the Marketing campaign for you and the foundation for everything that we discuss here. So, just what is the “7Ps of Marketing?” It’s really a business tool for analysis, for strategy and for taking action. 


Let’s go through and define the 7Ps. The first is the product. Now as a company you are offering a product or you may be offering an intangible or service of some sort. Through the 7Ps we take a look at a product and figure out how to make that product more appealing to your customer. Next is the price. There are all sorts of pricing strategies out there. We’ll be talking over here is how you can price better. Believe it or not, sometimes companies under-price their products.
Next is the promotion. The traditional side of things, which includes television, radio, print and billboards, and so forth. And now there’s this whole new, modern social media approach where you use Twitter and Facebook and YouTube. This is all exciting and part of the 7Ps as well. Next is the place. Another term for it is distribution, but that doesn’t start with a “p” but that’s everywhere your customers can get access to your products. Used to be you would go to the store but now it can be something that is digital and instantly sent across the world. Distributions channels are changing.

Next are the people. This is often forgotten. You have people in your organization directly dealing with your customers and you have people in your organization behind the scenes. All of those individuals help shape your marketing, believe it or not, and we’ll be discussing that. Next is the physical evidence. Physical evidence, it’s everything that your customer sees. If you think about a professional football team, it might be the signage on the stadium, it might be the stadium, it could be the uniforms, the impressive players on the team. It might be the flamboyant coach or it could be the beers that are sold at the concession stand. All of those things tie into the physical evidence. And then there’s process. 

I have two parts to the process. On the one side, I have the internal process and that’s everything you do to market to your customers. And then the external process and that’s everything your customers experience in obtaining your products or services. We will be looking at all of the 7Ps. Now there’s one more “P” is you will: positioning. And positioning is very interesting, it’s not part of the 7Ps but we add it so it’s like 7Ps plus or the eighth P. But it’s very important to understand about differentiating your product and where that product fits in the marketplace or its niche. And so we’ll be talking about that. And that, in essence, is what the 7Ps are all about.

Why are the “7Ps of Marketing” so important for us? Now we have a way to communicate. Right? If I mention the “7Ps of Marketing” you’ll understand what it is and if I start talking pricing, promotion or physical evidence, you’ll also have a grasp of that. Now we can communicate a lot more effectively here. The other thing is that it’s going to provide us with a systematic way to analyse your business, to analyse your market and your competition. So little by little, I’m helping you become that marketing expert I want you to be. We’ll be talking a lot more about the product, price and place, etc. Why that’s so exciting to me also is that later on when you’re out there in the real world applying these marketing tactics you might come across a problem like a pricing problem or a physical evidence problem.
 

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