Do you know what are the 7 P’s of marketing? Have you ever heard about marketing mix? What are your chosen marketing tactics? Do you know how the concept of 7 P’s of marketing can help you product on the contemporary, competitive marketplace? Read the article and find out what are the 7 P’s of marketing and how to apply them in your marketing mix.
What are the 7 P’s of marketing? – table of content:
- What are the 7 P’s of marketing?
- Physical evidence
What are the 7 P’s of marketing?
The concept of 7 P’s of marketing is well-known in the field. Shortly saying the 7 P’s are a set of marketing tactics that have to be considered when dealing with client. Every marketing campaign needs to have clear objectives and this is possible only if all the elements of marketing spectrum are known to us.
The marketing mix is an umbrella term for the set of tactics or activities that are aimed at providing customer’s satisfaction. All the 7 P’s of marketing are the elements of the marketing mix. No matter, which elements seem most important for your business at the moment using 7 P’s scheme helps to identify the core of your marketing activities.
There are 7 P’s of marketing and these are:
- Physical evidence
Product in the concept of 7 P’s is represented by the mere physical product or the service. While designing the product its appearance, usability and quality should be taken under careful consideration. Each product (whether it is a product, service or a combination of both) has to satisfy the core needs of the customers.
The price is the only one element of the marketing mix that brings revenue. The other elements represent costs on the side of the producer and seller. This means that price is probably one of the most important elements since If badly set there is no profit and the sales project fails. Before setting the price it is advisable to make comprehensive market research and check what is the offer of your competitors. The price positions the product on the market and creates the value of the brand, hence all actions related to the price setting has to be conducted carefully.
To sell the product you have to inform you clients about its existence and availability. Any tactic used by your business to tell your clients about your new release is a promotion. So what are the promotional tactics available to you? You may advertise through traditional media: television, radio, newspapers, billboards, posters and through digital media: Google, Facebook, Twitter and other outlets. Another of promotion is using public relations techniques. All the promotional tactics have their life cycle and are not efficient all the time – they have to be constantly adjusted to the changing environment.
Place is another important element in the 7 P’s of marketing. Place in the marketing mix encompasses all the locations, where the product is created, distributed and sold, so it includes both physical facilities: administrative buildings, factories, brick-and-mortar stores, mobile shops, and non physical places such as: web-sites, portals, and social networking sites. All locations, where your product is seen and can be purchased is a place in terms of 7 P’s of marketing concept.
While the price is the most important element due to the risk of financial failure, people seem to be the most significant element, when the experience is considered. Any individual involved in the producing, handling, delivery or sales of your product falls under this category in 7 P’s of marketing system. All that means, that while thinking about people you should not forget about your: employees, contractors, subcontractors, as well as past and present clients. Additionally, every person that matters and could form an opinion about your product publicly.
The element of process in the 7 P’s of marketing system refers to all the processes that your product has to go through from the moment of production to the moment of purchase by the client. It is impossible to create a full list of such processes since depending on the type of the business, they may vary. Still there are some that are universal to all sales operations and those are: logistics, delivery, shipment, administration. Generally all functions, task and activities have to be checked frequently to work efficiently and smoothly.
Not all the product have physical form, some of them are services or virtual products issued on-line. But the customer has a deep need to receive something in return for his money, only if it is a receipt of another sign of the existence of your brand. The physical evidence has to be equally carefully designed as the product itself. Generally speaking all that client sees and hears in relation to the product forms a physical evidence. The most notorious parts of the physical evidence are packaging and branding, but physical evidence includes factors less tangible than this – the place of the product in store, social media presence and shape of the logo are equally important.
The 7 P’s of marketing concept can be applied to every aspect of your marketing strategy. To send your clients one, coherent message about your brand and product you should analyze all the seven elements altogether. To give your business a chance in the contemporary, increasingly competitive marketplace you should evaluate the concept of the 7 P’s of marketing frequently in relation to your product. It is not enough to know what are the 7 P’s of marketing, but it is important to use the concept regularly since it allows businesses to achieve really great results.
Read also: The beginners guide to influencer marketing