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7Ps of Marketing- Formulate the Right Marketing Mix for Your Business

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7Ps of Marketing- Formulate the Right Marketing Mix for Your Business

Devised by E. Jerome McCarthy, the 7Ps model is an excellent marketing tool to help your business to develop its marketing strategy by focusing on the specific areas. Historically, this marketing mix was just 4Ps, but 3 more were added and today all these seven elements are considered as an important part of the marketing and promotional strategy.

Marketing frameworks are vital to organize your work efficiently and this 7Ps of marketing is one of these frameworks that you can use from your marketing toolkit and promote your band. The 7Ps of the service marketing mix includes Product, Price, Place, Promotion, People, Processes and Physical Evidence.

Product

In marketing the first factor is a product that you are actually offering; it includes products and services or even a mix of them. Basically, it includes the quality deliver, advantage and features offered to the consumers, availability, warranties and many more aspects that can make any impact when the customer is getting at the end.

Here, you need to look at your product and think whether or not it is in the right business at this time. Ask questions like:

  • Is your current product or service, or a mix of products and services, suitable for the market and present consumers?
  • Whenever you get it tough to sell your products or service be honest yourself and ask, are these the right products or services for your customers today?
  • If not, could you come up with a better option?

Prices

The second P in the formula is price. Often, paying a higher price makes customers more satisfied. The cost is always considered a proxy for quality and vice-versa. We cannot deny from this fact that the services being all the more intangible; the price becomes a driving force for the actual service consumption to happen, after services awareness and service acknowledgment.

Keep examining the cost of the products and services whatever you are offering to make sure that they are still in demand for the current market. Sometimes, you may need to think to lower your cost. Sometimes, it may be okay to raise the cost.

Place

The place is where your products and services are seen, made or distributed. Access for consumers to your product is the key and it is vital to make that consumers can find you.

 The place often offers a different side of value to the customers. In case, you are establishing a new business, find the right business locations.

Promotion

The third factor is the promotion of the service is what the company’s focus on getting more clients. The way you promote your products or services has a huge impact on the overall performance of the brand. Minor changes in your advertising can lead to a tremendous effect on your sales and performance.

From large to small companies, experiment with the different mediums of branding and selling their products and services. And, everything change and get innovated, you will have to develop new sales marketing and advertising approaches in either case, your methods of marketing will stop working.

Processes

Processes are important to deliver quality services. Services being intangible, processes become all the more crucial to make sure the standards are met. When you have a well-designed process, it reduces cost and also enhances the productivity to maximize profits.

Keep in mind that the process of how your products or services are delivered to the customers has a great impact on your business performance and customer satisfaction.

People

People are crucial in service delivery. It incorporates all the people with an effect on your sales, marketing, and the entire business activities. It is a fact that without the key people in the right positions, you can never conceptualise your strategy in spite of having a solid business plan.

Work on the ability to select, recruit, hire and retain the proper people, with the skills and abilities to do the job you want to have done.

Physical Evidence

Physical Evidence is one of the major elements that affect the customer’s satisfaction. Your service is amazing still customers depend on other cues to judge the offering. And, this is where physical evidence plans apart.

 It includes all the elements that differentiate your brand in the customer’s mind.

So these are 7Ps that will help you understand where your brand stands now and how your brand can evolve further. To be successful in the market, you need to develop the habit of thinking in terms of exactly who is going to carry out each task and responsibility. Share the 7Ps of marketing worksheets internally and start working on measure the success ladder.

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