As you can see, the 7 P's (product, price, promotion, location, people, physical evidence and processes) create a marketing guide that allows you to better reach your customers and make sales. In the 1960s, when salespeople smoked at their desks, women played in their typing pools, and sliced bread was the criterion for determining if a product was good, a marketing idea was devised so perfect that, sixty years later, it is still considered an integral part of any marketing strategy. What began as the four P's of marketing has quickly become the seven P's of marketing and includes product, price, promotion, location, people, process and physical evidence. It goes without saying that the service or product you're selling should be at the center of every element of the marketing mix.
The combination of digital marketing is perfect for showcasing your products, through SEO, blogs or articles, paid advertising, influencer marketing and viral video campaigns, for example. The strategy behind the price of your product should be based on what your customers are willing to pay, on costs, such as retail profit margin and manufacturing, as well as on other considerations. Your marketing combination may include subscription and membership discount programs, or promotional and sales email marketing. Successful marketing strategies include all the promotional activities of the marketing mix, including advertising, direct marketing, and in-store promotional activities.
Digital promotion possibilities are only limited by your imagination and may include online events, chats, social media groups and live broadcasts. Customers must report directly where and how their product is displayed and sold. A deep understanding of their buying patterns (and of guiding them to the right stage of their buying cycle) will allow you to know where you should promote and sell your products and how that fits into your combination of online and real marketing. Excellent customer service doesn't just convert into sales, but you can also increase your customer base through referrals.
Getting these referrals from people who love your brand can also be a great example of how your marketing efforts can support your sales process. The process of delivering the product to the consumer should be designed to offer maximum efficiency and reliability, but it can also include features that are in line with your brand, such as focusing on the environment or sustainability. Physical evidence incorporates aspects that demonstrate that your brand exists and that a purchase was made. Your marketing mix should also consider all the things your customers see, hear (sometimes even smell) in relation to your product or service.
This, of course, includes packaging and branding, but it should also include the way in which products are displayed in stores, where they are placed and the context in which they are located, as well as the digital location, including on your website and on social media. When it comes to creating a strong and strategic marketing mix, it's important to understand how the 7 P's of marketing fit across the board. To find out how we can help your company, call us at (0) 9079 2555 or send us a note using the contact form below. We love meeting new and exciting people.
Whether you need help with a one-off project or if you're looking for a long-term collaboration, get in touch with us and let's chat. Suite 320-322, Elevator 3, Level 3 The Block Arcade, 282 Collins St Melbourne VIC 3000. The marketing mix is a familiar marketing strategy tool that, as you probably know, was traditionally limited to the 4 main Ps: product, price, location and promotion. It is one of the 3 most classic marketing models, according to a survey conducted in Smart Insights.
The 4 P marketing combination was designed at a time when companies were more likely to sell products than services. The 4 P's represented an initial focus on product marketing, when the role of customer service in helping brand development was not as well known. Nowadays, it is recommended to consider the 7 elements of the marketing mix when reviewing competitive strategies: products, customer service, and more. The 7 P's help companies review and define key issues affecting the marketing of their products and services.
A popular marketing model, the marketing mix is also known as the 7 P framework for digital marketing. An eighth P, “Partners”, is often recommended for companies to reach the Internet (it was first mentioned in Digital Marketing Excellence by Dave Chaffey and PR Smith, although some would say it is part of Place). Although sometimes considered outdated, we believe that the 4 Ps are an essential strategic tool for selecting their reach and are particularly useful for small businesses. For emerging companies currently reviewing pricing and revenue models, using the Business Model Canvas for marketing strategy is an excellent alternative, as it offers a good structure to follow.
The 7 P's of marketing are: product, pricing, location, promotion, physical evidence, people and processes. The 7 P's constitute the necessary marketing mix that a company must have to advertise a product or service. This marketing combination is a family marketing strategy tool that was traditionally limited to the 4 main Ps: product, price, location and promotion. In the 7 P's, the new additions are People, Process, Physical Evidence.