Introducing the 7ps of Marketing
The 7ps of marketing is a framework that can help you consider all aspects of your marketing strategy. This framework was first introduced by E. Jerome McCarthy in his 1960 book Basic Marketing: A Managerial Approach.
The original 4ps of marketing (product, place, price, and promotion) have since been extended to include three additional ps: people, process, and physical evidence. Keep reading to learn more about each of these elements and how they can be used to market your business effectively.
Product
Your product is the good or service that you offer to your customers. When considering your product, ask yourself the following questions:
- What needs does my product fulfill?
- What are the features and benefits of my product?
- How is my product different from my competitors’ products?
Answering these questions will help you develop a clear understanding of your product and how it fits into the marketplace.
Place
Place refers to the channels through which your product is distributed. There are two types of distribution channels: direct and indirect. Direct distribution channels involve a direct relationship between the buyer and the seller, such as when a customer buys a product online from a company’s website or in person from a company’s brick-and-mortar store. Indirect distribution channels involve intermediaries, such as when a customer buys a product from an online retailer like Amazon or in person from a retailer like Walmart. When choosing a distribution channel for your product, consider the following factors:
- The type of product you are selling
- The needs of your target market
- Your available resources
Making the right choices about place can help you reach your target market more effectively and efficiently.
Price
Price is the amount of money that customers are willing to pay for your product. When setting prices for your products, it’s important to consider the following factors:
- The cost of producing your product
- The perceived value of your product to customers
- The prices charged by your competitors for similar products Remember, price is not just about generating revenue—it’s also about positioning your product in the marketplace. For example, if you want to position your product as a premium offering, you would likely charge a higher price than if you were trying to compete on price alone.
Process
Process refers to the steps that you take to produce and deliver your product to customers. When thinking about process, it’s helpful to consider the following questions: - What processes do I need in place to produce my product? - What processes do I need in place to distribute my product? - What processes do I need in place to support my customers after they purchase my product? Creating efficiencies in your process can help improve quality while reducing costs—an important consideration for any business.
Physical Evidence
Physical evidence refers to any tangible elements that communicate aspects of your brand, such as packaging, color schemes, logos, etc. Physical evidence can play an important role in building trust with potential customers and reinforcingbrand identity with existing customers. If you’re thinking about revamping your physical evidence, here are some things to keep in mind: - How does my physical evidence reflect my brand identity? - How does my physical evidence communicate trustworthiness? - How does my physicalevidence communicate quality? - How does my physical evidence support customer acquisition and retention efforts? Taking time to thoughtfully consider these questions can help ensure that any changes you make to your physical evidence are purposeful and effective
People
Last but not least, don’t forget about people! Both employees and customers are essential parts of any business—and they should be considered when thinking about marketing strategy. When thinking about employees, ask yourself the following questions: - Do I have the right team in place to execute on my marketing strategy? - Do my employees understand our brand identity and how we want to be perceived by our target market? - Do my employees understand our marketing strategy and objectives? - Do they have the skills necessary to execute on our marketing plans? Addressing these questions can help ensure that everyone on your team is aligned with respect to brand identity and marketing goals—two essential ingredients for success.
In conclusion, marketing your business effectively no matter what type of business you have or what industry you operate in, utilizing the 7ps of marketing can help ensure that you’ve considered all aspects of your marketing strategy—giving you the best chance for success. Keep this framework topof mind as you develop marketing plans for acquiring new customers and retaining existing ones.
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