7P'S OF MARKETING MIX
What is Marketing Mix?
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.
7P's of Marketing
The 7 Ps are a set of recognised marketing tactics, which you can use to satisfy customers in your target market.
Combining these tactics to meet your customers' needs is known as using a 'tactical marketing mix'.
Product
Product refers to what you are selling, including all the features and benefits.
When marketing your product, think about the key features and benefits your customers want or need.
Price
It refers to your pricing strategy for your products and services and how it will affect your customers.
Identify how much your customers are prepared to pay, mark-up for overheads, profit margins and other costs.
Promotion
Promotional activities that you use to make your customers aware of your products and services, including advertising, sales tactics, promotions and direct marketing.
Place
Place is where your products are seen, made, sold or distributed. Access to your products is important to ensure that customers can find you.
You can set yourself apart by using effective visual merchandising techniques.
People
People are the staff who work for your business, including yourself.
When you provide excellent customer service, you create a positive experience for your customers, and in doing so market your brand to them.
Process
It refers to the processes involved in delivering your products and services to the customer. Having a good process in place ensures that you: · Deliver the same standard of service to your customers. · Save time & money by increasing efficiency.
Physical Evidence
Physical evidence refers to everything your customers see when interacting with your business. This includes:
The 7Ps of the marketing mix can act as a well-structured checklist for marketers who aim to create an effective strategy that achieves their goals and evolves the business to the fullest extent. Learn more about the evolution of the marketing mix.