What makes marketing so exciting is that it is adaptable and scalable. As technology and business evolves, new methods of promotion are constantly being developed.
In this blog post, find out how the 7 Ps Of Marketing – Product, Place, Price, Promotion, People, Physical Evidence And Process – can be adapted to suit all types of business.
Introduction
Marketing is the process of creating value for a company or individual through the creation and distribution of products or services. Marketing is a strategic tool that can be used to create shareholder value, increase sales, improve customer satisfaction, and build brand awareness.
The companies should plan their marketing campaigns in advance in order to achieve specific goals. This is also when brands began to develop and become more recognizable.
A marketing campaign is the process through which a company plans to promote a product, service, or idea. Marketing campaigns should always be well planned and thought out before implementation.
Today, marketing is an essential part of any business strategy. It can be used to create value for a company or individual, increase sales, improve customer satisfaction, and build brand awareness.
7 Ps of Marketing
There are seven Ps of marketing which helps the organization to market the product after analysing several factors:
- Product:
This is the core of any organization and through this, customers can be attracted to buy from you. So it is very important for the organization to develop the product which would attract many consumers as they are ready. - Place:
It is very important for the organization to know how to display and have a good place for setting up their products in order to attract many consumers and make them come there for purchasing their products. - Price:
The price of the product is very important for the organization to set a good price for their products in order to attract many consumers and make them buy it. Pricing your product must be based on what your customers are willing to pay, as well as on costs like retail markup and manufacturing. - Promotion:
The promotion helps to improve the standard of product and associated premises which are not in a good position in providing visibility. This help to advertise them to people who will ultimately use them after seeing the advertisement on the media outlet. Promotion can be done at multiple level through direct mailouts, advertising campaigns on television, radio and in print media. - People:
If you do not have good people on your staff, then you will not be successful at all. With correct marketing and sales employees organization will be able to handle the sales right and sell the correct product to the right consumer. Better people at organization will help to provide better customer service or after sales service which result in positive customer satisfaction. - Process:
The Process to deliver the product to consumer should be smooth and efficient. Process is one of the many factors that affect the buying decision of the customer. The process will be standard which may seem good but if it is not properly standardized, then customers and potential consumers will try to find different ways through which they can get a better deal. They might even go to particular competitors who sell similar product or services. - Physical Evidence:
An element of physical evidence is anything that can prove your brand’s existence and that a purchase has taken place. A physical store, a website, and printed business cards that you exchange when you meet people are all indicators that your brand exists. All receipts, invoices, and follow-up email newsletters sent to customers as part of a retention program are examples of proof of purchase.
Conclusion
Marketing is the sum of all methods used by a company in order to ensure that its products are noticed by potential customers and successfully presented to them. It can be considered an umbrella term for activities designed to create customer interest or demand for goods or services.
7 Ps of Marketing plays an important role for the success of the organization. By understanding these principles and applying them to business, an organization can develop a more effective marketing strategy that will help you reach your target market.
