The 7 P’s of marketing mix include product, price, promotion, place, people, process, and physical evidence.
Here is a list of different types of information that can be helpful to a product manager.
Make sure to share the details of your project and ask the following questions when you are getting to know someone.
7 P’s of Marketing Mix:
1.Product:
You need to focus on the product or service you are selling, as this is what a customer wants first and foremost.
It is integral in reassuring customers that your business has something to offer that aligns with their needs.
Even more so, it allows you to properly frame the problems your product will help solve for customers in a way that makes them more likely to make a purchase.
The digital marketing mix piles on the advantages of having an online presence by showcasing your products through SEO optimisation, blogging, monetising through Google Adwords, or affiliate partnerships, for example.
2.Price:
The cost of creating a product can be affected by market trends and the price people are willing to pay for it.
So, it’s important to strike a fair balance in pricing your product to avoid overcharging customers yet as well as not undercharging it.
It’s always helpful to build strong relationships with your customers so that you can receive their input on what they think is an appropriate price point for such a project.
3.Promotion:
Marketing strategies in the digital age have become more dynamic and diverse with the emergence of new marketing channels such as social media, blogs, podcasts, and videos.
The possibilities of promoting your business online are limited only by your imagination – it can include events like meetups, interactive group discussions, social networking groups, and live videos.
4.Place:
If you want to make sure your product is going to sell like hotcakes, you need to understand who exactly the customers are to appeal to them.
The location and method by which your product is both displayed and sold should be informed by the buying preferences of your customers.
5.People:
Everyone that represents your company in any fashion- including the non human ones.
It is part of your sales team and must be properly trained on how to close new business.
This is vital because even with intelligent robots or chatbots and smart software at our fingertips.
You never know who might come across one of these vehicles for interacting with your customers and receive a negative impression based on the quality of their experience.
If this happens, it could have dire repercussions not just for the way they feel about your brand in general, but also for the way they talk about it when recommending it to others.
6.Process:
The process of delivering your product to the consumer should be designed for maximum efficiency and reliability.
Take into account things like delivery deadlines, transportation logistics, and customs registration, among other considerations.
In addition, make sure the packaging for the product is sufficient for it to arrive in one piece at its destination –
especially if it’s a fragile item.
7.Physical Evidence:
Physical evidence is a part of your overall brand image. Examples include a brick-and-mortar store or office, an online storefront, and business cards you exchange when meeting people face to face.
Proof that you have made sales come in the form of receipts, invoices, and other follow-up email communications that might be sent out to keep customers engaged over time.
The packaging, branding, and positioning of a product are just as important as the way it is sold.
Where your product is displayed in a store may be just as vital to sales as its packaging or anything else you do to market your product.
And digital expansion into social media has become ever so important for success too.
Incorporate the 7 P’s into your Marketing Mix
When creating a marketing strategy that’s backed by solid planning and thoughtful preparation.
It’s important to understand how all the parts fit together and create a cohesive whole.
Integrating the 7 P’s into your Marketing Mix ensure the creation of a more successful marketing strategy for your business
