Marketing puts us into an organized way of achieving objectives from present conditions. The strategy captures how objectives would be achieved; the market it targets and how the company would be positioned. Thus, it is time to define the tactics to make this plan happen that is where the extended 7ps of marketing mix comes in business marketing.
What is the marketing mix?
The 7 piece of marketing mix therefore comprises the tactics (or marketing activities) we have to satisfy customer needs and position our offering clearly in customer minds. It is composed of the 7Ps of marketing: Product, Price, Place and Promotion (McCarthy, 1960) plus three others that help us meet the challenges of marketing services, People, Processes and Physical Evidence (Booms & Bitner, 1982).
Product
Products refer to what is produced by the company (a product or service or both) and developed to accommodate the core needs branding strategies for its customer – for example, if there is a need for transport, then a car suitably fits in to meet this need. The issue here would be to create the right package of benefits to meet that need. Fast forward: customer needs are changing, competitors are ahead, and new opportunities arise- all of these call for an addition to the bundle of benefits to enhance our offering, new versions of our existing products, or indeed new products. When enhancing or tweaking the product offering, consider more than just the product itself- guarantees, warranties, after-sales or online support, a user-friendly app, or digital content like a video that helps the customer to maximize the use of his product are all value propositions that create differentiation in business and marketing.
Based on the Content Marketing Institute, 73% of B2B business marketers and 70% of B2C marketers utilize communications marketing as a component of their overall marketing strategy.
Features and benefits: What product does and how it will benefit the customer.
| Quality | The quality of the product |
| Branding | The image and identity of the product |
| Variety | Various versions or models offered |
| Packaging | How the product is packaged and protected |
| Services | Extra services marketing such as warranties or customer support |
Prices
Prices are the only ingredient for bringing in revenue, as all other company marketing activities experience a cost. Put the price right to cover not just costs, but to make a profit! First, we must do research about what customers are willing to pay and how they perceive the demand for that particular product/service before setting prices in sales marketing. Also looking at the competitors’ scenario while setting prices; because price is a very significant indicator of positioning in the market against competitors (low prices=value brand). Thus, price has to be set with competitors in their minds too for sales promotion.
According to a study by Nielsen, 70% of consumers prefer buying a product when it is reasonably priced. Fifty percent of consumers are reportedly ready to pay extra for sustainability as per an IBM Institute for Business Value research report. Discounting and special offers are reported as critical components for influencing the buying behavior.
| Pricing Strategy | Techniques such as dispersion pricing, skimming, or competitive pricing. |
| Discounts and Allowances | Promotional offers, trade discounts, or seasonal pricing. |
| Payment Terms | Payment options, including credit terms or installment plans. |
| Price Sensitivity | How changes in price affect customer demand in target market |
Place
Here, the ‘place’ is where customers perform purchasing actions. It could be a physical store, an app, or a website. There are some organizations that have a physical space, or an online presence, to take their products/services directly to the customer, while others have to deal with intermediaries or ‘middlemen’ in their locations, storage, and/or sales expertise with regard to this distribution in social marketing strategy. Decisions in this element of the seven ps of marketing mix involve evaluating which intermediaries, if any, will be involved in the distribution chain as well as the logistics of getting the finished product/service to the end customer, including storage and transportation.
According to a Deloitte study, consumers are using more and more both online and offline shopping modes in sales and marketing, frequently during the same shopping experience, to find sought-after items at the best price point and using the most convenient fulfillment mechanism for their purpose.
| Distribution Channels | Where the product ends up in the consumer’s hands (e.g., retail, online). |
| Market Coverage | The level of market presence (intensive, selective, or exclusive distribution). |
| Logistics | Warehousing, transportation, and inventory. |
| Product | Physical locations where the product is sold. |
Promotion
In the abstract, we already have an amazing product available at a nice price and best of all, it’s within all the right places, but how do the customers know? Marketing and advertising in this seven ps of marketing mix is all about communicating messages to customers in whatever stage of buying they might be, to create awareness, interest, desire, or action.
Different tools are available for communication, each serving different purposes, while digital marketing advertising best serves awareness and direct new audiences, personal selling through a sales team brings the customer closer to closing a sale. The challenge of this is therefore to choose the right tool for the job and to select the most effective media to reach our audiences based on what we know about them: if our customer is a regular on Instagram, then that’s who you have to talk to! By applying content marketing strategies through social media platforms.
This is not only applicable to customers but also to other stakeholders. Advertising and digital marketing, the best way to communication to other stakeholders- including shareholders and the general public-builds an image for the company. The same principles used for choosing the appropriate tools and media would apply to what and how you would want to achieve it.
According to a Content Marketing Institute study, 80% of companies employ content marketing to market their services and products. According to a HubSpot study, companies that employ social media marketing tend to meet their marketing objectives.
| Advertising | Paid advertisements on various media channels. |
| Sales promotion | Temporary incentives to increase sales (e.g., coupons, contests) |
| Public relations | Handling the public image and media relations |
| Personal selling | Direct contact between sales promotion and buyers |
| Digital marketing | digital marketing strategies such as social media, SEO, and email marketing |
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People
It is the people who do all the activity in customer-facing interfaces taking their orders by way of inquiry processing, whether it be online, through social media marketing, or over call center lines. Then, through their presence in customer faces, the journey of the customer continues creating the organization and its associated face to the customer. All productive capacity in terms of knowledge of the company’s products and services for growth marketing, of how to use products and services, relevant data to their work, day-to-day approach and attitude is to be maximized. People might not be reliable, but that should not make an organization shy away from maximizing potential benefits through appropriate training, empowering, and motivating them to be differentiated on the option in a target market and also to forge great bonds with customers in marketing and sustainability..
Customers have changed brand marketing 80% of time due to bad customer experience, according a Qualtrics and Service Now analysis. An outstanding 71 percent of Indian workers worry about being passed over for career advancement possibilities when it comes to dealing with internal people in sales marketing; worldwide, it is only 21 percent. A PwC research therefore highlights the need of preparing hard and truthful talent recognition systems in business and marketing.
| Staff | Those involved in shipping the goods or service in sales promotion |
| Customer Service | Support given to consumers before, during, and post-acquisition |
| Training | Confirm staff members have needed knowledge and abilities |
| Customer Interactions | Employee interactions with customers through video marketing digital |
Process
All companies would like to ensure a seamless flow, turning it to great efficiency and making it easy for the end user, but that will not happen if the processes behind it are not right – and this is where understanding the steps of a customer’s journey in marketing and strategy, from the moment they make an online inquiry to requesting information to completing their purchase, becomes so important for reflecting on what needs to be done. When a customer has inquired, how long will it take before the response comes? How long would they wait between setting that appointment with a member of the sales and marketing actually meeting with that member? What happens once the order is placed? How do we ensure that there are reviews after a purchase? How do we take advantage of technology to improve the efficiency of our processes? All of those considerations build that positive customer experience in social digital marketing.
According to research from the Aberdeen Group, companies that simplify their business and marketing processes are more credible to increase their customer satisfaction. Eighty percent of consumers in a Salesforce report value the experiences a business offers as much as its products and services. A McKinsey study also show businesses more likely to succeed when they apply data analysis to better their business marketing.
| Service delivery | Process approaches used in offering the product or service. |
| Efficiency | Simplifying approaches to lower expenses and boost standards. |
| Customer experience | Guarantee a seamless and delightful consumer experience. |
| technology | Systems and tools applied to improve processes in business marketing |
Physical Evidence
Physical evidence is actually the touch-and-feel cues relating to the kind and quality of experience that a company marketing is offering. Particularly with first-time customers, some forms of physical evidence may be set in place to give the customer assurance; alternatively, long before service delivery occurs, customers may pay for the service. At a restaurant, for example, physical evidence can comprise features such as the ambience, staff uniforms, menus and online reviews, all indicating what customers may expect from it. In the case of an agency, the website marketing itself presents a physical evidence-from testimonial, case studies and contracts-that gives clients information about the expectations from the services intended to be delivered through sales marketing or digital marketing.
According to National Retail Federation statistics, 72% of consumers will shop at a store that has a positive physical environment. An Epsilon study suggests 80% of consumers will make a purchase if brands and marketing provide them with personalized experiences.
| Environment | The physical context in which the service is being delivered. |
| Tangible Cues | Physical objects that facilitate the service (e.g., brochures, uniforms). |
| Online Presence | Website and digital footprint |
| Branding Materials | Logos, signage, and other visual elements. |
Significance of the marketing mix 7Ps
Business marketing strategies:
Must grasp the 7 Ps of marketing and apply them in their marketing campaigns. Every component is vital in creating a good marketing mix that fits the target audience and corporate objectives. Here are the four key ones stated below:
Understand what their customers want:
Using the 7Ps, companies can spot the customer group’s requirements and create goods and services that satisfy them. It can help businesses maximize their marketing strategy budget, set practical marketing objectives, differentiate themselves from rivals, and raise customer satisfaction levels.
Create a competitive plan:
By spotting the strengths and weaknesses of their rivals, the 7Ps enable brand marketing to create a competitiveplan. This will allow companies to identify things that call for improvement and perfect their sales promotion approaches to get better results. A company could notice, for instance, that their product pricing is above that of their competitors, compelling them to rethink their pricing strategy to boost sales.
Execute effective marketing efforts:
By ensuring that all components of the 7ps of marketing mix are in harmony, the 7Ps on online marketing help companies to carry out effective digital marketing advertising campaigns. Including relevant statistics and numbers in marketing and advertising campaigns can help a company to have more expertise in the field and to increase search engine ranking. Additionally raising SEO ranking and expanding visibility is using terms that would be consumers might search for goods or services.
Boost revenues and earnings:
Increase sales & profits:
Businesses growth marketing can raise earnings sales by applying the 7Ps of marketing. By guaranteeing that the staff is customer’s service understanding and maintaining effective processes, one can improve client satisfaction and raise client retention, which in turn leads to revenues.
Conclusion
The marketing mix and 7Ps as it is appropriately called-is the way this mix of tactics has been applied and co-ordinated that positions our organization clearly in the psyche of the customer and differentiates us from the competitors with an offering to satisfy all their wants. That is what sales and marketing actually is. If you want to broaden your knowledge and skills on the seven ps of marketing mix, of course, you can check out our wide range of marketing an online courses and qualifications.
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