Marketing mix: The 7 Ps of marketing and its importance
What is the marketing mix?
Staying ahead of the competition in marketing can be challenging, especially in a world where trends and practices constantly evolve. To thrive and remain relevant as a business, it is essential to plan, evaluate, execute, and re-evaluate strategies and activities.
A marketing campaign always arises from the company’s need to:
- Sales increase
- Improve awareness among buyers of the brand
- Increase brand share in the market
- Try to reach and attract the most significant number of buyers
- Penetrate new markets both locally and internationally
- Create and improve product interaction with potential buyers
To achieve the aforementioned, strategies and considerations are required to create a plan with added value; that is where the marketing mix comes into play.
The marketing mix is ​​a series of actions a company performs to build and sell its products or services to the end customer. It helps ensure that the right product can be offered to the customer at the right time and place for the right price.
The Ps of marketing and its characteristics
The marketing mix comprises what is known as the Ps of marketing. Traditionally the Ps of marketing are listed in 4: product, position, price, and promotion. Today, a more modern concept, physical evidence, people, and the process have been added, turning the traditional 4 Ps into the 7 Ps of the marketing mix.
Product
It is essential to start with the product, one of the elements of the 7 Ps of the marketing mix. Generally, when referring to the product, it is understood that one is talking about a physical item. Still, now an allusion is also made to a service. In short, anything that can be sold.
The product offered to the end customer must meet its objective. It satisfies the needs and desires of whoever purchases the product. This is because a product that does not work correctly causes disgust and inconvenience.
The following should be clear:
- Does the company’s product work properly?
- Does it meet the essential functions that the product must perform to meet customer needs?
- If the sale is made, will complaints and returns be received?
Suppose the answers to the questions are summarized as the product has flaws. In that case, it may not satisfy the customer’s needs. Complaints may be received from the customer, and what is necessary must be invested to improve the product according to the functions it must fulfill and, in any case, live through.
Position
This point is summarized by where you choose to distribute the product or, in any case, where you can give access to the final customer to purchase it.
A decision has to be made regarding where the product will be positioned and if the location is suitable for the brand and accessible to the end consumer. It must be regarded as how the buyer interacts with the product and where he spends his time making his purchase decision.
The place where you decide to distribute the product depends on the product type and the company’s budget, but even more on the kind of buyer: their wishes, needs, and requirements.
Price
The price of the product must reflect the value perceived by the buyer. The sale is impaired if the buyer thinks the product is costly. Still, if it is perceived as very cheap, any potential profit and the perception of the product’s value is lost.
Companies that manage to figure out the price for their product benefit both themselves and their customers. It is through market segmentation that location and behavior variables are understood. This ensures discovering and verifying the ideal price for the product in a particular establishment.
On the other hand, analyzing the competition helps determine prices that can compete in the market.
The price of the product will always influence the customer’s perception of the brand and its position in the market. The value must be reflected in the price.
Promotion
Promotion is an important activity to drive product sales.
Product promotion refers to advertising, marketing, and sales techniques. Promotion, POP material, point-of-sale advertising, activations, and tastings convey a message to the buyer.
These activities have a direct impact on the success of the promoted product. Effectively conveying a message makes all the difference in a buyer’s buying decision.
Knowing the best consumer channels and promotion methods is essential to drown out the noise of other ads. It is about effectively attracting the attention of the potential buyer.
To further improve the promotion of the product, it is essential to understand and know the needs, values, desires, and requirements of the audience to whom the product is directed. If the above can be identified, the product is being promoted to people’s ideas at the right time and place.
Physical test
The physical test is one of the first additions to the traditional 4 Ps of the marketing mix. The buyer must know that the brand they are acquiring is legitimate and exists in the physical world.
How is a brand validated? The answer boils down to the facts that verify its existence, such as the website, logo, address, and legitimacy.
A well-designed brand can significantly benefit from this aspect, as legitimacy can differentiate you from your competitors and position you as a professional, authentic, and knowledgeable company.
People
When talking about people, reference is made to those dedicated to selling a product or service, managing teams, or representing clients. This element in the marketing mix includes anyone directly or indirectly involved with the company.
Creating an innovative product or a unique social media presence is only possible if you have the right people to support activities that drive the development to the end customer. The survival of a business needs to ensure that all its employees have the necessary inputs to generate a good impact for the company.
Hiring and retaining the right people is just as important as investing in them for the short companies and long-term success of these.
The seventh P of the marketing mix describes a series of actions to deliver the product to the end customer. Examining the process means evaluating your sales funnel, payment systems, distribution procedures, and customer relationship management.
The steps you take and the methods you choose for these processes must minimize your costs while maximizing the benefits and value for your customer.
Evaluating, adjusting, and optimizing different parts of your process will streamline your business efforts while keeping your methods current and relevant.
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