What are Marketing Mix and its Seven Ps?
A marketing mix is a set of activities that companies undertake to influence customers’ buying and selling of their goods and services. It consists of various actions, from creating the value to promoting it to your targeted market. The marketing mix focuses on multiple areas to construct an effective marketing strategy, and it includes the Seven Ps of the marketing mix. These Seven Ps are product, price, promotion, place, packaging, positioning, and people. Marketers use the seven Ps model to formulate strategies to promote goods and services.
Product refers to the items or services you’re selling, as well as all of the characteristics, advantages, and benefits that your customers can get from purchasing IT. When promoting your product, consider the essential qualities and benefits your customers want or need, such as design, quality, quantity, and accessories. In the marketing mix, product development includes everything you want to offer to your customers. It requires thorough research to identify the gap in the market. Developing a unique product that meets the needs and requirements of customers and to beat the competitor’s product, it’s crucial to figure out what sets it apart from the competition.
When selling a product or service, companies associate a price based on the willingness of customers to pay. Different pricing strategies are used to make the product in consumer reach while covering the cost but in a reasonable way that will be profitable. Pricing affects the methodology of demand and sales; therefore, it’s important to maintain the price considering how much consumers perceive a product. The pricing strategy marketers use in the beginning phase is the skimming strategy. A high price is charged for new products until competitors consider price reductions. The goal is to recoup as much money as possible before the item or segment attracts new competitors, lowering profit for everyone. When using skimming as an evaluation method, your value point is initially compared to your products’ nature. Then, the idea is to sell it to as many people as possible at the upper end of the market before lowering the price.
This P refers to the process of promoting your goods or service to the general public, and getting the product out in the market in the most creative, appealing manner possible is essential to attract buyers and excite a favorable, enthusiastic response. Advertisers now implement a wide range of ideas and approaches, in both ways computerized and traditional for getting their products noticed and attract buyers. For example, by targeting the right audience at the right time and ensuring that products appear on an organization’s website page or online media, a company might utilize a social media campaign, PPC (Pay-Per-Click) campaign, a product-focused PR effort, or an email campaign.
This P focuses on many places, including how a thing is created, distributed, promoted, and sold. It’s essential to ensure that customers can easily locate your product or service and be accessible to them at the optimal time and location. It can be used to evaluate selling things through an online business, a start-up, or a third-party vendor. It doesn’t matter if it’s on the internet or in a store; it is critical to know where people are likely to encounter, find, and learn about products. It is not always difficult to locate a location. Your targeted customers should be informed about where and how your product is displayed and sold. Understanding customers’ buying habits and focusing on them at the right time in their purchasing cycle will show where you should promote and sell your products and how this fits into your overall online and offline marketing strategy.
Packaging is a significant part of the marketing mix; it can determine how well your strategy is functioning. Packaging can further be defined as what puts your products in the best light, indicates their price and value, and communicates the product’s benefits to customers, and shows up in all of your delivery locations. Even if your product is the best on the market, Packaging must serve as the primary means of communicating this. It’s the first thing people notice, and it has the power to capture or divert buyers’ attention instantly.
People are more than just the people to whom you sell or advertise. Everyone involved in the marketing and sales activities is included, including employees, sales associates, customer service teams, and anyone else. Usually, you want your workers to be efficient and have a positive impression on your customers. Therefore, it is essential to train or hire qualified sales personnel having a thorough understanding of your product and know how it will improve your customers’ lives or solve their problems.
The ability to affect consumer perception is referred to as market positioning. It allows a corporation to exceed competitors in terms of margins for a specific brand or product. The goal of market positioning is to develop a brand’s image or identity. A positioning statement explains why your brand exists and paints a vivid picture of how you want your brand to be viewed in the marketplace. It identifies your targeted market and the practical and emotional benefits that your brand can offer to them. It creates comparison and differentiation from your competitors, focusing on the unique selling point of the product. The purpose of your positioning is to distinguish your firm and assist you in becoming number one in your target customer’s minds.