The 7 Ps of marketing refer to a set of recognized marketing tactics that can be used for the evaluation and re-evaluation of activities carried out by a business with the end objective of satisfying the customers. Depending on the external and internal marketing environment of a business, the 7 P’s can be controlled and combined in different ways to develop a ‘marketing mix’ formula that yields effective results in satisfying the customers and increasing the sales of a business.
The famous seven P’s of marketing are product, price, promotion, place, packaging, positioning and people.
Due to rapid changes taking place in products, customers and demands; there is a need to continually work on these 7 P’s so as to achieve the best results in today’s marketplace.
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It is only when you start looking at the product from a perspective of an outsider; you are on the right track. Consider asking yourself:
- Is your current product or service, or a mix of two in demand these days?
- Is it that whatever you are offering to your customers the right thing depending on the market demands?
- How would you rate the quality of your product or services in comparison to what your competitors offer?
The second P is the price. You must continually evaluate and re-evaluate the prices and products you offer so as to align them with the latest market trends. The analysis is important so as not to lose your customers. There will be times when you will have to lower your prices, even if doing so doesn’t justify the amount of time and resources that you invest in your work, simply to retain your customers. It’s you who need to decide what works best for your business. Besides lowering prices, you may have to deploy more strategies and techniques like introducing offers and promotions depending on the nature of your business.
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The third P is about thinking in terms of promotion. This includes marketing and selling your products and services to your customers using different ways. In case you didn’t know, a small change in your promotional activities can result in dramatic changes in your sales. In order to meet the demands of changing markets, you have to develop new strategies for sales, marketing and advertising all the time.
The fourth P is the place where you actually sell your products or services. The analysis and study of the exact location where you’ll be selling your products and services to the customers are of great significance as a small change in place can drastically alter the number of sales. Even if there are more than one method and place being used to sell products/ services, you need to review each and every location so as to make the right choice in every case.
The next P is Packaging. Did you know that your potential customer takes less than 30 seconds to form an opinion about you after seeing one or more elements of your company?
A few changes in the packaging or the outside appearance of what you deliver go a long way in determining the reactions and purchasing decisions made by your customers. Remember, every small thing counts- brochures, business cards, offices, waiting rooms and all other visual elements. You simply can’t go wrong in giving your potential customer a delightful visual experience.
The fifth element in the marketing mix is positioning. You need to continually think about and analyze your position in the minds and hearts of your customers. What are the specific statements given by people when they describe your products and services to others? All this determines your position in the market. You need to continually work on improving your position in the position so to gain the customer support.
The final P is people as people are responsible for your sales, revenue, and marketing strategies. Thus, you need to start thinking in terms of the people both inside and outside of your business. The important realization to be made is that your ability to shortlist, hire and retain a right set of people for your business is more important than every other thing. You need to develop the habit of thinking who will be the right person for a given task and then put him in the right position.