The 7 Ps of Marketing: What Are They and Why Are They Important?

July 3, 2012 by  Filed under: Marketing 

In the marketing world, there is plenty of theory and “how to” books to follow. However, the “seven P’s of marketing” are the key principles that guide our work. These seven aspects – product, price, place, promotion, people, processes, and physical evidence – make up the marketing mix. They are the things that marketers need to assess and tick off in order for any of our campaigns to be successful. These tips are practical, useful, and thanks to the alliteration, easy to remember.

What are the 7 P’s?

Product– This is your core offering, the thing that your customer wants or needs. If there is something wrong with your product, your campaign has failed before it’s even started. Marketers aim to look at products from an outsider’s perspective. They ask questions such as, “is this product suitable in today’s market?” “How will it benefit customers?” “Do customers need or want this product?” They also compare the product with that of competitors, and determine its strengths, weaknesses, and whether it can be improved in some way.

Price– Naturally, price is a major factor when it comes to sales rates and customer satisfaction. Marketers frequently assess the price of products, and make a judgement about whether the price is right for the current market or target audience. Depending on sales, profit margins, and customer demand, the price may be lowered or raised. The key is to be open to the possibility that you may need to revise your prices to compete and survive in today’s marketplace.

Place – Location is a very important consideration. The most successful marketers really think about the place where the customer encounters the salesperson, service, or product. The location can impact customer attitudes and sales, especially if that location has negative connotations attached to it. When marketing a product or service, ask these questions: “Is this the best place to reach my target audience?” “Will a change in location have a positive or negative effect on business?” “Where else can I sell my products and services?”

Promotion– The way you promote your product or service has a significant impact on how your target audience views it. The promotion and positioning of your product need to align. For instance, it is probably not a good idea to sell luxury products in areas where most people are struggling to make ends meet. The right promotion will increase sales, brand awareness, and the rate of return customers.

People – People are absolutely essential when rolling out a product or service. This applies to the people working for your business, as well as the people who are receiving, buying, or benefiting from your product or service. To be successful in business, you need to attract the right people, and place the right people into the right positions. In addition, customers can be very demanding, so proper customer service training is crucial for success. People really are your most valuable assets, and they have the power to determine your success or failure.

Processes– Rules, standards, and policies are key to delivering a quality service. Process is all about being scrupulous, thorough, and paying close attention to detail. These qualities, while they may seem like minutiae, will enhance the way your work, products, and services are seen by customers. If you can keep your customers happy, then you will increase your chances of getting repeat business and word of mouth referrals.

Packaging – The way a product or service is presented affects customer perceptions. Customers tend to evaluate and judge the quality of a product or service on what they can see, touch, feel, and hear. Therefore, it is important to make a good first impression. While packaging refers to the way your product or service appears from the outside, it also includes the appearance of your staff, offices, and marketing collateral. Everything you put out there is a reflection of your company, and can help or hurt your image. Keep in mind that customers’ purchase decisions can be easily swayed by the smallest of details.

Why are the 7 P’s so important?

In today’s fast-paced world, the 7 P’s are important in ensuring that your product and service is relevant and stands out to your customers and the market. All businesses should use the 7 P’s to guide their work, develop their brand, and evaluate the success of their products and services. By revisiting these 7 P’s, you will ensure that you are on track to achieving the best possible results in the current marketplace.

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