The modern marketing world has a lot to offer to businesses and organizations. According to the father of modern marketing Dr. Philip Kotler, there are four vital variables that define the current marketing mix. These variables are always changing from time to time. The changes can also affect other variables to alter as well.
The marketing world is dependent upon the 4Ps that is so very essential for every business. The 4Ps are:
- Product
- Price
- Place
- Promotion
The current marketing mix demanded more elements to be included due to massive digitization. The fundamental 4Ps of marketing received three more aspects to widen the spectrum of digital marketing. The three new principles are:
- People
- Process
- Physical evidence
In the service industry and digital marketing, the 4Ps has now become 7Ps due to the additions.
The decision-making strategy of a company is greatly affected by the marketing mix. That is the most basic and significant step in making marketing plans in an organization. The marketing mix plans will have an impact on the segmentation targeting and positioning decisions within your organization. Segmentation targeting is performed based on a product. The positioning is decided according to the price of the item. These decisions will also have an effect on the location and promotion planning. Segmentation targeting and marketing mix planning are always dependable on each other in every aspect.
Let’s discuss the 7Ps in detail.
1. Product
The Product is the fundamental item in a business that creates the image of the brand. It is the medium for businesses to connect with consumers by satisfying their needs and requirements. It is the most important aspect of the marketing mix.
It could be a physical item or a service or an experience. It is the item sold to the customers.
The product needs to fulfill the needs and demands of consumers. It establishes your brand image. If it does not satisfy the expectation of the customer, it will harm your business.
2. Price
Price is what the consumers pay to purchase the product. When you set the price of your products, you need to consider the customers’ budget. If your consumer base finds the price too high or gets the same type of product at a lesser cost, you will lose the market. If you set the price too low the chances are there will be questions about the reliability and quality of your brand. You need to research the market thoroughly before setting the price.
To determine the right price you can conduct marketing segmentation on your customers. Keep the variables like the geographic, demographic, and behavioral patterns of your audience in mind. Study your competitors to get a clear idea of the right price.
3. Place
The place is the location where the customer can purchase the product. It can be physical or virtual, or both, depending on the seller. Study the market and your competitors to understand the perfect place to sell your products or services. Know the needs and demands of your target audience to determine the right place for your sale.
4. Promotion
Promotion is a company’s marketing campaign that includes advertisements, press releases, sales strategies, and more. The way you communicate with your consumers makes a huge difference in your brand image. Press releases are the best way to spread brand awareness through ample media coverage. Press releases also establish a more credible outlook of your brand to the audience compared to a traditional advertisement.
5. People
People indicate the employees of a company. They are the founding structures of a business doing the works like creating or selling the product, managing the promotional aspects, or dealing with the customers. With the backing of the right team, your organization can grow tremendously within just a matter of time. You need to hire people who have the right skills for the job. The employees should share the vision of the company to give their 100% to the job.
6. Process
The process basically includes all the procedures regarding sales and marketing. The actions taken by the company in delivering the product to the customer are the fundamental aspect of the process. From sales to payment procedure to distribution to customer support, all is part of the process.
Each step of the process needs to be handled with care. You must focus on the cost of the process and try to lower it whenever possible. The precise marketing strategy will help you stay on the right track.
7. Physical evidence
Last but not least of the 7Ps is physical evidence. It is the existence of the brand in the eyes of the consumers. The visual aspects in a business or marketing mix such as website, logo, social media presence, or business card of a brand are physical evidence. The physical evidence of your brand’s existence offers a sense of security to the consumers. It also increases brand awareness among the customers as well as investors.
The importance of online PR
The marketing mix has made it necessary for companies to rely on online PR to stay ahead of the competition. All the marketing processes like product promotion, spreading brand awareness, sales, and business planning are digitized. Online PR has the ability to deal with all the aspects of digitized marketing procedures. From search engine optimization to social media promotion to press release distribution, all are taken care of by online PR agencies. Online PR services increase the visibility and exposure of a brand through media coverage and online marketing strategies.
