Improtant P's Algorithm in Marketing

Marketing Mix of 7P's

Introduction

7P’s are generally known as the seven several important tactics in the marketing they are listed below Product, price, Promotion, Place, People, Process and Physical evidence.

Product

1. Product marketing is the process of facilitating a product’s journey to market.
2. This includes deciding the product’s positioning and messaging, launching the product, and ensuring salespeople and customers understand it.
3. Product marketing aims to drive the demand and usage of the product.
4. Finally, product marketing focuses on long-term success. In practice, this means regularly revisiting product marketing strategies to ensure steady sales over time.

Price

During product marketing, it is important to set a price that reflects the current market trends and is affordable for consumers, yet at the same time is profitable for the business.

Example: when the price decrease for the product the number of sales will increase and profits the business. On other hands, when price increases for the product the number of sales will reduce and do not profit the business.

Promotion

A promotion mix is a combination of marketing methods including advertising, sales, public relations and direct marketing to achieve a specific marketing goals.

Place

The place, it’s the aspect of selling a product that relates to where and how a company delivers a product to consumers. This includes the distribution channels a company uses, how thy transport and store goods and a product’s placement within a retail outlet.

Example: The Distribution channels includes retailers, wholesalers, distributors and online platforms.

People

The people element refers to anyone who engages in marketing activities in a company, either directly or indirectly.

It includes the staff, customer service team, salespeople and even customers. That not only help with selling the product but also contribute to the company’s positive image.

Example: Customer service has a direct influence on customer satisfaction.

Process

The marketing process refers to all the steps a company takes to analyse market opportunities, identify a target customer and create a multifaceted marketing strategy to interact with those customers and qualify leads for the sales team.

Physical Evidence

Physical Evidence presence includes things like premises, vehicles and staff uniforms and dress code. So you can see how the marketing mix forces you to look at every aspects of your business and how it relates to the customer experience of your business.

Sripriya Janarthanan