7Ps of the Marketing Mix: The Acronym Sent to Streamline your Strategy
Published on: March 03, 2021
The pandemic has become a turning point across companies. And while executives are still setting out their long term plans – what is apparent would be that businesses would become more digitized, build resilience and adapt to change. These will be the leading executives who are now enhancing digital systems and using predictive analytics to better accommodate the 'new' consumer to stay ahead of a competitive market. In the corporate world, we should and must make use through pace to our immediate benefit.
The advancement of technology and data development
It can enable us to stay competitive and identify potential customers' needs whilst also proceeding to keep a strong focus on competitors and market trends. If you want to remain relevant and thrive, companies must encourage a framework in the strategy formulation, implementation, evaluation and re-evaluation of their operations and strategic goals. A strong marketing campaign doesn't just magically appear. It takes careful planning, strategizing, and a myriad of aspects to formulate a plan that creates value.
Once you develop a killer marketing strategy, there is another step of utilizing the "Seven P Formula" that helps you continually monitor and re-evaluate your business initiatives and operations.
This unique 7Ps of the marketing formula constitutes the following elements.
- Product development phase
- Pricing model and strategy
- Promotion’s tactics and approaches
- Placement options
- Packaging planning
As product lines, marketplaces, consumers need innovation and advancement, you need always to re-evaluate these seven Ps to ensure that you're on loop to attain the highest possible results in the emerging marketplace. A practical and result-driven marketing model enables us to establish specific goals based on the existing scenario the business is encountering. The strategy identifies how those goals will be met, the target audience, and how the company will be placed.
Let's have a broader look at the 7Ps of the marketing mix.
1) Product Development
The top-most focus of every company is the effectiveness of the product they want to sell. When your marketing team initiate the product development process, it's imperative to perform market research and in-depth analysis of your product. You product’s shelf-life should be your primary focus in the early development phase. Some of the elements you must maintain include product life cycling, growth phase, advancement phase, and sales decline phase. Suppose you find out your product is losing relevancy and isn't making enough money. In that case, marketing experts need to conduct thorough market research and explore innovative yet efficient ways to captivate the market with increased sales.So whenever you are struggling to sell your product, it's time to analyze and assess your business.
Let's say buy a watch from an online website. The watched looked terrific and beautiful on-screen, but when it was delivered, it was completely different. Now what? What are you going to do? You would either accept it r ask the vendor for a refund. This inaccurately advertised watch made you frustrated and annoyed. So this implies that no matter what you're selling, ensure your product or goods are as same as shown in the advertisement. It must meet customers' expectation.
Following are the questions that you need to ask during the developmental phase.
- How is your product innovative and better than your competition?
- Why should consumers purchase your product?
- What would be the usage, and how it's aligning with the customer's needs?
How Product Research Scales Up 7ps of the Marketing
This product research and exploration comes with certain other factors. These factors include:
- Quality assurance
- Innovative features
- Product packaging
- The positioning of your product
2) Pricing Strategy In Marketing Mix
A systematic pricing structure consists of numerous strands constructing a price-setting framework that minimizes erosion and maximizes profitability. Such layers merge to create a tactical price pyramid. The cornerstone of the product pricing pyramid is generating value. Proper knowledge of how goods and services generate sustainable competitive advantage is an essential contribution to implementing a pricing model in the marketplace.
Let's have a look at the second P. It relates to the product price model. You need to continue researching, observing and paying attention to your product price model. This helps you ensure that your products are affordable yet suitable for the current economy's actualities. There comes a time when you have to bring down your rates. It may be convenient to start raising your price levels as the demand increases. Many businesses have concluded that certain goods or services' pricing does not legitimize the time, efforts and assets associated with production. They can sometimes end up losing a proportion of their consumers by increasing their prices. Setting the right and affordable product price will profit you and your customers both.
Willing to determine the most relevant and useful pricing strategy?
Ready to enhance profitability?
What are those ground-breaking and competitive elements that contribute to a catchy pricing strategy?
Higher pricing of your product portrays a high-quality product compared to your competitors. If your pricing model is the same as your competitor, then you can captivate the public by illustrating and advertising innovative features and benefits of your product. If your target audience is value-conscious consumers, then your pricing model should be lower than your competitors so that you can effectively break into the crowded marketplace. Once you successfully benchmark your product in the market, now it's time to scale up your pricing model.
Another critical aspect that requires your focus is market competition. Have you ever peeked at the pricing strategy your competitors are following? How is your product going to make a difference in terms of pricing? How to figure out whether your pricing model is affordable, high, or low?
Your product pricing model plays a vital role impact your customer's perception regarding your product, brand persona, and effectiveness.
If your target demographics are lower to middle-class peoples, you will have to introduce the cheapest yet economical product to generate maximum sales.
3) Promotion’s Approach
Seeking out the best possible strategies to fuel sales and scale up brand recognition? Focus on promoting your product. How is a promotion going to boost your sales? Opt for advertising, promotional campaigns, influencer marketing to attract potential leads.
So you have finally developed a ground-breaking and cost-effective product. Now your core concern is reaching out to customers, conveying your product message, build brand awareness, and draw potential leads in. This is where promotion and advertising come in. Hire a marketing expert, and they will take your product to the next level. Your marketing experts will research the relevant platform where you can draw more sales in.
If you are tight on budget, planning a cost-effective promotional strategy that won't break your bank.
If your product isn't familiar to the public, they are not going to make purchases. Businesses these days are working on several tactics and ideas that help to promote their product. Are you in search of positioning your product in a crowded public and favourable light? Craft a result-driven promotional strategy.
4) Product Placement in Marketing Mix
The phrase "Product Placement" indicates the position and integration of the goods in different digital media and mainstream media platforms. Product placement is an advanced merchandising strategy for products to approach their specified customers. Product placement discovered a progressively thriving home on social networking sites. The invention and an unpredictable number of social media users imply that the general merchandise and advertising landscape has had to modify to stay abreast. Even massive companies products presently rely on Social media platforms to expand the customer base.
The brand is essentially among the most powerful tools throughout the brawl for the customer. Today, consequently, product placement is the most prioritized element in the marketing strategy of the companies. Each of them seeks to reach the customer adequately via a range of diverse communications channels.
You might launch a store on physical premises or sell your product via social media channels. Product placement makes it easy for your customers to reach out to your product.
5) Cut through the Noise with Amazing Product Packaging in Marketing Mix
Have a peek at savvy brands and explore how they have successfully formed a strong connection with their customers. It's all about value-added packaging.
The prime concern for brands is that packaging is a massively important feature of modern marketing strategies for consumer goods. The packaging highlights many elements that lead the customers to buy the product by selecting a compelling package for the item. Packaging design enables more effective and innovative solutions to various advertising and logistical challenges. Let's say you are running a food band and you are going to introduce frozen food. You marketers have planned everything from product to pricing model to the launching. But what if your packaging isn't sufficient to grasp your customer's interest? Are you going to hit your desired revenue? Well it's a straight no! You will have to play with the customer's psyche. Catchy and interactive package designs help you generate more revenue and expand your customer base.
The placement also refers to your website. Your website has to be SEO optimized so that your customers can find the product in just one click. Looking for the best SEO agency? Get in touch with the best Dallas SEO agency.
There are tons of products in the marketplace, capturing your customer's attention. How is your product going to standout? To succeed in the emerging marketing trends and tough competition, you must develop practical, creative and catchy product packaging.
How about playing with customer's purchasing habits? Sounds exciting? Your packaging coloration helps you in achieving this part. We all understand that it's universal that human brains react to exciting colors distinctively. This is why you choose your color scheme accordingly. Extensively study your core demographics before proceeding to package design.
Differentiating your product among competitors
It helps to fuel your product's marketing plan
Creative and out-of-the-box packaging build brand recognition
Aesthetically pleasing packaging contributes to your product branding
Want to create an overall product feel? Work on aesthetically pleasing packaging design.
6) Process in 7Ps of the Marketing Mix
Product development is an innovative and integrative action that converts market opportunities and technology advancements into popular products. It is a collection of activity-based procedures in a product-oriented company and is critical to that company's economic excellence. Identifying effective methods in product development and identifying their relationship with organizational performance are essential to the consistent growth of product development.
Every other business aims of introducing a reliable and smooth marketing process. Your product's marketing process is the amalgamation of strategic marketing analysis, effective planning, tactics implementation and marketing control. The marketing process impacts the product and service you are providing. The old school marketing approach is now obsolete. Businesses these days are adopting emerging market dynamics.
The process is so crucial that it is also neglected as a technical fault. All relevant processes are the stepping stones you would carry to execute a purpose, such as creating a sales pitch, improving an existing product, or responding to a telephone conversation.
The most crucial step towards the production process is customer support. How are you going to deal with customers query, complains, refunds etc.? If you have a competent customer support team, it will be easy for you to market your product and attract potential leads.
7) People – The Building Block
People are the main component of any business or practice. Generally people include your staff, sales specialists, and all those engaged in your business activities. Business managers need to understand the essential effectiveness of employee productivity in developing coherent and objective methods to evaluate employees. This helps to identify the strong points, weak points and strategic leadership gaps in the business enterprise. Even though performance assessments are never fun, they help business owners assess each staff member's overall performance.
If your team have good people, your business will experience enough sales and new projects. Your business growth relies entirely on the staff you hired. Whether you are running a small scale business of a big company, you will always search for practical and smart employees. Not every employee is smart enough. Sometimes your employee required a clear direction and coaching to succeed and adjust to your workplace culture. Ensure to offer such programs or coaching sessions that help to raise organizational effectiveness and boost productivity. All of your staff members need practical training and coaching sessions. You can kick-start the training session once your employee joined the workplace.
The notion of a marketing mix is an integral element of the marketing philosophy. Putting all the ingredients mentioned above in work will ensure successful marketing and launching for your product. By collaborating through the aspects of your company's independent marketing mix, you will formulate a methodology that experiences relating out to customers, makes sales, and continues to grow your company.