Marketing & its P's

“Content is king but engagement is queen, and the lady rules the house,” as Mari Smith aptly put it.

Marketing’s primary goal is to attract consumers to your brand and promote a product in such a manner that the target audience engages with the content. Investopedia defines Marketing as “an activity undertaken to promote the buying or selling a product or service.” Even though the concept might not seem useful, marketing overlaps with both sales and advertising. In order to demonstrate product value, build brand loyalty, and eventually boost sales, it seeks to provide independent value for prospects and customers through content. Advertising is one spoke of the wheel that is marketing.

P’s are a set of recognized marketing strategies, which can be used in any combination to satisfy customers in your target market. It is essential for every business, whether it be a tiny startup or a large company, to have a thorough plan that details every channel available for grabbing clients’ attention. The P's of marketing are one of the components of a successful marketing plan. We will discuss such a framework in this post, so settle in with your absolute favourite Beverage and let’s get acquainted.

MARKETING MIX

A foundational business paradigm known as the “ Marketing Mix” historically revolved upon the four P's: Product, Pricing, Place and Promotion. It is a set of marketing tools that the business uses to pursue its marketing goals among the target customers. It assists in aligning with clients.

Understanding the P's

1. Product: What you’re selling

A commodity that fulfills the demands or desires of the customers is referred to as a Product. It might be a tangible good or an intangible service. Customers who use it may become brand advocates. When people who frequently get back pain from prolonged sitting use an ergonomic chair with lumbar support, it is natural that they would promote the chair once they discover it to be pleasant.

2. Price: The value exchange

The monetary sum a consumer spends on a product is referred to as the price. The dollar amount you set for your product or service has ripple effects. It has a major impact on profitability and revenue. Price may also relate to the psychological expenses incurred by the consumer throughout the purchase process, such as time and effort. For example, a price that is too minimal might harm your brand’s reputation, while a price too exorbitant will drive away potential customers.

3. Place: Where a product is bought, sold, or experienced

A place can either conform to the specific site where a business operates or the means it uses to contact customers. This varies from industry to industry. Customers should be able to access it. For an instance, ERGO SPACE ? has an online store at www.ergospace.in where customers may purchase ergonomic furniture solutions.

4. Promotion: How products are placed into the market

Promotion is the marketing strategy used to inform potential clients about the offer and entice them to learn more about it. Public relations, sales, sponsorships , direct marketing, blogging, and advertising are all included. It helps in increasing potential customers’ familiarity, which in turn fosters trust and raises their expectations for the brand. Businesses frequently utilize a Facebook page, Instagram page, Twitter account or YouTube video to endorse their products.

5. Process: All aspects from manufacturing to sales and marketing

Processes are a series of activities that contribute to the delivery of a product’s strengths. As efficiency rises, time and money are saved. For example, at the manufacturing unit, a product is watched over by several individuals before it moves on to the final stage. The fast greeting and satisfaction of client’s demands are under the management’s watchful eye.

6. People: The individuals who are critical to the campaign

All employees of the company, including salespeople, are referred to as “people”. They are a component of the human factor since they participate in service delivery. They conduct daily interactions with businesses and firms and serve as a customer-facing representative of the company’s ideals. Understanding your customer and developing realistic consumer personas are crucial.

7. Physical Evidence: Reinforces the messages of the marketing mix

The physical setting in which a service or product is produced, the interior design, the packaging, the branding all serve as Physical Evidence to customers. Additionally, the staff’s appearance and responsiveness contributes. According to Booms and Bitner’s framework, the physical evidence is “the service delivered and any tangible goods that facilitate the performance and communication of the service”.

8. Performance: A gauge of efforts

Profits and reputational gains can be used to evaluate how well marketing activities are performed. Performance marketing is beneficial because it facilitates better planning, enables results-based payments without ambiguous overhead, and provides insight on impressions, clicks, and conversions. It’s evolving into a new benchmark for advertising.

The 8 P's of marketing are essential components of the marketing mix. They support businesses in the planning, carrying out and reviewing of their marketing activities. Marketing is about delivering value to your customers and not simply getting them to like your page on Social media. There’s no lack of marketing advice but buried under the mountains of opinions and theories are the gold coins of 8 P's of marketing available for application.