Marketing Tips – Marketing Mix 7P or 4P Elements

The original “marketing mix” was first introduced by Harvard University’s Professor of Marketing, James Culliton, in 1948. Jerome McCarthy later developed this concept further, integrating the elements of Product, Price, Placement, and Promotion, 4 P’s, into a marketing framework that has been significant to the field for over seven decades.

Over the years, this framework has expanded to include the 7 P’s of marketing –

Product, Price, Promotion, Place, People, Packaging, and Process.

Currently, we often use the terms 7 P’s and Marketing Mix interchangeably. In this discussion, we will explore this concept, its various components, and address some frequently asked questions regarding the marketing mix and its practical applications.

A Framework for Planning your Marketing – 7 P’s

Fortunately, the 7 P’s of marketing provide a structured framework for your marketing planning and serve as a crucial strategy for effectively reaching your target audience.

Additionally, you can incorporate elements of this mix into your daily marketing decision-making process, aiming to attract the appropriate audience and successfully engage them through your marketing campaigns.

1 Product

Your customers primarily care about how your product or service benefits them. Therefore, it’s essential to prioritize making your product the best it can be and to optimize your product lines accordingly. This strategy is known as “product-led marketing.” Within the marketing mix, product considerations encompass every element of what you’re offering, including:

Design, Quality, Features, Options, Packaging, Market positioning.

Here are five key considerations –

1. Step Back: Allow your product or service to speak for itself. Concentrate your marketing efforts on encouraging consumers to try what you offer so they can discover its value firsthand.
2. Understand Your Customers: Become an expert on your customers’ needs and leverage that knowledge to effectively communicate your product’s value.
3. Be Helpful: Position yourself as a supportive resource by creating informative content that addresses the needs of your target audience, increasing the likelihood that they will choose to buy from you. This approach is often referred to as content marketing.
4. Share Genuine Experiences: Motivate satisfied customers to share their stories and explain why they appreciate your brand, enhancing credibility and trust.
5. Adopt a Product-Centric Mindset: Prioritize your product development before focusing on sales strategies. Invest in improving product quality, and the results will follow.

2 Price

Numerous factors influence a pricing model. Brands may choose to –

• Set a higher price than competitors to convey an impression of superior quality.
• Align their pricing with competitors while highlighting unique features or benefits that other brands do not offer.
• Price their products lower than competitors to penetrate a saturated market or appeal to budget-conscious consumers.
• Plan to increase prices once the brand gains traction or lower them to emphasize the value of a new model.
• Establish a higher base price to make bundling or promotional offers more attractive.

When developing your pricing strategy, it’s essential to consider your overall marketing approach and what you aim to achieve with pricing.

3 Promotion

Promotion is the aspect of the marketing mix that garners the most public attention. It encompasses a wide range of activities, including television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital marketing efforts, marketing communications, search engine marketing, public relations, and more.

These promotional channels work together to create an omnichannel strategy that provides a cohesive experience for customers. For instance –

• A customer notices an in-store promotion and uses their smartphone to compare prices and read reviews.
• They visit the brand’s website, which highlights a unique feature of the product.
• The brand has gathered reviews that specifically address that feature, which are showcased on well-regarded review sites.
• After the customer makes a purchase, you follow up with a thank-you email through marketing automation.

4 Place

Where you choose to sell your product is crucial, and the same market research that guided your product and pricing decisions will also influence your placement strategy. Placement extends beyond just physical locations. Here are some factors to consider regarding where to sell your product –

• Where are potential customers likely to search for your product?
• Is it important for customers to physically handle the product before purchasing?
• Will you achieve higher sales by marketing directly to consumers through your own e-commerce website, or will they be more inclined to seek you out on third-party marketplaces?
• Do you prefer to engage directly with your customers during the purchasing process, or would you rather have a third party manage customer service inquiries?

5 People

“People” encompasses everyone who interacts with your customers, whether directly or indirectly. It’s essential to recruit top talent across all levels of your organization, not just within customer service and sales.

To ensure that your team positively impacts your customers, consider the following actions –

• Enhance Skills: Invest in developing your marketers’ skills so they can effectively implement your marketing mix strategy.
• Cultivate Culture: Reflect on your company culture and brand personality to ensure alignment with your marketing efforts.
• Hire Experts: Bring in professionals to design and develop your products or services to ensure high quality and relevance.
• Prioritize CRM: Focus on customer relationship management (CRM) to foster genuine connections and build customer loyalty on a personal level.

6 Packaging – Presentation of the Offer

A company’s packaging plays a crucial role in attracting new buyers in a competitive market while also reinforcing value for returning customers. Here are several strategies to enhance the effectiveness of your packaging –

• Design for Differentiation: Create a distinctive design that allows customers to recognize your brand quickly. This can also highlight specific features of your product. For instance, a shampoo brand might use different colors on its packaging to indicate various formulations for different hair types.
• Provide Valuable Information: Utilize your packaging as a platform for product education and brand reinforcement. Include clear instructions, as well as unique elements that can surprise and delight your customers.
• Add More Value: Go beyond customer expectations by offering well-designed, branded extras. This could include items like a complimentary toothbrush from a dentist, a free estimate from a roofing service, or a styling guide from a hairdresser, enhancing the overall customer experience.

7 Process

It’s essential to prioritize processes that enhance the customer experience. The more streamlined and specific your processes are, the easier it will be for your staff to implement them. When your team is not bogged down by navigating complex procedures, they can devote more attention to customers, resulting in more personal and exceptional service.

Here are some processes to evaluate –

• Logistics Efficiency: Are the logistics in your primary distribution channel cost-effective?
• Scheduling and Delivery: How well are your scheduling and delivery logistics managed?
• Product Availability: Will your third-party retailers run out of stock during critical periods?
• Staffing Levels: Do you have adequate staff to handle peak times effectively?
• Shipping Reliability: Are items shipped reliably from your website?

If you receive multiple customer complaints about any specific process, take the time to identify the root cause and develop a solution to address the issue.

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