How to Use the 7 P’s of Marketing to Grow Your Business
The 7 p’s of marketing include product, price, promotion, place, people, process, and physical evidence. In addition, these 7p’s comprise the marketing mix. This mix strategically markets a business and can be used with varying levels of force. This is to ensure that the target audience is satisfied, the price perception is accurate, and to stand out from the competitors. Applying these P’s in the best way for your company can be extremely rewarding, but you must first fully understand each piece of the 7 P’s puzzle.
7 p’s of marketing
Selling your product is one of the most important things in any business. Marketing is the sale of a product. Today we will talk about the 7 P’s of Marketing, which can be used for any business product or service.
What is the 7 P’s of Marketing?
These 7 P’s are some of the main points that any business should focus on. 7 p’s of marketing This is done to grow your business and it is also used to improve your marketing. In 7 p’s of marketing, 7 steps are given to improve your business and your marketing, through which we can grow our business.
The 7 Ps of Marketing were published by E. Jerome McCarthy in his book “Basic Marketing” in 1960. Even after 60 years, they still play an important role in 7P marketing.
Earlier there were only 4 P – Product, Price, Place, and Promotion, but with the development of the industry, when needed these 7 Ps were developed, which is also called Marketing Mix.
marketing mix 7ps
These are the 7 steps of marketing mix 7ps which are well explained below.
- Physical Evidence
7ps of marketing with example (7ps of service marketing)
The first P stands for the product. As you can probably guess, it is referring to the products or services that a business is offering. Decisions on this element include the purpose of the product or service, what the product looks like, packaging, any warranties, and more. Additionally, when focusing on the first P, you need to think deeply about the consumers. Consumers need to know what is included, what they can get from it, what need or desire it meets, and why your product or service is better than the competition.
For example, if you have a fast-food stall, then you have to make your food tasty first. If your fast food is not tasty, then someone may come and eat it once, but again he will go to another shop.
If your product is tasty, then someone will eat it once, the next time they will bring their friends along.
Price covers the entire pricing methodology for products or services, and how customers will respond to it. Furthermore, this section goes in-depth beyond selling prices. Price includes discount, terms, charges, etc. When arranging to price, you should consider the current state of your business among other competitors. If you advertise as having a very high-quality product, your pricing should reflect that claim.
Right pricing of your product is also very important in marketing. Pricing should be according to your target audience. It is very important to think about the people you want to sell, how much money they want to spend on your product.
If the price is too low, you will find it difficult to make a profit. And if it is too much, then the customer will not take your goods.
While deciding the pricing, one should not keep thinking at all that if your product is the best, then the customer will pay that much money. Even if your product is the best, even if he finds a good product a little less for half the price, he will take it. Therefore, the price should be kept only as much as people want to spend, not as much as you think the price of your product.
This p encompasses the many places – where a product is made, seen in advertisements, distributed, and sold. You need to make sure that customers can easily find your product or service. Moreover, it should be available to the consumers at the right place and at the right time. You can use this P step to consider selling products via e-commerce, in-store or third parties.
While selling the product, it is also important to keep in mind where you are selling the product. Location can also mean the physical location of your shop or online/offline. Choose a place where your customer spends time. There should be such a place where the customer will not have difficulty in reaching.
For example, there are bookstalls and stationery shops around the school, as their customers go to school every day.
Promotion is essentially the act of marketing directly to consumers. This P covers the idea of bringing your product or service to the public. In addition, it can be in the form of various advertisements, SEO, SEM, sponsorship, etc. This is important for getting your product known to new customers – increasing sales.
Even when promoting the product, you should keep in mind that it reaches your target audience. There are many options for promotion such as organizing events, running ads on TV, ads on social media, posters, etc. should think about. The type of promotion that can give you the best results should be done.
Try different types of promotion methods for a short time to see which method is giving you the right results.
People are not the only ones you are selling and advertising. This includes employees, vendors, customer service teams, and anyone involved in the marketing and sales processes. You want your employees to be effective and viewed positively by customers.
Your company’s employees represent you. The people you include in your company should reflect your company’s purpose.
If you are providing any luxury service, then your employees should also dress well and speak in such a way that by talking to them, the customer feels that they are buying some luxury goods.
If you are running a 5-star hotel but some people working in it are walking around wearing dirty clothes, then there will be a bad impression on the customer coming there.
- Process:- (seven ps of marketing)
This stage refers to the delivery of your product or service to a customer. Maps are needed to outline tasks, activities, tasks, and processes. Doing so keeps your processes running smoothly and efficiently. Check your processes frequently to make sure they are simple and increase your ability to generate revenue. This stage may come with several trial and error steps.
How is the process of your product or service, how it is being delivered to the customer, also plays a big role? The process should be well optimized so that the workforce and time are minimum. If the process is standard, then there will be no confusion in working, and work can be done with efficiency. Along with this, you will also get a lot of help in product quality control.
For example, wherever you eat Domino’s Pizza, it will taste the same, because the process of making it is standard. What to put in it, how long to cook, who has to do what work is all determined in advance. Due to this you get your pizza in no time and its taste always remains the same.
- Physical Evidence:- (7p’s of marketing)
Your consumer should always receive something physical to substantiate their purchase. Consider how braces give you straight teeth, hairdressers give you a facelift, and receipts are proof of purchase. People like to receive something that stimulates their senses to confirm that they have received a product or service, even if it is just a receipt. This tangible item validates the purchase experience and fosters a sense of value from that purchase.
Physical Evidence means how does your product, your office looks like. If you are selling a premium product, then it should not look like a cheap product. If you have a 5-star hotel, then it should not look like a third-class hotel from outside or inside. This also has a great impact on the mind of the customer.
Conclusion (7ps of service marketing)
The 7 P’s of marketing are not a standard rule, rather they are hints, by which you can take your business forward by taking ideas. I hope you have understood this. If there is any confusion or any suggestion, then definitely let me know by commenting below.