What is the marketing mix strategy | The 7 Ps in 2021

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What is the marketing mix strategy The 7 Ps in 2021

Many people promoted the idea that a digital marketing strategy was far too specific for most businesses. Many businesses lack a comprehensive strategic plan. A marketing mix is more holistic and cohesive because it encompasses the entire business, which is something that all businesses require–scalable growth.

You may already have a successful marketing strategy, but by using the framework of this marketing mix, you will be aligned across the board, rather than just focusing on how marketing departments/functions get there. As a result, you’ll notice the marketing. The term “mix” isn’t always used in the same way.

what is the marketing mix strategy?

The 7 Ps of Marketing Mix’s Traditionally, the marketing mix includes four levels of marketing control. Product, place, promotion, and price are the four levels.

Today, we can add three more that address the modern business model shift: people, processes, and physical evidence or proof.

1. Product

It is pointless to create a product or service that no one wants to buy, yet many businesses decide what to offer first and then hope to find a market for it later.

Successful businesses, on the other hand, figure out what their customers need or want and then create the right product to meet those needs.

2. Price

A product is only as valuable as the price that customers are willing to pay for it. The price must also be competitive, but it does not have to be the cheapest. Small businesses may be able to compete with larger competitors by providing additional services or details that provide customers with better value for their money. Your pricing must also generate a profit because it is the only component of the marketing mix that generates revenue.

In the marketplace, the more you charge, the more value or quality your customers will expect for their money.

Existing customers are generally less price-sensitive than new customers.

3. Place 

The placement where customers buy a product, as well as the means of getting your product to that location, must be appropriate and convenient for the customer. The product must be readily available.

in the right place, at the right time, and in the right quantity, all while keeping storage inventory and distribution costs to a manageable level

Customer surveys have revealed that one of the most important criteria when selecting a supplier is delivery of performance. The place also means ways of displaying your product to customer groups.

4. Promotion 

The placement where customers buy a product, as well as the means of getting your product to that location, must be appropriate and convenient for the customer. The product must be readily available.

in the right place, at the right time, and in the right quantity, all while keeping storage inventory and distribution costs to a manageable level

Customer surveys have revealed that one of the most important criteria when selecting a supplier is delivery of performance. The place also means ways of displaying your product to customer groups.

5. People 

People Anyone who comes into contact with your customers will leave an impression, which can have a significant impact on customer satisfaction, either positively or negatively. Your brand’s reputation is in the hands of your employees. As a result, they must be properly trained, motivated, and have the right attitude.

Many customers are unable to separate the product or service from the employees who provide it. This demonstrates the value you place on your employees.

6. Process

The service delivery process and the behavior of those who deliver are critical to customer satisfaction issues such as wait times, the information provided to customers, and the helpfulness of the staff. All of the essentials keep customers happy.

Customers aren’t concerned with the specifics of how your company operates; what matters to them is that. Is the system functional? Do customers have to wait? Are they kept informed? Is your staff helpful?

Do your people interact in a manner appropriate to your service if your services are carried out efficiently?

7. Physical evidence

Because there is no physical evidence or proof that a service can be experienced before it is delivered, using the service may be perceived as risky. Because you were purchasing something intangible, you can reduce this uncertainty by allowing potential customers to see what they are purchasing, such as a clean and tidy well.

The decorated reception area can also help to reassure customers. If your premises aren’t up to standard, why would they think your services are? An organization’s physical evidence is also demonstrated through testimonials, customer feedback, and referral business.

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