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What are the 7 Ps of Marketing?It can be difficult for a small business owner or marketing manager to know how to establish a unique selling proposition or to reach the right customers, especially on new platforms like the internet, with digital marketing. Fortunately, the 7 Ps of marketing give you a framework to use in your marketing planning and essential strategy to effectively promote to your target market. You can also take into consideration elements of the mix in your day to day marketing decision making process with the goal to attract the right audience to successfully market to through your marketing campaigns. The 7 elements of the marketing mix include the following: 1. Product (or Service)Your customer only cares about one thing: what your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly. This approach is called “product-led marketing.” In a marketing mix, product considerations involve every aspect of what you're trying to sell. This includes:
There are five components to successful product-led marketing that are important for product marketers to take into consideration::
2. PriceMany factors go into a pricing model. Brands may:
Consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy. Some questions to ask yourself when selling products:
3. PromotionPromotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more. All these promotional channels tie the whole marketing mix together into an omnichannel strategy that creates a unified experience for the customer base. For example:
Here are the ways you can use these channels together:
4. PlaceWhere will you sell your product? The same market research that informed your product and price decisions will inform your placement as well, which goes beyond physical locations. Here are some considerations when it comes to place:
5. PeoplePeople refers to anyone who comes in contact with your customer, even indirectly, so make sure you're recruiting the best talent at all levels—not just in customer service and sales force. Here’s what you can do to ensure your people are making the right impact on your customers:
6. PackagingA company's packaging catches the attention of new buyers in a crowded marketplace and reinforces value to returning customers. Here are some ways to make your packaging work harder for you:
7. ProcessPrioritize processes that overlap with the customer experience. The more specific and seamless your processes are, the more smoothly your staff can carry them out. If your staff isn't focused on navigating procedures, they have more attention available for customers—translating directly to personal and exceptional customer experiences. Some processes to consider:
If you get more than one customer complaint about any process, pinpoint what's going wrong and figure out how to fix it. The takeawayDevelop your marketing mix and integrate it into your marketing essentials. As you develop your marketing mix, consider how each element affects the rest to create a unified brand experience for your consumers, from the user experience to the perceived value of your product. Think about how a product's price changes its promotion strategy, how specifications will contribute to pricing, and how your people carry out processes. Ensure that your people and the tools they use can communicate with each other, and use the right tools to reach the right people. Which of the following is the right marketing mix for a television set Mcq?The correct answer is Product line. Important PointsProduct Line -A series of products from the same product class that are comparable in terms of their functions, target market, price range, and distribution methods make up a product line.
Which component of the marketing mix is paid by the consumer in exchange for the product?Price. Price is the cost of the product that the consumer pays. During product marketing, it is important to set a price that reflects the current market trends and is affordable for consumers, yet at the same time is profitable for the business.
What do marketers use in order to ensure they have the right marketing mix?The four Ps are the key considerations that must be thoughtfully considered and wisely implemented in order to successfully market a product or service. They are product, price, place, and promotion. The four Ps are often referred to as the marketing mix.
Which element of marketing mix is responsible for making the goods?The Product-Mix: The product is the focus of making and marketing efforts. Product is the sum-total of physical and psychological satisfaction it provides to the buyer.
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