The 7 P’s of Marketing
March 29, 2020 - March 29, 2020
At the very core of all marketing activity is the customer. A company or brand plans its marketing strategy based on the wants, needs and desires of its customers. When compiling a marketing plan the following 7 Ps of marketing, also referred to as the marketing mix, need to be considered:
The price of the product but also the price of buying the components to make the whole product. The wholesale price, the cost price, the discount price, the recommended retail price and all other associated work regarding price such as looking at your competitors prices.
What is the product about? What is your Unique Selling Point (USP)? What makes your product different to all the similar products out there?
Where will you sell your product e.g. internet, retail, selected retail areas, wholesale or party plan? Where does your competitor sell their product? Where does your target customer live and where and how do they like to shop? Where can you source your product from and its components? What manufacturer are you going to use?
What form of promotional tools will you use? How do your competitors promote themselves, and which method is best suited to reach your target customer?
This refers to the physical evidence of your goods or services such as the packaging, internet pages, business cards, brochures, and paper work, etc. You will need to consider the visual appearance of your businesses various elements and that the look is consistent with your brand.
Consider who your target customer is, their attitudes, skills, needs and behaviour. What are their tastes and dislikes? Business staff can also be included here. Do they need training? How are their selling and customer service skills?
The process of providing goods or services to ensure that each and every process your customer goes through is easy and simple.