Understanding the 7 Ps of the marketing mix

[Md. Neamat Ullah]

Understanding the 7 Ps of the marketing mix

Introducing the 7 Ps of the marketing mix

The key point to bear in mind when marketing a product is that no one element of the marketing mix is more important than any other. In a dynamic and sustainable marketing synthesis, the 7 Ps of the marketing mix should all work in symphony to establish the brand’s unique selling point (USP), and to pitch it to the appropriate market segment.

The 7 Ps of the marketing mix are:

Product: The product is the primary – though not the only – component of the 7 Ps of the marketing mix. Marketing consultants will consider carefully which features of the product are most likely to appeal to its target market, as well as taking into account factors such as the life span of the product, and its potential for diversification and development.

Price: The price that is set for a product not only determines the amount of profit the business will be able to make from it (and therefore how many units will need to be sold), but also affects the value of the product as perceived by the consumer. Many consumers will use the product’s price as a means of judging its quality, and most will compare the price with that of similar products before deciding which to purchase.

Promotion: This is an umbrella term, covering all the media by which a business informs customers about its product – including advertising, public relations and sales promotion.

Place: Products are not only sold in shops – they may also be sold door-to-door, online, or in trade fairs or markets.

Packaging: This refers not just to the way in which a product is wrapped, but also to its overall presentation, and the way in which its physical arrangement is designed to attract the customer.

Positioning: One of the most important of the 7 Ps of marketing mix, positioning refers to a product’s status in relation to the wider market, particularly how it lines up against competitors.

People: Knowing the customer is the linchpin of a successful marketing strategy – without accurate customer profiling, none of the other 7 Ps of marketing mix can be correctly channeled, and the product may well fail to sell.

What underpins the 7 Ps of marketing mix is knowledge. The company that takes time to understand its product, its market, and most crucially its customers, is the company that will optimist its marketing mix, ensuring steady and sustainable growth.

Source: http://goo.gl/5mxVoO