Marketing Mix: The Information on Updated 7P’s Marketing mix is intended to help the companies assess their business activities. Originally, there were 4P’s that epitomized the marketing mix which included product, price, place and promotion. But recently, 3P’s have been added which stands for packaging, positioning and people. Marketing mix helps attain maximum results. Below are the 7P’s briefly elaborated:
Product: A product is the primary element for which the entire procedure is conceded. Extensive research during product development stage can help shape the right merchandise according to the market demand. A product life cycle comprises of introduction, growth, maturity, decline and reinvention.
Price: Price is the most crucial factor. It should cover all the built-up expenditures and deliver a rational revenue. Competitor’s pricing should be in contemplation. Price of a product also depends upon the social class targeted. The prices of a product are subjected to economy of a country.
Place: Place determines where the product or service is being sold. To make a product efficacious, it should be within the customer’s reach. Now a days, online presence has made selling easier. Customers can nowadays order the product online irrespective of their location.
Promotion: Promotion of a product increases the sales remarkably. Advertising on TV, social media and bill boards are the preferred way of promotion. The advertising approach should synchronize with the nature of product.
Packaging: The external appearance of a product and service holds high value. Visually, the packaging of a product should be appealing with product’s name, manufacturing company and other crucial specifics. It is necessary that food and pharmaceutical products should comprise of manufacture and expiry dates.
Positioning: This P determines the perception of your product according to the customers. For example, Nestle products are perceived as pure and hygienic. People trust the quality of its products and prefer them over any other brands. The higher the positive perception, the higher price customer will be willing to pay. Positioning of a product can be increased by providing the best quality with consistency.
People: It is vital to pay attention to people that are responsible for the triumph of your product. People who work for sales, marketing strategies and activities. The skills and knowledge of your team will help your product flourish. Hence hiring the right people will assure the successful product cycle. For the successful implementation of marketing mix, all the factors should be reassessed at every level. Because of high competition and market fluctuations, marketing mix for a product development is mandatory.
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