The Game changer 7 Ps of Marketing

Marketing is an ongoing process, and to form a strategic marketing plan, we have to continuously scrutinize the market and keep up with the trend. However, before forming a marketing strategy, we must first understand what marketing is, and only after appropriately understanding the base definition of marketing we will be able to go further with our marketing strategy. We have often come across the term called Marketing Mix, but just knowing the term is not enough, we must understand the overall concept to implement it in our Business. The marketing mix consists of the 7 Ps (product, price, promotion, place, people, process, and physical evidence).

Let’s understand the 7 Ps of marketing comprehensively.

1. Product

Marketing is all about asking questions and getting answers to those questions, and the first question you are ever going to be asked has to be always about your product. Questions like,

Is this an appropriate product?

Is this the right time to launch your product in the market?

These are a few questions that you need to ask yourself before launching your product into the market. You should also analyze what your USP is. See, to get success in the market, it must have one of these advantages, either you have to launch a product that has the least competition, or your product must have a Unique Selling Point (USP). USP means that your product must offer something which has not been offered to your target audience by your competitors. So, before launching the product, make sure that your product has one of the above advantages.

2. Price

The second P of the marketing is Price. You have to analyze the factors like the money spent on your product, the price that competitors are offering your client, and all the money that has been spent on the marketing of the product. Keeping all these factors in mind, decide the price of your product. However, as discussed before, marketing is an ongoing process, and you must continuously examine the price of your product to make sure that your price is appropriate for not only the clients but also for you. Prices cannot always be the same at some point, you have to raise the price to beat the inflation but, you may even need to drop your price to beat the competition and to survive in the market. Your price must be according to your target, i.e., Do you want to establish yourself in the market or Do you want to make a profit?

All the factors discussed above equally contribute to your decision of deciding the price, but you must continuously fluctuate your price to remain competitive and survive in this fast-changing market.

3. Promotion

This is the most crucial part of marketing. Promotion includes every method by which you can tell about your product to the potential client and later convert them into buyers. No matter how brilliant or how innovative your product is, until and unless you can tell your target audience, it’s useless. To promote your product, you must use the right medium and media, and for that, you must be aware of who your target audience is. Let’s understand it with an example, presume that you are launching dark chocolate into the market. Now you know that you have to target the younger audience, i.e., people between the age of 16-30. Now, what is the best way to reach them? Well, what’s better than social media as people of this age group spend most of their free time on social media. Hence that would be the most appropriate platform to run your ads. While promoting your product, you must be clear about what you have to offer and what's your USP.

4. Place

This P focuses on which market is a product being sold in or the location where you are meeting your buyers. The right place can rapidly increase your sale, while the wrong choice of place can make a sale fall by 100%. Let us understand it by an example, assume you are launching a product related to farming. You know that your target audience is the agricultural society and those people majorly live in the rural areas. Hence, you will majorly focus on the markets of the rural areas instead of wasting your time in the city areas.

5. People

The term people not only includes your clients but includes every individual that has been part of the process of sales and marketing, including your staff, salesperson, customer care executive, and even the delivery boy, as every person individually has a direct impact on the business. Recruiting the right person for the right job is a must as it can have a great impact on the business. To be successful in business, you must develop a habit of appointing the right task to the right person every time cause no matter how brilliant a plan is, it will all go to waste if they are not executed properly. Therefore, you have to assign the task to the person who has the right knowledge and skill to perform that task.

6. Process

It includes every procedure involved in making the product reach the customer. This P entirely focuses on enhancing the user experience. It includes all the factors like; How much time does it take you to process the order of your client? Does your product reach the client within the scheduled time? How efficient are you in delivering the product? And how convenient is it for the user to have business with you?

7. Physical Evidence

This P includes everything visible to the human eyes. The physical environment of your place of operation, packaging of your products, your branding, and even the dressing sense and behavior of your staff, could all be included in this P. As said many times, “first impression is the last impression.” It is the concept on which this entire P is based. Everything that a customer sees can influence his buying behavior. Still, this is the P on which the businesses focus the least. Hence, it should not be ignored! It can be leveraged to drive people to buy what they see if they are impressed by your visible appeal. They will automatically get converted into your potential customer.

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