What Are The 7ps in Marketing Mix and Why it is Important?


Indicatorsconsulting

Uploaded on Dec 8, 2022

Category Business

The 7Ps of Marketing Mix are a set of marketing tools that help companies develop effective strategies to increase sales and gain market share. They consist of Product, Price, Promotion, Place, People, Physical Evidence, and Process.

Category Business

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What Are The 7ps in Marketing Mix and Why it is Important?

PEOPL PROCESS PLACE E 7Ps of Marketing Mix PRODUC PRICE T PROMOTIO PHYSICAL N EVIDENCE What are the 7Ps of Marketing Mix? The 7Ps of Marketing Mix are a set of marketing tools that help companies develop effective strategies to increase sales and gain market share. They consist of People Product Place Process MARKE Physical evidence T MIX Price Promotion PRICE This refers to the amount of money customers need to pay for your product or service. It should be determined based on the cost of: MARKET • Production,  MIX • Customer demand, and  • Market competition.  The best prices should balance between maximizing profit and customer satisfaction. PROCESS This refers to the steps you take to market and sell your product or service. It includes activities such as: • Lead generation, MARKET • Customer acquisition,  MIX • Onboarding, and  • Order fulfilment.  It is important to have smooth process systems in place such as automated emails and efficient tracking processes. You also need to take into account how to take orders, manage payments, handle returns, etc. PRODUCT This refers to the goods or services provided by your business. It includes aspects such as: • Packaging MARKET • Branding MIX • Product features and  • Quality. Some businesses may also offer services such as: • Warranties and  • After-sales support. PEOPLE This refers to those involved in marketing your product or service. They include staff members such as: • Customer service representatives, MARKET • Salespeople, and  MIX • Marketers.  To hire and train the best people, you must have the right organizational structure and staff policies in place. PLACE This refers to the distribution channels used by your business. It includes: • Physical stores,  • Website sales,  • MARKET Wholesalers, and  MIX • Third-party retailers.  While determining the channels, consider the cost of delivery and customer convenience. Choose the most appropriate way to reach your target market, such as local stores, online platforms or global markets. PHYSICAL EVIDENCE This refers to tangible aspects of your product or service that customers can use to evaluate its quality and value. It includes things like: MARKET • Design,  MIX • Packaging,  • Branding materials,  • Store displays, and  • Customer reviews.  In some cases, customers may even want to inspect the products before making a purchase decision. PROMOTION This is how you will advertise your product or service to potential customers. It includes techniques such as: • Print ads,  MARKET MIX • Television commercials,  • Online marketing, and  • Personal selling.  The promotion strategy should be tailored to the target market. It must be appealing and effective in order to get the desired results. Why Marketing Mix is Important for Market Research? Overall, the 7Ps of Marketing Mix are an important tool that can be used to develop effective marketing campaigns and gain insights into customer behaviour.  They help businesses create strategies that will increase sales, build brand loyalty and ensure customer satisfaction.  Why Indicators Consulting? Indicators Consulting helps you use the Marketing Mix to gain an MARKET edge over your competitors. We MIX provide comprehensive market research and strategic marketing consulting services that will help your business succeed.  Contact Us Office 5, The Binary by Omniyat, +971 4 5700 495 Business Bay, Dubai, UAE