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What are the 7 Ps of Marketing?It can be difficult for a small business owner or marketing manager to know how to establish a unique selling proposition or to reach the right customers, especially on new platforms like the internet, with digital marketing. Fortunately, the 7 Ps of marketing give you a framework to use in your marketing planning and essential strategy to effectively promote to your target market. You can also take into consideration elements of the mix in your day to day marketing decision making process with the goal to attract the right audience to successfully market to through your marketing campaigns. The 7 elements of the marketing mix include the following: 1. Product (or Service)Your customer only cares about one thing: what your product or service can do for them. Because of this, prioritize making your product the best it can be and optimize your product lines accordingly. This approach is called “product-led marketing.” In a marketing mix, product considerations involve every aspect of what you're trying to sell. This includes:
There are five components to successful product-led marketing that are important for product marketers to take into consideration::
2. PriceMany factors go into a pricing model. Brands may:
Consider what you're trying to achieve with your pricing strategy and how price will work with the rest of your marketing strategy. Some questions to ask yourself when selling products:
3. PromotionPromotion is the part of the marketing mix that the public notices most. It includes television and print advertising, content marketing, coupons or scheduled discounts, social media strategies, email marketing, display ads, digital strategies, marketing communication, search engine marketing, public relations and more. All these promotional channels tie the whole marketing mix together into an omnichannel strategy that creates a unified experience for the customer base. For example:
Here are the ways you can use these channels together:
4. PlaceWhere will you sell your product? The same market research that informed your product and price decisions will inform your placement as well, which goes beyond physical locations. Here are some considerations when it comes to place:
5. PeoplePeople refers to anyone who comes in contact with your customer, even indirectly, so make sure you're recruiting the best talent at all levels—not just in customer service and sales force. Here’s what you can do to ensure your people are making the right impact on your customers:
6. PackagingA company's packaging catches the attention of new buyers in a crowded marketplace and reinforces value to returning customers. Here are some ways to make your packaging work harder for you:
7. ProcessPrioritize processes that overlap with the customer experience. The more specific and seamless your processes are, the more smoothly your staff can carry them out. If your staff isn't focused on navigating procedures, they have more attention available for customers—translating directly to personal and exceptional customer experiences. Some processes to consider:
If you get more than one customer complaint about any process, pinpoint what's going wrong and figure out how to fix it. The takeawayDevelop your marketing mix and integrate it into your marketing essentials. As you develop your marketing mix, consider how each element affects the rest to create a unified brand experience for your consumers, from the user experience to the perceived value of your product. Think about how a product's price changes its promotion strategy, how specifications will contribute to pricing, and how your people carry out processes. Ensure that your people and the tools they use can communicate with each other, and use the right tools to reach the right people. Which element of the marketing mix tells influences or reminds potential customers of a product Question 4 options a product b price c promotion d place?ANSWER: Promotion is communication by marketers that informs, persuades, and/or reminds potential buyers of a product to influence an opinion or elicit a response.
What are 4 elements of marketing mix?The marketing mix, also known as the four P's of marketing, refers to the four key elements of a marketing strategy: product, price, place and promotion.
What the marketing mix decisions are made to influence?A marketing mix can consist of any combination of factors, but most commonly refers to what is known as the 4 Ps of marketing: product, price, promotion and place. Each of these four Ps can influence a consumer's decision-making. E.
Which element of the marketing mix is concerned with having the product available where target customers can buy it?Place: Place or physical distribution refers to all the activities which make a product available to the target customers or in the target market.
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