Now days the 4Ps of marketing and the 7 Ps of marketing mix is common and almost every business student is well familiar with all of them. Marketing is simply a process to create, communicate & deliver the values to the targeted customer at a profit. Marketing does not mean only to sell & distribute the goods or services, infect modern marketing starts from identifying customer need & wants, which customer desires in the targeted market. After that communication occurs that how a businessman/marketer fulfills the needs & wants of the customers through the proper promotional medium & finally delivering the goods or services (values) through proper distribution channels. Building the strong relationship with the customer is also an important part of modern marketing by providing after sales services, proper feedback & other such medium. Below are the 7 Ps of marketing mix that must be in your mind as a business student, especially a marketing.
7 Ps of Marketing Mix
The basic ingredients used in marketing are also known as 7Ps of marketing mix, which are product, price, place, promotion, people, positioning & personal relationship. All of these are discussed below in detail.
This includes that what a person/businessman is selling in the market, it may be a product or service. It may also include the type of products, which are necessary for life, such as food, and clothes, etc.
This includes the pricing strategy at which one is selling his product or service. It may be a low cost strategy that is selling goods & services at low cost, targeting the customers which are more conscious about the high prices. However, on the other hand differentiation price strategy does not focus on cost they are targeting the customer that demand unique & different features in product & willing to pay high prices.
This includes that how a person/businessman is distributing & placing his product or service in the market. The place strategy also depends upon the type of product which you are selling & the targeted market.
Another 7Ps of marketing is promotion. The promotion strategy includes how the marketer informs the customers about the products or services that best satisfies their needs & desires. It might include the different promotional medium, such as television, newspaper, internet, banner etc. The type of promotional medium which should be selected depends upon the type of customer & market that you are targeting
Positioning is also one from the 7Ps of marketing. Positioning includes that how one wants to perceive his customer about his product. What the customer thinks about product & service after using it. It simply involves the quality of products & services that is delivering.
This is an important feature for service base organization and the people which are rendering the services are the part of marketing. Services are mostly performed by people, so it is an important feature for service base organizations. However, for manufacturing organization that deals in goods, it has not great importance.
07- Personal Relationships
The last and the seventh 7Ps of marketing is consumer relationship. It is an important part of modern marketing. It means that how a marketer is building long term relationship with his customer by taking proper feedback, providing after sale services & loyalty cards. It may also include involving the customers in the product manufacturing process, so that it could become more satisfying for them.
No doubt, marketing plays an important role not only for business, and 7Ps of marketing give us direction to move forward smartly. Marketing actually turn from the consumer push to the consumer pull strategy that is involving the customers, which best satisfy their needs & demands. It also helps the society by providing a workforce in the marketing field. Useless to say, it is the most critical success factor for an organization in achieving its organizational goals and objectives.
Steps to Marketing Mix Process
Marketing Process is completed through identifying customer needs, communicating with customer & finally delivering the goods or services to customers. The detail process of marketing is given below.
- Identifying Customer Needs
This is the first step of marketing i-e identify the needs & wants of customers in targeted market that what the customer is really demanding by researching the market & then find out that how these needs can be satisfied through which product or service. Market research is an important tool in this process.
- Communicating the Customer
This step involves communicating the customer through a proper communicating channel that how a businessman/marketer should fulfill the relevant needs & desires of the customers & what products or services he offer to fulfill that needs & desires. The communication medium which should be chosen depends upon the type of market & customer which is being targeted by the marketer.
- Delivery of Goods & Service
This is the third step of marketing i-e transferring product or rendering services to customers that how one delivers his product or service to the customers & how the goods or services are easily available to customers reach. This involves the proper distribution channel & sales services
This is the final step of modern marketing that is taking proper feedback from customer that how much customer is satisfied with the product or service & how that product or service can be improved further. This guides the businessman/marketer that how much he satisfies the need & desire of the customers. Providing after sale services & other such services help out in building long term relationship with customers.