Nowadays the 4Ps of marketing and the 7 Ps of the marketing mix are common. Almost every business student is well familiar with all of them. Marketing is simply a process to create, communicate and deliver the values to the targeted customer at a profit. Marketing does not mean only selling and distributing goods or services.
However modern marketing starts by identifying customer needs and wants. Actually which customer desires in the targeted market?
After that communication occurs how a businessman/marketer fulfills the needs and wants of the customers through the proper promotional medium. So finally delivering the goods or services (values) through proper distribution channels. Building a strong relationship with the customer is also an important part of modern marketing.
Hence by providing after-sales services, proper feedback, and other such mediums. Below are the 7 Ps of the marketing mix that must be in your mind as a business student, especially in marketing.
7 Ps of Marketing Mix
The basic ingredients used in marketing are also known as the 7Ps of the marketing mix. What are product, price, place, promotion, people, positioning, and personal relationship? All of these are discussed below in detail.
This includes 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 in which one is selling his product or service. It may be a low-cost strategy that is selling goods and services at a low cost. Moreover targeting the customers which are more conscious of the high prices.
However, on the other hand, the differentiation price strategy does not focus on cost. Basically, they are targeting the customer that demands unique and different features in the product and is willing to pay high prices.
This includes how a person/businessman is distributing and placing his product or service in the market. So the place strategy also depends upon the type of product which you are selling and 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 satisfy their needs and desires. It might include different promotional mediums, such as television, newspaper, internet, banner, etc. Hence the type of promotional medium which should be selected depends upon the type of customer and market that you are targeting
Positioning is also one of the 7Ps of marketing. Basically, the positioning includes how one wants to perceive his customer about his product. What the customer thinks about the product and service after using it? It simply involves the quality of products and services that are being delivered.
This is an important feature for service-based organizations 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-based organizations. However, for a manufacturing organization that deals in goods, it has no great importance.
The last and the seventh 7Ps of marketing is consumer relationship. It is an important part of modern marketing. It shows how a marketer is building a long-term relationship with his customer by taking proper feedback. Along with providing after-sale services and 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 the 7Ps of marketing give us direction to move forward smartly. Marketing actually turns from the consumer push to the consumer pull strategy that is involving the customers, which best satisfies their needs and demands. It also helps 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
The Marketing Process is completed by identifying customer needs, communicating with customers, and finally delivering the goods or services to customers. The detailed process of marketing is given below.
Identifying Customer Needs
This is the first step of marketing i.e. identifying the needs and wants of customers in a targeted market and what the customer is really demanding by researching the market. Then find out 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 with the customer through a proper communicating channel about how a marketer should fulfill the relevant needs. Moreover the desires of the customers and what products or services he offers to fulfill those needs and desires. The communication medium which should be chosen depends upon the type of market and customer which is being targeted by the marketer.
Delivery of Goods and Service
This is the third step of marketing i.e. transferring products or rendering services to customers. Actually how one delivers his product or service to the customers. Moreover how the goods or services are easily available to customers. Hence this involves the proper distribution channel and sales services
This is the final step of modern marketing which is taking proper feedback from customers on how much the customer is satisfied with the product or service. Moreover how that product or service can be improved further. This guides the businessman/marketer on how much he satisfies the need and desires of the customers. Providing after-sale services and other such services help out in building long-term relationships with customers.
Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
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