the 7 ps of the marketing mix
TRANSCRIPT
THE 7 PS OF
THE MARKETING MIX
No two products will be marketed in exactly the same way.
The marketing mix is a term used to describe the uniquecocktail of marketing channels deployed to market a
particular product.
Find out The 7 Ps of the marketing mix...
PRODUCT
The product is the primary – though not the only – component ofthe 7 Ps of the marketing mix.
Marketing consultants will consider carefully which features of theproduct are most likely to appeal to its target market, as well astaking into account factors such as the life span of the product,
and its potential for diversification and development.
PRICE
The price that is set for a product not only determines the amount ofprofit the business will be able to make from it, but also affects the
value of the product as perceived by the consumer.
Many consumers will use the product's price as a means of judgingits quality, and most will compare the price with that of similar
products before deciding which to purchase.
PROMOTION
This is an umbrella term, covering all the media by which a businessinforms customers about its product.
Including advertising, public relations and sales promotion.
PLACE
Products are not only sold in shops.
They may also be sold door-to-door, online, or in trade fairs or markets.
PACKAGING
This refers not just to the way in which a product is wrapped, but also to its overall presentation.
Finally, the way in which its physical arrangement is designed
to attract the customer.
POSITIONING
One of the most important of the 7 Ps of the marketing mix.
Positioning refers to a product's status in relation to the widermarket, particularly how it lines up against competitors.
PEOPLE
Knowing the customer is the linchpin of a successful marketingstrategy.
Without accurate customer profiling, none of the other 7 Ps of marketing mix can be correctly channelled,
and the product may well fail to sell.
CONCLUSION
What underpins the 7 Ps of marketing mix is knowledge.
The company that takes time to understand its product, itsmarket, and most crucially its customers,
is the company that will optimise its marketing mix, ensuring steady and sustainable growth.
