When a company seeks advice on how to market their products or services, it is common to see a glazed look as a marketing professional launches into the many aspects of marketing and what is known as the 7 Ps of Marketing.
In this blog, we will deconstruct the 7 Ps and explain how they apply to your business.
So what are the 7Ps of Marketing?
Product
Place
Price
Promotion
Process
People
Physical Evidence
OK great start, now what does each mean?
1. Product
This is essentially the product or service you are selling.
2. Place
Just to fit in with the 'P' theme, place is where your product or service is sold. Do you have a shop front, do you sell online etc?
3. Price What price are you going to sell you products or services and what strategy are you going to use to gain and maintain market share? The strategy behind pricing can help to make or break a business.
4. Promotion
How are you going to promote your product or services in the market? What channels are you going to use and what messages are you going to communicate to capture your desired market?
5. Process This includes all of the procedures which your business may use to ensure success. From recruitment to training or pre-sales to post sales, documenting and ensuring consistency in processes is an important part of your marketing success.
6. People Who are the people who work within your business and do they resonate the brand experience you wish your business to have? Many businesses are employing staff for the cultural fit in their business, more than the skills they possess - these can be taught later.
7. Physical Evidence What is the physical evidence of someone engaging with your brand? Does this give the consumer confidence to shop with you again?