What are the “Seven P’s” in Marketing?

What are the Seven P’s in marketing?

There is a marketing strategy called the “7 P formula.” This consists of product, price, place, promotion, packaging, positioning and people. As the markets are ever changing, its imperative that you must continually re-evaluate these 7 P’s in order to maximise the results of your business.

Product:

Product is what the company actually produces, this includes both goods and services. (or a mix of the two) the aim of the product is to find what the customer actually needs, and to be able to fulfil those needs. It is important that the product be adaptable so it can meet the needs of the customer if the market changes, then the product will be changeable as well.

Price:

The pricing point is one of the most important factors in the marketing formula as this is what will dictate how much revenue your business makes, so its important to price it right! Before coming up with a pricing formula you must understand the market and what customers are willing to pay and also what competitors are charging! if you price too high you will push customers away, and too low, you wont make as much revenue, so make sure the price is right!

Place:

The place is where your customers will go to make a purchase, be it a website or a physical store, having the right placement can help benefit your business as it will help draw customers in.

Promotion:

It is helpful to have a mix of the previous three P’s working together, however customers wont be able to know about your business without the right promotion. Through promotion you will able attract customers by boosting the presence of your brand through one of the many marketing options.

Physical Evidence:
Physical evidence refers to how your goods or services is viewed from the outside, this includes: packaging of physical products, brochures, website design and so much more. physical evidence consists of every visible element of the business, so it’s important that everything is looking good and up to standard!

Process:

It is important to think how you and your business processes transactions. All business’s should aim for a smooth and simple process which allows the customers to be able to interact with the brand. from making a purchase, to getting in touch. Having an easy process in place will help customers have a positive involvement with your business.

People:

The final P of marketing is people, this includes people inside and outside of your business, the people who are responsible for maintaining and running the business. At the end of the day its the people who carry out all of the day to day jobs that a business undergoes. Having the right people working for your business will ensure you continue to grow!