7 P’s of Marketing Essay Sample

Developing a marketing strategy by just doing market research is not enough to stand steadily in a market rather other knowledge is also essential, the knowledge of 7 elements of marketing mix. There is a “7 P’s formula” for the marketing tycoons which they should use to regularly evaluate and re-evaluate their business activities.

In a consumer society, there are markets for specific merchandise and amenities, which are directed by the thought of supply and demand. Those ventures providing these items and facilities, regardless of whether food supplies, sports vehicles or medicinal services administrations, are confronted with showcasing their items or administrations to purchasers, the individuals who will purchase the items or administrations since they need or need them.

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What is the 7 P’s of Marketing Rule

Marketing structures are necessary for deliberately sorting out your work. You need to set out a solid substructure before executing your market plan exercises. At the point when you have a strong foundation fabricated on manoeuvres, at that point, you enhance your odds of accomplishment that your work is on pace with your corporate undertaking. Having a methodology limits the misuse of assets and better utilization of your marketing budget.

There are various essential frameworks which you can access from the industries for the purpose of marketing of your product and services. A very crucial structure among these is “7 P’s of Marketing” which you can utilize via your marketing toolset.

The framework of “7 Ps of marketing” comprises of: –

1. Product
2. Price
3. Place
4. Promotion
5. People
6. Process
7. Physical evidence

These 7 elements of this framework encompass the marketing mix. This mix deliberately puts a business in the market and can be utilized with shifting degrees of power. This is to safeguard that the target audience is convinced and fulfilled, esteem discernment is exact, and to stand apart from Actualizing these P’s in the most ideal manner you see fit for your organization can turn out to be very gainful, however, you should totally see each bit of the 7 P’s riddle first.

Product

Product alludes to what you are selling, including the entirety of the highlights, focal points and advantages that your clients can appreciate from purchasing your products or services. When marketing your item, you must consider the key highlights and advantages your clients wish to have or need, including (however not restricted to) styling, quality, fixes, and adornments.

You can utilize innovative work to inform the advancement regarding the new items in your business.

Price

Price alludes to your pricing procedure for your items and services and how it will influence your clients. You ought to recognize how much your clients are set up to pay, how much increase you have to serve for overheads, your net revenues and instalment strategies, and different expenses. To captivate clients and hold your upper hand, you may likewise wish to acknowledge discounts and seasonal pricing.

While figuring product value, you should consider all the expenses involved in manufacturing, promotions and conveying that item. On the off chance that production and promotion are set to display comparatively significant expenses, this ought to be reflected in an aptly significant price.

Place

Place refers to the different locations where your product can be seen, created, sold or delivered. The essential key for marketing your product or services is easy to access of the customer to you and your services. It is very necessary to recognize that you should provide an easy way for your customer to find you readily.

The place thing can set you apart from the competition and make you unique in various means. The astonishing design of your business place employing effective and overwhelming visual marketing techniques can place eventually add glory to your products and services.

Finding the right business location is always a key tactic for your business which will help you in different ways-

• Acquaint your customers
• Provide easy access to your customers for you and your services
• Captivate those customers who wish to buy locally manufactured items
• Provide convenience to you to deliver your products on time (quick delivery)
• More publicity
• The benefit of mouth marketing from your customers etc.

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Promotion

This includes the promotional activities you execute to make your customers aware of your products and services, features, relative qualities, advertisements, sales tactics, and other marketing activities.

The goods/ products must be promoted via appropriate channels in order to reach out to the audience effectively, encompassing the effective advertising techniques which coincide with the audiences.

The channels that can be used for the purpose of promotions can be: –

• Advertising
• Social media
• Branding
• Sales management
• Corporate identity
• Exhibitions
• Influencer marketing
• PR
• Content marketing
• Digital marketing
• Promotions
• Search engine marketing
• Word of mouth marketing

People

This element of the 7 Ps framework refers to the people in marketing mix. Those people who work for your business including yourself. Those individuals of your staff, salesperson, customer service teams, marketing teams, individuals who are working remotely, and anyone who involves in the business process. All are equally important for the business and sales of its products.

Also, the people who avail your services, if they are impressed by your product quality and customer service, those people will play a crucial role for the marketing of your excellent product and services by means of words. Simply put, your customers can do mouth marketing for your services. And this will, in turn, help you as a customer-driven marketing strategy.

So, you should recruit the right people, train them effectively with the necessary skills & retain good staff in order to maintain your business in the competition.

Process

The process includes the processes and activity which are involved in the delivery of the product to the customers. Overall, the process emphasizes on making you the one “easy to do business with”.

The essential factor “process” being perfect makes sure that you-

• Are maintaining your quality and standards in all the deliveries to your customers
• By increasing efficiency, saving time and money.

Physical Evidence

Physical evidence refers to every single thing that your customer will see while interacting with you and your service. For instance, how the braces give you straight teeth, how the straightener gives straight hair and an amazing new look but all the receipts give the proof of your purchase. The customers need confirmation of their purchase in a physical manner.

These includes: –

• The physical environment where your customer interacts with your business
• Interior design or layout
• Corporate website
• Branding
• Social media accounts
• Packaging
• Service brochure
• Request for proposal
• Your staff, their dressing, and the act of them also influence the customers.

Why Are The 7 P’s of Marketing Important

It is very essential to know about the importance of marketing mix 7Ps. When any enterprise formulates a marketing strategy, it will believe that this strategy will effectively promote its products and services. But not every strategy come up with effective results and the ever-changing market always demands the 7 Ps of marketing.

Each and every aspect of the business is formulated on the basis of marketing. Marketing is an efficient and crucial role player in overall business performance as well as meeting the objectives of the business. This very crucial element of business requires the 7 elements of marketing mix.

We can explain the 7 Ps of marketing importance in the following way: –

• The demand of ever-changing market strategies
• Ever-evolving demands of the market as well as consumers
• To provide essential elements and guidance for marketing
• To enhance market analysis approach
• Support for making decisions
• Open new ideas
• Help in increasing popularity of product and service along with increasing the efficiency of the business
• These 7 Ps of marketing can make you efficient enough to create marketing strategies up to international marketing
• It improves the overall marketing management process and system

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Educational programs in business development, and MBA in marketing or any other marketing degree courses in Singapore etc. provide the students with crucial knowledge and skills of building an efficient marketing plan/ strategy for the business. In addition to that, the pupils also get a variety of assignments like 7 Ps of marketing assignment, the importance of marketing mix essay, making 7 Ps of marketing ppt and many others.

While studying these much critical things in their courses for the whole day, the students do not find enough time to complete their assignments on time. Although they learn the 7 Ps of marketing to make the marketing process easier but they become inefficient in getting any single P for their assignment making.

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Conclusion

The conclusion of 7 P’s of marketing can be stated as that the 7 elements of the marketing mix are very crucial for the making of marketing strategies and improves the marketing process as well as enhance the business performance. Which in turn opens the doors for global marketing too.