The 7 Ps of Marketing

The 7 Ps of Marketing

The 7 Ps are a set of recognized marketing tactics, which you can use in any combination to satisfy customers in your target market. The 7 Ps are controllable but subject to your internal and external marketing environments. Combining these different marketing tactics to meet your customers' needs and wants is known as using a 'tactical marketing mix'.

Product

Product refers to what you are selling, including all of the features, advantages, and benefits that your customers can enjoy from buying your goods or services. When marketing your product, you need to think about the key features and benefits your customers want or need, including (but not limited to) styling, quality, repairs, and accessories.

You can use research and development to inform the development of new products in your business.

Price

This refers to your pricing strategy for your products and services and how it will affect your customers. You should identify how much your customers are prepared to pay, how much mark-up you need to cater for overheads, your profit margins and payment methods, and other costs. To attract customers and retain your competitive advantage, you may also wish to consider the possibility of discounts and seasonal pricing.

Promotion

These are the promotional activities you use to make your customers aware of your products and services, including advertising, sales tactics, promotions, and direct marketing. Generally, these are referred to as marketing tactics.

Place

The place is where your products and services are seen, made, sold, or distributed. Access for customers to your products is key and it is important to ensure that customers can find you.

You can set yourself apart from your competition by designing your retail space and using effective visual merchandising techniques. If you are not a retail business, the place is still an important part of your marketing. Your customers may need a quick delivery turnaround or want to buy locally manufactured products.

Finding the right business location will be a key marketing tactic if you are starting a new business.

People

People refer to the staff and salespeople who work for your business, including yourself.

When you provide excellent customer service, you create a positive experience for your customers and market your brand to them. In turn, existing customers may spread the word about your excellent service and you can win referrals.

Give your business a competitive advantage by recruiting the right people, training your staff to develop their skills, and retaining good staff.

Process

Process refers to the processes involved in delivering your products and services to the customer. It is also about being 'easy to do business with'.

Having a good process in place ensures that you:

• repeatedly deliver the same standard of service to your customers
• save time and money by increasing efficiency.

Physical evidence

Physical evidence refers to everything your customers see when interacting with your business. This includes:

• the physical environment where you provide the product or service
• the layout or interior design
• your packaging
• your branding.

Physical evidence can also refer to your staff and how they dress and act.

Consider how your store's layout, fixtures, and signage can build your brand and increase your sales.