What is the marketing mix for business owners?

marketing mix and 7p for small business owners in thearchetipo

When a business owner wants to start the marketing process, must be familiar with the concepts in marketing. The 7p which is known as marketing mix is the most important definition that every business owner has to keep in mind for every move that wants to take. below, there are simple definitions of the marketing mix for every p’s:

Product

The first P stands for product and everything that goes along with it. This includes the design of the product and its use for customers, as well as all the services surrounding the product. At the center of this is deciding which products or services a company wants to offer and how these should be marketed. Important to take such decisions is comprehensive market research or being close to the target group. These help to determine the relevance of the product or service to the customer.

Price

Number two of the 7 Ps in marketing centers on finding the right price for the product or service. This covers all external factors such as cost and competition, as well as all additional tasks which have to do with the price. These include delivery and payment conditions, discounts, special deals, and warranties. As a rule, when it comes to determining the price: it should match the products’ quality and all efforts involved in its production. In other words, a product requiring elaborate production and high costs should also be more expensive.

Place

The third P in the marketing mix is the place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales.

You can sell your product in many different places. Some companies use direct selling, sending their salespeople out to personally meet and talk with the prospect. Some sell by telemarketing. Some sell through catalogs or mail order. Some sell at trade shows or in retail establishments. Some sell in joint ventures with other similar products or services. Some companies use manufacturers’ representatives or distributors. Many companies use a combination of one or more of these methods.

promotion

In marketing, promotion refers to any type of marketing communication used to inform target audiences of the relative merits of a product, service, brand, or issue, most of the time is persuasive in nature. It helps marketers to create a distinctive place in customers’ mind, it can be either a cognitive or emotional route. The aim of promotion is to increase awareness, create interest, generate sales, or create brand loyalty. It is one of the basic elements of the market mix, which includes the four Ps, i.e., product, price, place, and promotion.

People

The fifth P in the marketing mix stands for people. Like the two areas of measures to follow below, this measure is particularly important in the service sector. Consumers find it difficult to evaluate services, as these are immaterial. This is why they look for indicators that give an idea of the quality of the service. The high quality of staff in the service sector is such an important indicator.

Therefore, when it comes to the service sector, the name of the game is finding excellent personnel and leveraging them efficiently. The reason why people are one of the marketing tools is that they are the ones frequently providing the service and the satisfaction of customers depends first on these people.

Process

When it comes to processing management, it is not only about just the technical processes, such as the manufacturing of a product. A very important factor is making the service an experience. For this reason, the business process has to be designed to be customer-centric and make the usage by the customer as comfortable and convenient as possible.

Physical Evidence

The final and 7th P in the marketing mix is physical evidence, concerning the optimization of the physical environment of a product or service. Especially within the service sector, the equipment plays a leading role – after all, here is where the perception of service cannot be so easily influenced compared to a product, for instance, which can have a high-quality design or elegant haptics.

When it comes to physical evidence, it is about finding the right objects for the company’s objectives that enable the visible environment of service to positively influence the subjective awareness of the customer. The main tools for this are design, architecture, appearance, equipment, and furnishings. These also allow a company to stand out from the competition. Many service providers offer similar services, yet are different from one another in terms of their ambiance.

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