Strategic marketing analysis and planning is a continuous process for every business. The basic marketing analysis principle, often known as the marketing mix, was originally demonstrated by the “4Ps” – product, price, promotion, and place. Later a fifth “P” was added that represented “people.”
More recently, two more Ps relevant to the strategic marketing analysis were included in the marketing mix — Packaging and Positioning.
Once your business has developed a marketing strategy, this 7P formula can be used to regularly assess and reassess business activities. Since the market, products, consumer behavior, and their needs rapidly change, you must consider these 7Ps to make sure your business is on track and accomplishing the maximum possible objectives in the marketplace.
This guide will further discuss the 7Ps of marketing and how they can be utilized in the marketing mix.
The Marketing Mix – Explained
The marketing mix involves multiple areas that a business needs to focus on as part of its comprehensive marketing plan. Effective marketing refers to a broad range of areas rather than fixating on one message. This not only makes it easier for the business to reach a wider audience but also helps marketing professionals to maintain focus on the important areas of concern.
Paying close attention to the marketing mix allows organizations to make strategic decisions while assessing existing products or launching new ones.
The 7Ps of the Marketing Mix
Product
The first step to implementing a marketing strategy for your business is revising your product from the perspective of an outside marketing consultant. These professionals help businesses decide whether the product is right for them at a particular time.
Remember to determine whether the product you’re planning to launch is suitable and appropriate for the consumers and market of today.
Price
Businesses must continually assess and reassess the prices of their services or products they sell to ensure they fit the realities of the market. At times you may need to lower the prices, while at other times, it’s better to raise the prices.
Businesses may also need to change their terms and conditions of sale. Spreading your price for months or even years can allow your business to sell a lot more than in the present day. At times, products and services can also be combined with special promotions and offer to make prices appear attractive to customers.
Promotion
The third element of sales and marketing is thinking in terms of promotion which includes multiple ways to tell your target audience about your products and how you plan to market and sell these products.
Small improvements in the way you market and sell your products can give you dramatic changes such as higher sales. For example, experienced copywriters can help increase the response rate through advertising by simply modifying a headline on an advertisement.
Place
This P refers to the place where your service or product is being sold. Businesses must review the exact location where customers meet the salespeople. Oftentimes, changing the place can result in a quick increase in sales.
Your product can be sold in several different places. For example, some businesses use direct selling, while others implement telemarketing. In all cases, the entrepreneur must make an informed decision when choosing an ideal place or location to ensure the customer is given essential buying information about the service or product to help them decide better.
Packaging
When assessing your product packaging, check every visual element from the perspective of a critical prospect. Buyers form the first impression about your product and brand within the first 30 seconds. Small improvements in the external appearance and packaging of a product often lead to different customer reactions.
When working on the product packaging, think of what the customer will think of your brand throughout the purchasing process.
Positioning
To implement effective marketing strategies, think of how your brand or product is positioned in your customers’ hearts and minds. Ask yourself what people think of your brand and how they talk about it. Your position in the market and among customers is a crucial element that helps you succeed in a competitive marketplace.
People
Think through the perspective of the people inside and outside your business who are associated with every aspect of your sales and marketing activities and strategies. The ability of your company to select, hire, and retain the appropriate people with the essential skills is one of the most important parts of the marketing mix.
Companies looking for effective marketing strategies can seek the professional assistance of Eyal Dulin, the expert business consultant. He can rectify the mistakes in your current marketing mix in terms of the 7Ps and help you improve without additional financial investment. Visit Al-Dulin’swebsite today and let him guide you.
About the Author
The author of this has been associated with Eyal I Dulin’s business consultancy firm for several years. He swears by their business marketing and employee training techniques and has substantially grown in knowledge and experience after working with them.
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