Marketing is a discipline that evolves constantly and every company that develops a marketing strategy should try their best to keep up with the market request. Once the strategy is established, there are some fundamental instruments that should be applied by any marketing department in order to reevaluate the company’s business activities. These instruments are named the 7 P’s of marketing and for better understanding them, we will talk about each of them in the article below.
The Product is designed to meet the costumers’ needs and it should reach their expectations if it’s a good product. Therefore, any company should start analyzing their products and see if they are what the customers are looking for. In order to establish whether a product or service is the right one for the current market, the marketing consultants should evaluate the product objectively, as if they were customers and would want to buy the product for their own needs. In this way, they will be able to assess the product constantly and make any necessary improvements.
The second P is the Price and it should always represent the right value of the product. This doesn’t mean that the company has to set the cheapest price on the market, but it’s wise to make a proper evaluation of the product and establish the price that meets the reality of the market. There are situations that may require lowering or raising the prices as necessary. Also, any company should be able to make special offers or promotions in order to attract more customers.
Promotion is the third formula in marketing and it involves everything from advertising to personal selling or sales promotion. These strategies are meant to send the message of the company to the right consumers and to present the products or the services in a manner that is meant to attract them as future clients. As a fact, any method of marketing will eventually stop having results, so once in a while, any company has to develop new strategies and change their sales approach.
The Place means any location where the product or service can be found. Also, the place targets the easiest way for the customers to find the respective product or service, either there is a supermarket, or direct sale, telemarketing or online shop. Therefore, the company has to carefully consider the place where their products can be found so this aspect should be analyzed right from the beginning. Whenever there is considered a change of location, the company may encounter a rapid increase in sales or on the contrary, a drastic decrease. So, the place is very important when deciding to sell the products.
Appearance is very important, so any company should consider this aspect. Here is included both the final product and all that the consumers see and it’s related to the company. Packaging refers to the offices, the people who work within the company, the brochures and so on. Many companies choose to approach this matter in a professional way, starting with the look of the employees.
The Positioning means how you are seen and thought about by other companies and by customers. It represents the position on the market and every company should consider constantly improving their positioning. A good start for the company is to determine the position they would like to have and then to make all the necessary steps in order to reach their goals.
The last P of marketing refers to the entire staff of the company, starting with the front line and ending with the Managing Director. Every single person who represents the company has the same importance because they are all part of the business. Having the right people to carry out the tasks and accomplish the company’s goals is the key to success in business.