- Business and Employment
The 7 P's of marketing mix
Mr. Neil H. Borden is the first man who used the term ‘marketing mix’ on his published article ‘The concept of the Marketing Mix’ in 1964. Now it is the term used in the marketing industry in marketing products.
The marketing mix is a business tool to make a business become very successful. It is referred in the marketing industry as the combination of the 4 P’s such as:
It is the goods and/or services that a business offers to clients. It includes the brand name, quality, repairs and support, warranty and services of a business.
A business should have clear objectives whether a business wants to provide products with services or just the product. It has to be considered significantly because clients will establish loyalty and confidence when they receive high quality products and excellent services from the company. In addition, it is vital that a business will develop a habit assessing, ‘Are all these products or services are right for our customers today?’ because it is essential that the services of the company go well with the product.
It is what customers will pay to get the product and/or services that the business provides.
A business should be risk-takers in examining and re-examining the prices of their product in the market in order to be competitive and to make good profit .
It is the process of communicating the qualities and benefits of the product to the target customers.
A business should consider various ways to promote their products because an excellent promotion strategy can lead to immediate boost of sales. It can be through personal selling, sales promotion, public relation, direct mail and advertising on television. It could be also through radio and magazines advertisement and electronic commerce such as Facebook, Twitter or search engines like Google, Yahoo and others.This is called as the ‘promotion mix’ of the ‘marketing mix’.
Place is the fourth ‘P’ in the marketing mix. A business should have a best location to set up their business because it is vital that clients will receive buying information of the product. This should be assessed significantly in order to increase sales. It can be through distribution channels, distribution centres and online order processing.
In order to make a business more successful and competent, the ‘7 P’s of marketing mix’ should be applied. The following are the three other marketing mix:
3. Physical evidence
People are very crucial part of any businesses. Therefore, a business should recruit right staff and train them appropriately in the delivery of the business’s products and/or services to clients’.So staff should have appropriate interpersonal skills, aptitude and product knowledge to provide the services that the clients are paying for.
Process refers to the systems and policies within the business. It is very valuable component to the business marketing strategy. It enables to assist the clients in delivering the products and/or services. Therefore, this should be considered effectively because it measures the success of marketing objectives as well. So it needs to have a clear and concise system for staff to offer their products and/or services whereas clients are only concern methods in order to buy the business’ product.
Physical evidence is also known as packaging. It refers to the way the product and/or services and everything about the business appears from the outside. So a business should also take into account the product’s visual layout because most clients will critic on what they will see and experience in the business area. In addition, practical set up of the business needs to be considered as well. For example, how the employers dress and act, the office set up, the professionalism of the staff and many others.
On balance, the marketing mix is very effective business tool in the marketing industry. This includes visual layout of the product, charge the right price, recruit the right staff, get the goods to the right place, have a friendly environment and promote the products and/or services of the company in a very effective and persuasive way. Each component of the marketing mix is crucial to setting up a business mainly because it will help the business to boost their profit. So business should develop its product and/or services in order to satisfy their clients. However, it should not be forgotten the competitors as well in order to remain competitive and to have high sales revenue.