Marketing is an abstract concept that many people find hard to understand. If one cannot understand it, how are they expected to be able to apply it? The most successful way of applying marketing is through the 7 Ps. These seven elements are what help marketers come up with their strategies and ideas for a product or service, allowing them to bring it successfully onto the market. While there are many different products and services out there depending on your industry, these principles have been applied countless times before in an almost identical way each time, which has proven its effectiveness over time. Let us take a closer look at two of the main ingredients used when cooking up a product or service strategy with the 4Ps: Product & Promotions.
The product is the most important part of any marketing strategy. It is not enough to simply have a good idea or service, it needs to be useful and convenient for potential consumers before anything else matters. If you get your product right, the rest will fall into place; however, getting the development stage wrong can ruin everything. People who use social media can be exposed to many different products everyday which makes them even more conscious about their choices and that they make the best ones when buying something new.
Just like many elements of marketing were mentioned above, the product is one of the most important parts of any marketing campaign. If your product is not unique and fails to set itself apart from all other similar products then you will find that it will fail to gain momentum on its own accord. A new study published by Nielsen found that 84% of consumers would try a new product if it was recommended by someone they trust, which is why word-of-mouth promotion is so powerful within our society today.
Promotion is a very broad term which can include anything from advertising to word-of-mouth. It is one of the most important elements of a marketing mix simply because there are so many different ways that you can push your product out into society through promotions. In today’s day and age, social media has enabled anyone to promote any product very cheaply and effectively at little cost. New technology such as apps have allowed companies to integrate promotional methods right into their products, making it more difficult for them not to use them.
Although promotion was already mentioned as one of the 7Ps which help drive successful marketing campaigns, I felt that it deserved its own special mention due to its importance within consumer society today. Technology has enabled us to market products on a global scale at very little cost, whether it be through social media campaigns or promotional apps which allow more people to know about your product.
Just because you spent months developing a product, that doesn’t mean that it will sell. The price of your product is the most obvious promotion and perhaps the simplest to change throughout the marketing process. Price is also one of the elements of a marketing mix which needs to be considered carefully before entering the market. Although some brilliant products are not always hugely successful due to their high price, it does not necessarily mean that they will never sell once they have been brought down in cost over time after gaining more users and recognition amongst consumers.
4. Product Placement:
Where you place your product can often make or break its success on the market; however, this idea seems to go unnoticed by some marketers who find it easier to stick with just developing their product. You need to consider all elements, including the placement of your product, when you are designing your marketing campaign because it will have a huge effect on how quickly your product can gain momentum. For example, placing a product in an area where people are less likely to buy it is not good for business. On the flip side of that idea though, if you place it somewhere highly populated or where there is high footfall then this could boost sales and save you money through loss prevention.
This final element ties in with number 5 and number 6, as it focuses on the actual placement of your product within a store. Many companies try to cut costs here and simply place their products where they can in order to reduce any loss that they may have incurred during development; however, this is one of the most important elements of a marketing mix because you need all eyes on your product if you want it to make an impact.
Elements such as these lot more attention from marketers nowadays as many recognise how important they are for boosting sales. The only reason why I placed promotion first is because it has been given more emphasis lately due to technological advances which allow anyone with a smartphone or internet connection the ability to share anything at any time – whether it be news about a new product or something that they have seen on the way to work that day.
The marketing mix or the promotion mix, developed by Neil Borden in the late 1950s, refers to the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”. It brings together all elements of a marketing plan and ties them into one comprehensive plan for developing and implementing promotional activities.
The marketing mix refers to the “set of marketing tools that the firm uses to pursue its marketing objectives in the target market”. It brings together all elements of a marketing plan and ties them into one comprehensive plan for developing and implementing promotional activities. The emphasis is on selecting target markets, setting prices for products, placing products with potential customers, creating effective advertising campaigns, distributing promotional materials through appropriate channels and evaluating performance results.
More recently, scholars have suggested an expanded definition including more than simply 4 P’s (product, price, placement and promotion) by adding two additional Ps: process & people.(Dahlen 2008; Hatch & Schultz 2010). This expanded definition acknowledges that firms must take responsibility not only for how they position their product but also for the process used to conduct their business, and that firms that work to attract, support and retain great people can be more successful than those who do not.
The marketing mix has been defined in many ways over time by different scholars. The most common discussion of it is in terms of four “Ps”, which are: product, price, promotion and place (distribution).
Over the years, marketers have increased their understanding of how consumers make purchase decisions. Thus there is a need to keep up with consumer behavior resulting in an increase in the number of Ps by two additional Ps: Process & People. This expanded definition acknowledges that firms must take responsibility not only for how they position their product but also for the process used to conduct their business, and that firms that work to attract, support and retain great people can be more successful than those who do not.
The product element of the marketing mix refers to the specifications of the actual product or service. The firm’s task is to understand customers’ requirements and expectations in terms of these specifications with respect to a product so as to ensure satisfaction without compromising its own profitability. Product decisions include: new-product development, packaging, brand, sourcing (buying from another company) and licensing (getting rights from another company for using their trademark). Aspects such as quality, durability and functionality will differ depending on whether it’s a consumer or industrial product and all must be factored into product decisions.