April 20, 2021
What is the 7Ps Marketing Mix and how should you use it in your marketing plan?
What Is 7Ps Marketing Mix?
There are many marketing theories out there for businesses to explore, however, one of the most important theories to use is the 7P’s marketing mix. So, what is the 7P’s Marketing Mix? The 7P’s stand for Product, Place, Price, Promotion, Physical Evidence, People, and Processes. These are vital targets that all businesses must consider when developing any marketing procedure. For your business to reach its best potential, it must be able to cater to the constantly changing requirements of the current and potential market of your industry, the customers, and the product which your business offers. For your business to thrive, it is essential that you understand and implements the 7P’s formula into your business’s marketing strategies.
The marketing mix is a tool that originates from E. Jerome McCarthy Marketing mix 4Ps’ work in 1960. Professional Academy briefly explains what the 4P’s stand for; product, price, promotion, and place. However, as the marketing industries developed, the core 4P’s were eventually extended to 7P’s. So, to put it simply, the marketing mix definition can be understood as a tool that businesses use to establish whatever the business may offer, whether that may be a product or a service.
Now that we covered what a marketing mix is, the next question is, what is a marketing mix in business? The marketing mix deals with the entire process of your business selling itself or a product. When referring to a marketing mix, many marketing agents compare the mix to a recipe, as each ingredient within the recipe has an important role that shouldn’t be disregarded. So, to answer the initial question of what marketing mix may mean for your business, it is the strategy that can place your business within the market. The marketing mix can determine the satisfaction of your consumers and your business, it can also pull your business to the front of the crowd of competitors. The benefits of implementing the 7P’s marketing mix strategy will increase the chances of success for your business.
The Elements Of Marketing Mix:
Now let’s dive into the marketing mix process to grasp a better understanding of what it means for your business.
1 - Product
The first P stands for product, and this refers to what your business is selling and providing to the consumers, whether it may be a product or a service. It is vital that what your business is selling meets the expectations and requirements of the consumer.
During this process, your business should consider the products or service’s image, packaging, and purpose. As well as this, the consumer’s needs and demands must be taken into consideration during this step, your business must be clear with what the consumer will gain from your product or service and why your product and service are better than your competitors.
A question to ask: How can you develop and improve your product or service?
2 - Price
When figuring out a price for your product or service, many things should be taken into consideration, such as; the potential discounts, the possible fees for tax, deportation & delivery, manufacturing, manual labour, etc, and any other terms which your brand associates with. During the process of discussing a price, other factors such as the quality of your product or service should be studied as your price will reflect the claim you make.
A question to ask: Does your pricing methodology reflect onto your product or service?
3 - Promotion
The marketing strategies your business uses are essential during this stage, as your business must publicly market the product or service directly to the consumer. There are multiple forms of marketing promotions available, such as; SEO marketing, online advertisement, PR, influencer platforms, etc. These marketing strategies for promotion will determine an increase in consumer revenue, therefore an increase in sales for your business. Rubix emphasises that the combination of promotional tools is more likely to ensure success for your business. So, be sure to use the correct platform for the promotion that your business and your potential consumers identify with.
A question to ask: How can you budget your promotion approaches without missing out on potential promotion channels?
4 - Place
This P focuses on the ‘where’ aspect of your business.
- Where is your product made?
- Where is your service provided?
- Where is your product/service promoted?
- Where is your product/service sold?
Your consumers must have access to any possible links that will promote your product/service, whether this may be through e-commerce platforms or third-party platforms.
A question to ask: How can you achieve the best form of consumer revenue through different distribution forms?
5 - People
When referring to people, your business must take into account the sales and customer service teams, the consumers, and the promotion and advertisement teams. For your business to succeed, an effective team that works together to keep the business alive must be considered and taken good care of to maintain a positive perception.
A question to ask: Can you provide any support or training for your team to improve on any skill gaps?
6 - Process
This step must be taken into account as it covers the delivery of your product or service to the consumer. This stage outlines any activities, tasks, and functions which your business will undertake to deliver a product/service to the consumer.
A question to ask: How can you avoid any possible internal obstacles that your business may face?
7 - Physical Evidence:
This step is usually directed towards the consumer’s needs. When selling a product/service to a consumer, it is preferred that the consumer receives some kind of confirmation and recognition for their purchase. Based on what your business is supplying, this could be in the form of a receipt, or a thank you note, or even an exclusive promotion. By undertaking this step, not only does it increase the validity and trustworthiness of your business, but also validates the consumer experience. Brian Honigman explains how to build essential trust for any start-up business.
A question to ask: What can your business offer that other competitors aren’t providing their consumers?
Why Is Marketing Mix Important?
By implementing a marketing mix strategy, it will allow your businesses to remain up to date on any issues that may affect the marketing of your products or services. Therefore, you will always be able to provide solutions as the problems will be presented to you, rather than searched for.
So, why should your business use a marketing mix? By using a marketing mix strategy, you’re increasing the chances of your business succeeding, as it can provide your business with many benefits, such as:
- Allow you to understand and identify what your product/service can provide to your consumer
- Assist with planning and developing effective marketing strategies
- Provide insights which can help clarify an effective and accurate budget
The key purpose which marketing mix is used is to guide a business to profit from its marketing decisions. By doing so, a marketing mix allows a business to identify and further develop its strengths as well as reduce its weaknesses to provide the best service to its consumer.
Many businesses use marketing mix strategies for multiple reasons, however, the essential reasons for any kind of marketing are simple. Boosting your business and developing your product/service are two very important and extremely beneficial factors that should be considered by your business.
Product development consists of effective market research that will help further develop your product/service, which will also impact the price and promotion approaches your business chooses to take. Every time you develop the product/service, the chances of an increase in your business’s prospective consumer revenue will increase.
To boost your business, you must be able to identify your possible competitors to study and identify what similarities and differences you share, and how you can improve and develop your brand for consumers to choose your business rather than your competitors.
How Should You Use It in Your Marketing Plan?
Before answering the question of ‘how’, let’s identify what a marketing plan is. A marketing plan can be defined as a report which provides a framework for your business’s marketing strategy. A marketing plan is important to have as it will provide your business with guidance and reduce any unnecessary time consumption.
This report usually includes:
- Current marketing position
- Any goals and aims which your business may have for the upcoming year or specified period of time
- The business’s targeted market and targeted consumer
- A timeline of marketing strategies and set deadlines for completion
- Key performance indicators
However, there is a very distinctive difference between a marketing plan vs marketing strategy, and it is important to understand the difference. Laura Dunkley explains how a marketing strategy consists of what approach your business chooses to take, meanwhile the marketing plan consists of what activities your business will undertake to achieve that desired strategy approach.
When applying a marketing mix strategy into your marketing plan, your first step should be to identify who your targeted consumer is. By doing this, your business is more likely to be able to provide a solution to whatever problem your potential consumer may have, therefore, building a relationship between the business and consumer. RawLift Digital can determine who and where your business’s targeted consumer can be found through the variety of services that we provide.
Once you’ve identified who your targeted consumer is, you should be able to apply an element of the marketing mix in your business by answering questions such as:
- What is your consumer’s problem?
- How can your product/service solve this problem?
- Is your business accessible to this consumer?
- How can you motivate your consumer to buy your product/service?
What Should A Marketing Plan Include?
A marketing plan is considered a map for your business’s growth. This plan will allow you to avoid major obstacles and benefit your business by clarifying where your business’s strengths and weaknesses lie. If done correctly, the success of your business is very likely to improve.
Every business will have a marketing plan that caters best to their marketing goals, however, the contents for a marketing plan consist of a few main focal points that should be covered.
1 – An Executive Summary
2 – Target Customers & Unique Selling Proposition
3 – Pricing & Positioning & Distribution Plan
4 – Marketing Materials & Promotions Strategy
5 – Online Marketing Strategy & Conversion Strategy
6 – Financial Projections
Consider an executive summary as an introduction that will briefly summarise each section of your marketing plan, this will benefit you as well as your team members to understand what the plan is about.
Define the business’s targeted demographic and understand their needs and how your product/service can satisfy those needs. Figure out a USP that will attract the consumer to your business rather than your competitors.
Your pricing, positioning & distribution strategy needs to be clear. Does the pricing of your product/service correlate with its position and status within the market? If so, can your consumers access your product/service?
What offers can your business provide in order to push your sales forward? This will go hand in hand with the marketing materials that you choose as well as the promotion strategy your business will undergo. An online marketing strategy must be included as the majority of the world can be reached through screens and social media. Within this section, a conversion strategy for potential consumers should be included.
Financial projections should be the final stage of your plan; this is where all expenses are covered. By including this step, it will allow your business to identify which promotional strategy works best.
Download Our Free One Page Marketing Plan
The marketing plan process can be quite daunting as it must be very detailed and can be time-consuming. However, after the completion of the plan, you will notice a rise in business sales and profits.
Remember, the 7P’s marketing mix is one of many marketing approaches that has been developed over time to suit the current day we’re in. The marketing industry is forever changing, so make sure to constantly optimise your business’s marketing plan to remain up to date
Until next time.
Sharing is caring ❤️
Subscribe To Our Newsletter!
Subscribe to marketing insights from Rawlift Digital's blog.