The marketing mix is the backbone to how to bring products/services to market as it allows organisations to review and define key aspects. The 7Ps of the marketing mix are a framework for analysing the marketing mix of a product or service with a competitive lens and ensuring more areas other organisation are incorporated. To hear more about the marketing mix, listen to this podcast. The 7Ps are:
Product
The physical product or service being offered to customers to meet their needs. There are many elements that need to be considered under product:
- Quality. How has the product/service been made? How long will it last? Will it be seen as value for money and fit for purpose?
- Image. What the product/service represents and what will be known for feature or benefit
- Branding. What level of recognition,
- Features of the product that differentiate/similar to competitors, included and add-ons (eg. DLCs). What is the value add compared to others
- Customer service provided for product/service
- Warranties that cover usage and life. Are they being upheld? How do people claim
Price
The amount of money that customers need to pay in order to purchase the product or service. Also – how are you going to make a profit? Price is a strong indicator in market of the brand itself and where it fits in.
- What is the pricing strategy for RRP and if doing promotions in the future
- What types of discounting will happen – random, align with key market campaigns (Mother’s Day, Black Friday)
- Payment methods being offered and potential partnerships eg Latitude, VISA, PayPal. Due to customers sentiments for online security customers are wary
- What prices will be add-ons or more premium versions
Place
The location where the product or service is sold, such as a retail store or online platform.
- What channel will it be available in: retail, online, omni, app
- What support for sale will be available
- Will there be segmentation for channels
- What is the distribution change going to evolve to include? Intermediates, direct?
Promotion
The marketing and communication efforts used to promote the product or service to potential customers.
- What are the marketing comms planned out to be e.g. mass market, niche, personalised
- Public Relations (PR) support to different media
- Branding and how it connects
- Is Direct Marketing an option
- How do sales promotions differ to BAU material
People
The people involved in creating, producing, and selling the product or service. The actual people that are the face of the organisation
- Individuals involved in the activities to bring to market including customer care
- Culture and image of the organisation including training
- Remuneration for sales team
Process
The processes involved in creating, producing, and delivering the product or service.
- What is the customer process to buy etc What is the customer journey?
- What processes are involved by the organisation
- How are the designs inter-connected
- What is involved in research and development for improvements
Make analytics your best friend e.g. click throughs, conversion rates etc
Physical Evidence
The tangible elements of the product or service, such as packaging or the appearance of the place where it is sold.
- The actual experience the customer walks through (Customer journey mapping is perfect for this)
- Product packaging and what it contains e.g. warranties, brand, image etc
- Online experience – sale and use
- Reviews and testimonials
The marketing mix is used by organisations to make informed decisions about how to effectively market and sell their products or services. It is important to check back when any new innovations are being brought to market in case anything has changed.
To hear more about the marketing mix, listen to this podcast.
Source info:
McCarthy, E. Jerome . 1960. Basic marketing: A managerial approach. Homewood, IL: Irwin.
The 7Ps of The Marketing Mix | Oxford College Of Marketing
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