Understanding the 7ps of the Marketing Mix

Marketing Mix
 Refers to the tactics that we have to satisfy
customer needs and position our offering clearly in
the mind of the customer.
A good marketing mix can:
 Differentiate you from your competitors
 Allow you to be flexible
 Help you identify your priorities
 Reach new audiences
 Increase collaboration within your company
 Help you engage customers
 Help you build your brand identity
 Allow you to try out ne strategies
 Inform you of what’s working and what isn’t
When to use marketing mix
 Before launching their business as a framework for planning their
marketing.
 For day to day marketing decisions so that they can attract the right
audience and successfully market to them.
 For continually evaluate and reevaluate their business plan so that
they can keep up with the ever-changing market and achieve
maximum result.
 For continually reflect on strategies to change and adjust things based
on your findings.
It involves the 7Ps
 Product
 Price
 Place
 Promotion
 People
 Processes
5 questions to consider defining product mix
strategies
 What people expect from a product/service?
 What will they do with it, and how will they use it?
 What features are required to fulfill the client’s
requirements?
 Is the product’s name memorable?
 What sets your product apart from the competition?
Questions to help you get started with this
marketing mix element (PRICE)
 Is this priced favourably?
 How does the price compare to competitors?
 Should discounts be offered?
Pricing also sends a signal to your
customers
 Cheap often indicates a no frills product without
any added extras
 Expensive may indicate a luxury product or one
that has some added value such as improved
customer service.
Questions that can assist you defining this
marketing element of place
 What are the places where purchasers seek your
product?
 How will you get the goods to that place
 How you will get the goods to the customer.
 Is it necessary to hire a sales man?
 Do you need to sell something on the internet?
Questions that help you to develop your promotion
strategy
 When and where can you reach out to your target market
with your marketing messages?
 How do your competitors promote themselves?
 And how do your competitors impact the promotional
activities you choose?
 When is the most effective time to market your product?
 Is using social media the best option?
 1. ADVERTISING

 • Radio Advertising by means of radio gives the advantage of selecting the territory and
audience to which the message is to be directed. It is also cheaper than TV advertising.
 • Television This is the latest and the fast-developing medium of advertising and is
getting increased popularity these days. It is more effective as compared to radio as it
has the advantages of sound and sight. On account of pictorial presentation, it is more
effective and impressive and leaves a lasting impression on the mind of the viewer.
 • Print The print media carry their messages entirely through the visual mode. These
media consist of newspapers, magazines and direct mail.
 • Electronic You can also advertise electronically through your company website and
provide important and pertinent information to clients and customers. You can protect
some parts of your website through passwords and give access to member customers.
You can also send advertisements via direct e-mail as part of your promotional
strategy..
 • Word of Mouth Word-of-mouth advertising is important for every
business, as each happy customer can steer dozens of new ones your
way. And it's one of the most credible forms of advertising because a
person puts their reputation on the line every time they make a
recommendation and that person has nothing to gain but the
appreciation of those who are listening.
 • Generic The promotion of a particular commodity is without
reference to a specific producer, brand name or manufacturer.
Producers join together to expand total demand for the commodity,
thereby helping their own sales. These activities are often self-
funded through assessments on marketing called check-off programs
 2. PUBLIC RELATIONS OR PR

In public relations, the article that features your company is not paid for. The reporter,
whether broadcast or print, writes about or films your company as a result of information
he or she received and researched.
Many people use the term PR and advertising interchangeably, PR involves sharing
information with the public using platforms that do not require a payment, such as social
media or through press releases shared with magazines and newspapers.
PR professionals package information and disseminate it in the hopes that it will be
organically shared. The goal of public relations is to shape public perception of a business,
presenting a positive image through various strategies to its various constituents
 3. PERSONAL SELLING
Personal selling occurs when an individual salesperson sells a product,
service or solution to a client. Salespeople match the benefits of their
offering to the specific needs of a client. Today, personal selling
involves the development of longstanding client relationships.
 Personal selling involves a selling process that is summarized in the

following Five Stage Personal Selling Process.

 The five stages are: • Prospecting • Making first contact • The sales

call • Objection handling • Closing the sale

 4. SALES PROMOTIONS
 Sales promotion is any initiative undertaken by an organization to promote an increase in
sales, usage or trial of a product or service (i.e., initiatives that are not covered by the other
elements of the marketing communications or promotions mix). Sales Promotion Technique
 • Free Gifts There are many ways to utilize this particular sales promotion technique. A
newly opened store, for example, may offer the first 10 customers free items worth 100 pesos.
 • Free Samples Providing free samples is a technique used to introduce new products to the
marketplace. Samples give the consumer a chance to see how well they like a product or try
something they otherwise would not normally buy.
 • Free Trial A free trial is a way for a consumer to try a new product while eliminating risk. It
may be used when a product is unique to the marketplace.
 5. DIRECT MARKETING
 Direct marketing is a promotional method that involves presenting
information about your company, product, or service to your target
customer without the use of an advertising middleman.
 It is a targeted form of marketing that presents information of
potential interest to a consumer that has been determined to be a
likely buyer. Forms of Direct Marketing Brochure Catalogs Fliers
Newsletters Post cards Coupons Email Phone calls Text messages
Packaging
 It is a vital marketing element. It’s the thing that
can make or break a product. Will the consumer
focus on your product and buy it or move on to
something else? The packaging will be a deciding
factor.
Why packaging matters?
 It is eye-catching and inviting and its critical for
brand recognition.
 Capable of influencing customers behavior in
multiple ways.
 Essential marketing tool which supports branding,
emphasizes the product’s best features and creates an
unforgettable experience for the customers
Packaging as a marketing tool
 Key strategic marketing factors come into play
when designing product packaging:
1. Positioning
2. Storytelling
3. Communicating brand values
4. Building trust
What makes good packaging design?
 Clarity- don’t make the customer guess what the product inside the packaging is;
always be clear about the product and the brand.
 Consistency-the packaging should reflect the brand and its values.
 Functionality-if the packaging needs to protect the product as well as market it, make
sure it does.
 Practicality- ensure that the products packaging makes it east to stack, display and
deliver.
 Sustainability- increasingly, consumer want packaging that is recyclable and cuts down
on waste.
 Color and typography- the visual design elements in packaging are crucial for its
success
Tips to improve your packaging design
 Does it align with your product and the market’s perception of it.
 How can you make it stand out on the shelf?
 Can you add something innovative to it without making it
impractical or increasing your packaging costs?
 Should you experiment with different materials?
 Can you use sustainable packaging?
 Will it add to the customers’ unboxing experience?
Tips to create the best packaging design
 Keep packaging eye catching so that it immediately
stands out
 Choice of packaging is extension of your brand
 Packaging must be durable so its secure
merchandise and protects the products inside.
 Easy to open
Place
 Initial Location Screening
1.The number of customers residing and working in the area.
2. The density or number of customers per unit area.
3. The access routes to alternatives locations and their traffic count in
those routes.
4. the buying habits of customers or where they buy, at what time and
how frequent.
5. Locational features such as parking spaces, foot access, creature
comforts and the like
The entreprenuer has to consider the following in comes with price that
comes with location

 The cost of buying or renting, renovation and operating the location.

 Customer volume, drop-in rates (what percentage of customer traffic
would stop by the store) and sales conversion ratios ( what
percentage of drop-ins would actually purchase something from the
store0
 Revenues based on the volume and the mix of goods and services
expected to be sold at certain prices.
 profits
The final choice of location must be based on
the following:
 Image and location conditions
 Exact fir to target customers
 Clustering of competitor establishment
 Future area development
 Fiscal and regulatory requirements
Relevant Location Drivers
 Physical Proximity to Target Market
 Customer traffic flow
 Industry Clustering
 Convergence of Multiple Industries
 Population Concentrations
 Activity Hubs
 Growth Potential
 Business Climate
 Cost of Doing Business and Producing Goods and Services
Comparative Location Analysis
Comparing it with other locations with more or less
the same features and tenant mix or clusters of
competitors.
Geography and Atmosphere Determinants
 For the geography determinant, there are 6 decision tensions:
Concentration vs destination
Access vs abundance
Clustered vs dispersed
Developed vs underdeveloped
Physical vs virtual
Upscale vs downscale
 For the atmosphere determinant, there are five decision
tensions:
Formal vs informal
Exclusive vs public
Conservative vs adventurous
Aesthetics vs functuanality
Minimalist vs maximalist