Knowing about the Seven P’s

A planned approach to marketing assists in setting precise objectives based on the current situation a company is facing. The strategy defines how these objectives will be achieved, including the target market to focus on. We need to define tactics especially for the students of Best MBA college in Jaipur to make this plan workable and that is where the extended marketing mix (7Ps) comes in.

What is the marketing mix?

The marketing mix refers to the tactics that company managers have to follow to comprehend customer needs and requirements. It involves the 7Ps which are:

Product: This refers to what the company produces and is developed to meet the core need of the customer. The managers have to devise a strategy to add to benefits like improving the offering that it provides to its officials, designing new versions of existing products, and launching brand new products. When improving the product offering, it is essential to deliberate beyond actual product itself

Price: A company is run on the basis of profit making, so it is important to get the price right to not just cover costs but also to generate profit! Before setting prices, one needs to research information on what customers are willing to pay and gain an understanding of the demand for that product/service in the market.

Place: This is the place where customers make a purchase. This might be in a physical store, through an app or via a website. Some organisations have the physical space, or online presence to take their product/service straight to the customer, whereas others have to work with intermediaries. The place has to be decided in accordance to the kind of product and the type of customers it caters to.

Promotion: Promotion in the marketing mix is about communicating messages to customers, to generate awareness and interest. There are different tools for communication with varying benefits. Advertising is good for raising awareness and reaching new audiences, whereas personal selling using a sales team is great for building relationships with customers.

People: A company’s personnel passed out from Best MBA College in Jaipur are at the forefront when interacting with customers, taking and processing their enquiries, orders and complaints in person. The knowledge of the company’s products and services and how to use them, their ability to access relevant information and their everyday approach and attitude needs to be optimised.

Process: All companies want to create a smooth, efficient and customer-friendly journey. Understanding the steps of the customer journey, from making an enquiry online to requesting information and making a purchase, helps us to consider what processes need to be in place to ensure that the customer has a positive experience.

Physical Evidence: Physical evidence provides cues of the quality of experience that a company is offering. For an instance, for a restaurant, physical evidence could be in the form of the surroundings, staff uniform, menus and online reviews to indicate the experience that could be expected.

Learn about these P’s used in the marketing mix in Best MBA College in Jaipur and excel managing a company!

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