What is marketing? The Charted Institute of Marketing offer this definition:
“Marketing is the magement process responsible for identifying, anticipating and satisfying customer requirements profitably.”
Marketing can be misunderstood as simply advertising or generating sales. We think that there is more to it than that. The discipline of marketing is a key focus for most successful businesses regardless of size. It may sound obvious but there is no point having a great product of service if there are no customers looking for it. If you can provide what consumers are looking for at the right price and at the right time then you’re much more likely to be successful.
Traditionally marketing has been described as revolving around the four Ps – Product, Price, Place and Promotion. Another three have since been added: People, Process and Physical Evidence. The seven Ps are considered the most appropriate model for the current marketing environment.
The seven Ps of marketing
1. Product
Identify the market, their needs and desires then design a product around it.
For this purpose a service can be the ‘product’
2. Price
The price should be competitive.
The more you charge the greater value your customers will expect for their money.
3. Place
The product must be available at the right time.
Delivery performance is consistently one of the most important criteria when choosing a supplier.
4. Promotion
How the company communicates what is does and what it can offer.
Communicate the benefits not just the features
5. People
Your people are the embodiment of your brand.
Great customer service, advice and support will make happy customers advocates for your business.
6. Process
The process of delivering the product or service.
Ensure you systems are designed around your customers. This could be a user friendly website or product support helpline.
7. Physical evidence
The touch points for your brand will have an impact on impression your company makes.
An untidy reception or an out of date brochure won’t make a great first impression.
Each of the above is an ingredient in the marketing mix. If you get the balance right you should have a recipe for success.
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