LESSON 3 Marketing Mix Seven (7) Ps in marketing mix

Marketing mix

1. Recognize the importance of marketing mix in the development of marketing strategy.

2. 7 Ps marketing mix a marketing tool and strategy that will help your business to develop it's marketing and business success by focusing on specific areas. Historically, the marketing mix was just 4Ps, but 3 more were added and it is now suggested that all 7 are considered as part of your marketing and promotional strategy, particularly if you are a service provider. www.multiliteraciesproject.com

3. What is the 7P’s marketing mix used for? These 7 Ps are predominantly used by businesses as a focal point and as part of an overall marketing strategy.

4. Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market.

5. Marketing strategy - is a long-term, forward-looking approach and an overall game plan of any organization or any business with the fundamental goal of achieving a sustainable competitive advantage by understanding the needs and want of customers.

6. They can assist with: Defining areas of success in the business that can be replicated and built on Defining issues in the business that are holding you back from being more profitable, productive or successful Setting objectives and targets – so you can move strategically towards your goals

7. They can assist with: Competitive analysis – your business position in the market against your competitors SWOT analysis – analysis of your business strengths, weaknesses, opportunities and threats

8. The 7 Ps The original 4Ps of the marketing mix tool are: 1. Product 2. Price 3. Place 4. Promotion The additional 3Ps added, are: 5. People 6. Process 7. Physical Evidence

9. 1. PRODUCT refers to what you are selling, including all of the features, advantages and benefits that your customers can enjoy from buying your goods or services. this could be your SERVICE if you are a service provider Is your product branded effectively? How do your customers rate the quality of your product?

10. Is there recurrent negative feedback about the same thing? Are there improvements that could be made? Is your product brand strong? Do you offer a guarantee? Do you have availability or stock? Could you take on more customers or orders?

11. 2. PRICE This refers to your pricing strategy for your products and services and how it will affect your customers. How does your product compare when it comes to the market price? When was the last time you reviewed your pricing? When was the last time you altered your price in-line with inflation, or market supply and demand?

12. 2. PRICE Is your pricing model clear and easy to communicate? Do you know your profit margin on each product you offer? Do you provide any added-value to your offering? Do you offer the most appropriate payment methods for the customer? Do you offer credit facilities?

13. 3. PROMOTION These are the promotional activities you use to make your customers aware of your products and services, including advertising, sales tactics, promotions and direct marketing. What marketing communications do you have? Do they need updating? Do they give the right messages? How could you refine your sales process?

14. 3. PROMOTION What PR activity are you doing? Do you have a marketing budget? Should it stay the same, or change this year? Do you network to promote your business?

15. 4. PLACE is the place where your product or service is actually sold. Is your product available in the place where your customers shop? Is your product visible to your target market? Are you visible on social media?

16. 5. PEOPLE Refer to the staff and salespeople who work for your business, including yourself. Do you have the right people to sell your product / service? Do you have the right amount of marketing support? Are the right people in your team, in the right roles?

17. 5. PEOPLE Do you need more, or less resources? Could you outsource some of your work to reduce commitment on costs? Do you have the right culture within the team? Do you have a good recruitment, training and appraisal system for staff?

18. 6. PROCESS refers to the processes involved in delivering your products and services to the customer. It is also about being 'easy to do business with. Is your sales process efficient? Are your processes customer focused? Do you have a good process for dealing with technology issues?

19. 6. PROCESS Have you established systems for as many things as possible within your marketing and sales process?

20. 7. PHYSICAL EVIDENCE refers to everything your customers see when interacting with your business. Is your product packaging reflective of the quality of the product? This could apply to the way a service is delivered, including any physical documentation What is the online experience if the product is delivered digitally?

21. 7. PHYSICAL EVIDENCE refers to everything your customers see when interacting with your business. Is your product packaging reflective of the quality of the product? This could apply to the way a service is delivered, including any physical documentation What is the online experience if the product is delivered digitally?

22. Group activity 2: Fill in the following box based on the product or service proposal that you will going to conduct.