7 p's of marketing IIUI
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This document discusses the 7 P's of marketing, which are the key elements of a company's marketing mix strategy. The 7 P's include: Product, Price, Place, Promotion, People, Process, and Physical Evidence. For each P, the document describes what it refers to and provides examples. It explains that the marketing mix involves choosing the optimal combination of the 7 P's to satisfy customers. The document concludes that the 7 P's are interdependent and together constitute a company's overall marketing strategy. Regularly reviewing and adjusting the marketing mix allows companies to maintain a competitive edge.
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7 p's of marketing IIUI
- 1. 1
- 2. Course: Introduction to Management Course Instructor: Sir Hamza BS-IV Presentation Group 01
- 3. L/O/G/O Group Members: Hamnah abid --- 324/F12 Anum zulfiquar --- 325/f12 Huma iqbal --- 328/f12 Zakiarehman --- 330/f12
- 4. 7 P’s of Marketing Product People Process Price Place Physical Evidence Promotion
- 5. Introduction The Marketing Mix is one of two interrelated components of strategy The Marketing Mix, more popularly referred to as the 7Ps of Marketing is a set of controllable and interrelated variables Marketing Mix strategy is choosing and implementing the best possible course of action to attain the organization’s long- term objectives and gain competitive edge. It is composed of product, place, price and promotions that a company assembles to satisfy a target group better than it’s competitor.
- 6. Marketing Mix • The 7 P’s of Marketing are: • The primary goal of marketing is to optimize the marketing mix, offering the best possible combination of the 7 P's to maximize the effectiveness of marketing efforts. The variables known as the 7 P's of the marketing mix are as follows:
- 7. Product • Product is – The actually offerings – Product may be • tangible (goods) • intangible (services) • While formulating the marketing strategy, product include: – Design – Technology – Usefulness – Convenience – Value – Quality – Packaging – Branding – Accessories – Warranties
- 8. Product • Product Refers to: – The questions related to the product such like: • What need does the service/product fulfill • What does the customer want from the product/service? • What needs does it satisfy? • What features does it have to meet these needs? • Are you including costly features that the customer won't actually use? • How and where will the customer use it? • What size(s), color(s), and so on, should it be? • How is it branded? • How is it differentiated versus your competitors? • How will your product/service differ from the competition
- 9. Some Product Strategies • Positioning compared with competitors • Market (consumer) preferences • Options and bundling • Packaging • Range of Products
- 10. Kotler suggested that a product should be viewed in three levels. • Level 1: Core Product. What is the core benefit your product offers?. • Level 2 Actual Product: All cameras capture memories. The aim is to ensure that your potential customers purchase your one. • Level 3: Augmented product: What additional non-tangible benefits can you offer?
- 11. Some Examples of Product
- 12. People They are the target consumers of the company. They are the ones who are the consumers
- 13. Process The process of the product is essential in marketing. This determines the capability of the product to supply the demand of the consumers.
- 14. • The actual procedures, mechanism and flow of activities by which service is delivered. • Service process are complex and time consuming
- 15. Price • Price is the process of determining that – What to charge for the product or service. – The customers are willing and able to pay. – Cost of production (time, labor, ingredients, packaging, advertising, etc.) – Demand and Supply • The end result is the price of the product or service.
- 16. Price • Price include: – Price sensitivity – Value of goods – Discounts – Price Compare with Competitors – Profit – Forgo normal margins – Psychological – Competition – Bundle – Payment Plans
- 17. Some Examples
- 18. Place • Place Refers to: – how & where you are going to sell the product to the consumer • There are two types of distribution: – Direct Distribution • Selling your product directly to the consumer – Amazon.com, Ebay.com , ISPs – Indirect Distribution • sold through a 3rd party – Example: Cold Drinks producing companies
- 19. Place Place Includes: • Distribution • Channels • Control issues • Rationing • Place of displaying • Place of distribution
- 20. Place • Place is where you are – going to locate in order to best reach your target market • Example: Car Dealers
- 21. Some distribution/place strategies • Offer exclusivity • Co-operative advertising • Offer Price protection • Returns policies
- 22. Physical Evidence Physical evidence is the first distinction of a product. A product could be easily recognized by it’s evidence.
- 23. The environment in which the services are assembled and delivered. Combined with tangible commodities that facilities performance or communication of service Physical evidence include all tangible representations of services such as: • Brochures • Letterhead • Business cards • Report format • Physical facilities
- 25. Promotion • Promotion is – the actual marketing of the product or service – the image portrayed. – Advertising the product or – making the customer aware of the product or service is involved in promotion. • Advertising can be done through – public relations – Media – personal selling
- 26. Promotion • Promotion includes: – Advertising – Events – Press releases – Trade shows – Brand awareness – Brochures, datasheets – Freebies
- 27. Promotion Mediums • Television • Radio • Newspaper • Telephone marketing • Direct-mail • Contests • Free samples • Coupons • Rebates • Magazine • Outdoor • Internet • Transit • Frequent purchaser programs • Gifts • Special events • Buzz
- 28. Other Promotion Mediums • Public-relations is free promotion generated by media coverage • Personal selling – personal contact with the customers. • Telemarketing– Inexpensive, but new laws restrict unsolicited phone calls
- 29. Some Promotion Strategies • These are – Co-operative advertising – Branding – define & build the brand(brand portfolio) – Internet presence – Follow-Up readiness – Celebrity Promotion
- 30. Product, place and people are Considered as the strategic Ps of marketing mix since they Cannot be changed overnight. Promotions, price, process and physical appearance are considered as the tactical Ps of marketing mix because these can be changed more easily.
- 31. Summary The marketing mix of a company seldom stays the same Marketers must therefore have a systematic way of reviewing what worked and why, what didn’t work and why. Answering these queries are a prerequisite before planning what should be added or what should be dropped in order to attain, enhance or maintain competitive edge.
- 32. Visual Aid
- 33. Conclusion 01 • 7 P’s are interdependent 02 • 7 P’s constitute your “Marketing Strategy” 03 • You can control these (independent variables)
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Editor's Notes
- Product Price Promotion and Place are interconnected. Action in one affects decisions in another. The order of dealing with each can vary, i.e. place can occur before promotion, etc. But first, the target population must be defined and then the strategies are directed toward this target population (market). Give the example of Cake ….! Think of a Cake All cakes need 4 things – flour, egg, sugar, milk However, you can play with the flavour of your cake by changing the ingredients slightly Example: Sweeter cake – addmore sugar
- the actually offering by the company to its targeted customers which also includes value added stuff. Product may be tangible (goods) or intangible (services). Market research (the systematic gathering, recording, analyzing, and presentation of information related to marketing goods and services based on needs assessment)
- The 1st “p” of the marketing mix is product. This refers to any and all decisions make about what they are going to make or sell. This part of the marketing mix relates to the function of product/service management. Businesses make decisions about the design of the product, the name of the product, the level of quality of the product, how the product will be packaged and labeled – anything having to do with the physical product itself. Quality example : some people really wants quality so they buy farrari and some people will not bother about quality and buy suzuki …
- In marketing, positioning is the process by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. Re-positioning involves changing the identity of a product, relative to the identity of competing products. De-positioning involves attempting to change the identity of competing products, relative to the identity of your own product. Packaging if your selling a product what image will the packaging communicate? If a service – how will the appearance of your operation communicate an image about your business Range of Products – what complimentary products may you offer If service: Will you offer other products with your service Example: Moose Winooski’s – you can buy T-Shirts and Hats Example: Think of the range of products that apple has
- Price is the process of determining what to charge for the product or service. It should reflect what the customers are willing and able to pay. It is assumed a profit is to be made. It includes determining the cost of production (time, labor, ingredients, packaging, advertising, etc), the state of supply and demand, and the amount of profit to be made. The end result is the price of the product or service. Lower prices throughout the store – Price
- Competition – basing your prices on those of the competition Penetration – making your price low while new just to get some business Bundle – putting the product/service with another item and bundling the prices Psychological – making the price say something about the quality of your product Markup vs market? Give it away (e.g. internet services) Forgo normal margins (e.g. Prius) Raise price to luxury levels (homes, boats) Offer Price protection (e.g. computer) Payment Plans (cell phones, cars, etc) What is the value of the product or service to the buyer? Are there established price points for products or services in this area? Is the customer price sensitive? Will a small decrease in price gain you extra market share? Or will a small increase be indiscernible, and so gain you extra profit margin? What discounts should be offered to trade customers, or to other specific segments of your market? How will your price compare with your competitors? Competition – basing your prices on those of the competition Penetration – making your price low while new just to get some business Bundle – putting the product/service with another item and bundling the prices Psychological – making the price say something about the quality of your product
- The 2nd “p” of the marketing mix is place. We’re already used this term when learning about utility. Place relates to the marketing functions of distribution and selling. Place refers to decisions businesses make about where they are going to sell their products to make them available to their customers, how wide-spread is their distribution (intensity, which we will talk about later), how will the product be transferred and stored, and whether or not the product will be sold directly to the customers or through a middleman. We will talk more about this in our unit on distribution.
- Where do buyers look for your product or service? If they look in a store, what kind? A specialist boutique or in a supermarket, or both? Or online? Or direct, via a catalogue? How can you access the right distribution channels? Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalogue companies? What do you competitors do, and how can you learn from that and/or differentiate?
- Notice how car dealerships are always on the outskirts of town or close to a highway
- Offer exclusivity (eg by region) Co-operative advertising ( different groups join together to form a group) Offer Price protection (e.g. computer) Re-stocking privileges Returns policies
- the actual marketing of the product or servicethe image portrayed. Advertising the product or making the customer aware of the product or serviceis involved in promotion. Advertising can be done through public relations, media, personal selling and various persuasive communication strategies.
- Interdependent means related to each other