Do you know what makes a product/service successful in the market?
The first step is to get the Market Mix right!
The marketing mix is about putting the right product or a combination thereof in the right place, at the right time, and at the right price.
There are broadly 2 concepts in the marketing Mix: 4PS & 7PS
4 Ps
E. Jerome McCarthycreated the Marketing4Ps in the 1960s. It stands relevant even today and is used by various companies for their GTM strategy.
product:
A product is anything tangible and intangible which fulfill our customers’ needs
wants. A product must be relevant & adaptable to the changing needs of the user.
Three levels of a product model :
Price :
To Buy or Not to Buy? Probably the main question that comes to our mind after seeing the Price tag. Dynamic PricingPrice keeps on changing as per time & demand.E.g.: Airline Ticket PricingA great product at the wrong price can fail terribly. E.g. Blackberry's Z10. The strategy to price this device on the premium side backfired as it had to compete with low-cost Android devices. The Primary determinants of Pricing of a product are the perceived value, the utility of the product, and the price the target segment is willing to pay.
Place:
So how does a product move from production to consumption? Places basically the channels of distribution a company chooses to increase the reach of its products.
Various distribution channels that can be used:
• Direct Sales: Door to door, Selling at Manufacturer’s Plant
• Indirect Marketing Channel: One-LevelChannel, Hybrid Distribution Channel, or Multi-Channel Distribution System.
• Ecommerce
Promotions:
How does a new product reach people? It begins with the inception of the new product idea, the price is fixed and then the product is distributed…..but how will people know about it?
Promotions play a major role in increasing the awareness of the product. Promotion helps in increasing brand/product awareness and in lead generations. Marketing campaigns include promotional activities to engage and attract consumers.
There are two types of Promotions:
• Sales Promotion: Bundle offers, Discounts, BTL activities, etc.
• Marketing Promotions: Digital Campaigns, Sponsorships, etc.
Marketing Mix ( 4 P) for I Phone 1 1 Pro Max:
7Ps
The 7Ps is generally used in the service industries
Extending the marketing mix by adding Physical Evidence, Process, and People to 4P, bring the marketing function closer to human resource management and operations.
E.G: URBAN COMPANY
The Remaining 3 Ps of 7ps
People:
The people in the framework represent the employees, consultants, and freelancers who deliver the service to customers.
People are the most critical factor in providing knowledge-based services as they add value to the experience of the consumer.
Hence, training, personal selling, and customer service are key ways to ensure good service from the employees facing consumers.
E.g.Waiters of a restaurant, Hairstylists in a Salon, business analysts in IT companies, etc.
Process:
The processes are the steps that are required to deliver the service to a customer.
The aim of all service companies is to have a seamless process flow, making it easier for the consumer.
These companies share process maps for employees to make sure that work is repeatable and successful.
Physical Evidence:
The physical evidence is a combination of the environment and branding where the service is provided to a customer.
The physical evidence capital would be: A service brochure
Franchise Layouts
Uniform & Mascotsof brand Social media accounts
A corporate website
Company Service center/Point of Sales
Example of 7Ps:
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