Businesses strive to succeed through effective marketing. One of the most useful frameworks through which marketing strategies can be understood and applied is the 7 Ps of Marketing. This model helps businesses to create value for customers and manage their marketing mix effectively.
Let us look at these 7 Ps that make all the difference.
Product
The product is at the heart of marketing. It is the offering made by a business to its customers, be it tangible in nature (goods), intangible (services), or even an idea. As put forth by Philip Kotler, a noted marketing sage, “The product should be able to satisfy a consumer’s needs and wants from a target market” (Kotler, 2016). A business has to see to it that its product is composed of features, performance, and benefits that match the needs of its customers. Continuously gauging the performance of a product makes it possible to effect any needed changes as per What is Marketing? the dynamism of the market.
Price
Price is defined as the consideration paid by customers for a product or service. It should represent the offering’s value and be competitive within the market. According to Kotler & Keller (2016), “pricing is an influential factor in customer decision making.” The strategies can take the form of discounts, premium pricing or value-based pricing depending on the target market and market conditions. A company tries to strike the optimum point between what it wants in terms of revenue and what a customer perceives as value.