Understanding the 7P’s of business
Understanding the 7Ps of marketing is crucial for anyone that is wanting to start their own business and need to have a clear marketing plan in place. Firstly;
Product
This refers to what you as a company will sell, whether that’s a product or a service. It needs to be developed and tailored to the needs of the customer. If you can’t compete on price, be different and more personal. The decisions within this element include the product’s purpose, the packaging, what it’s going to look like and much more. You also need to know how it’s going to benefit your customer and what they will get out of buying your product.
Price
Price is a mixture of the methodology of the pricing and how customers will react. Price includes the full cost, discounts, terms and fees. When it comes to price, be competitive, look to see what other prices competitors are selling their products for. You also need to be careful on how you market your product, as if you market it as a high quality product, your price must reflect that.
Promotion
Promotion is the act of marketing your product directly to customers (your target audience). You should always discuss whether you want to utilse traditional methods such as leaflets, billboards and posters or use digital methods such as social media, tv ads , SEO etc. promotion is the key to making your product known to the public and building brand recognition.
Place
Depending on the business you have an important factor you need to consider is where are you going to sell your products. This could either be through a website that you have created, a shop or through third parties, e.g ebay. You need to ensure that customers will be able to find where you sell your products, whether that’s through a website or in a shop.
People
People does not just mean the people that you are trying to sell your product to, it also includes staff, customer service and anyone else that may need to be involved in your business. Getting help from others will always come in handy as you cannot run a business by yourself and complete all tasks.
Process
This step refers to the delivery of your product to your customers. You need to make a clear plan on the tasks, responsibilities and the processes of delivery. By having a clear plan means your processes will be functioning efficiently.
Physical Evidence
Customers should always receive physical evidence of purchase from your company. People like to have proof of having bought from your company as it gives them a sense of security if anything were to go wrong with their order. By giving a receipt or a confirmation email can be the difference between a customer buying from your business again or going elsewhere.
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