Welcome to this first part of the foundations on marketing. The Marketing Mix is one of the core concepts in Marketing. I am a great believer that in business you should always adopt the K.I.S.S. theory that is Keep It Simple Silly! A relentless focus on the seven elements of the Marketing Mix will inevitably yield positive results!
The 7 P’s
Let me start by explaining each of the 7 Ps of Marketing before we take a more in-depth look.
P1 – PRODUCT (SERVICE)
Whether you have a Product or Service, it needs to be something that consumers or businesses are willing to buy. Product Marketing involves determining whether there is a market for the product or service you wish to offer and seeks to first understand what the end user would want from your product/service that would compel them to buy it.
Here are some of the considerations for your Product/Service:
➢ Quality – what will the quality be? Are you creating a Rolls Royce or a Kia?
➢ Positioning – Where do you want the product positioned in the minds of your consumer? As a premium product or as a mass-market product?
➢ Features – What features will be included? What value-added features can be added to create new offerings? Improve the existing offering?
➢ Options / Style / Ranges / Sizes – will there be additional options that can be added to the product? Different Styles? Sizes?
➢ Warranties & Guarantees – Product guarantees and warranties can provide additional confidence to consumers with their business decisions.
➢ After-Sale Service – how will you help people after they’ve bought your product? What can you do to upsell?