Marketing — Importance Of Marketing Mix 7ps
It is a technique of guiding the customers to choose your goods and service rather than electing the products of your rivals. If a firm or business not accounting this aspect, it hampers their profit level. The key is searching the correct channel of marketing and disclosing the accurate message in order to influence the targeted customers.
Marketing is an approach of numerous processes included in commuting the goods and services from the fabricator or manufacturer to the immediate customer. It confides constructing the concept of goods and services analyzing the related customer, advertising it and distributing them to all the channels of selling.
Why is it important?
Each aspect of business builds upon marketing. Marketing is a significant role player in the performance of business. The importance of marketing can be understood through the points mentioned below:
- Exchange and progression of goods — Marketing is highly beneficial in deportation, transaction and progression of goods and services. Products and services are contrived available to consumers by numerous intermediaries like wholesalers and vendors. Marketing is profitable to manufacturer and consumers both.
- Rising the living standard — Through the availability of continuous supply of goods and services to customers at a nominal price, marketing has a significant role in establishing living standards of the society. Community consists of three genres of people that are wealthy, middle and poor. All the things which are accounted by these three classes of society are outfitted by marketing.
- Increase in employment — Marketing is a complicated practice involving numerous people in under one segment. The chief marketing activities include buying, selling, transporting, storing etc. Every function comprises of different activities which are performed by a large variety of individuals. Hence it helps in raising the level of employment. According to the sources almost 40% of the whole population is reliant on marketing directly or indirectly. The widened role of marketing has immensely increased the employment level for people.
- Opening of income and revenue -Marketing caters various opportunities to bring in profits in the practice of buying and selling the products and goods, through slashing time, place and tenure utilities. That income and investment can be used as profits in future ventures. Marketing must be given the utmost significance, as the initial and conclusive survival of the company gambles upon the potency of the marketing operation.
- Support for Making Decisions — A businessman goes through several complications during the process of creation and distribution of goods and services. He/she requires the exact and relevant information and queries related to their product and service. Marketing process ease this complexity of businessmen by forming a direct link between manufacturer and consumer.
- Opening of new ideas — Marketing concept is deeply dynamic and progressive. It has altered and modified several aspects for the better functioning of certain activities. With the changes in taste and preferences of consumers marketing accord understanding and apprehension accordingly.
- Advancement of Economy — Marketing is considered and characterized as a wizard that sets the economy whirling. An organized marketing structure helps the economy to rise and lessens the burden of weaker economy.
Marketing Mix 4 Ps
The marketing principles can be cleft down within 4 Ps of marketing. The four p’s comprises of the primitive aspects tangled in the process of marketing. The elements of marketing mix assist and support the sellers to identify the needs and want of their potential buyers. The four Ps are also known as marketing mix elements.
- Product — product here exemplifies to the goods and services a business sells to its potential customer. In order to peddle up the sale one must furnish the proper and adequate information about their particular good and service to the targeted customer. The product must be capable of resolving and fulfilling the requirements of customer. Component of selling the good comprises figuring out the potential buyers in the market.
- Price — The chunk of money that a supplier sets for his product is labeled as price. Setting the price needs keen thought and analysis, mainly for inexperienced or new business owners who mistakenly sense to offer the minimum price or they would end up in achieving zero sales. Pricing is computed in many ways, like cost-plus, based on value or combative.
- Place — The way of distributing the product is considered as third ‘P’ of marketing that is considered as — place. Analyzing the geographical areas where buyers look for the product and service. It refers to the geographical location of the availability of products.
- Promotion — The element ‘promotion’ in the marketing mix comprises the advertising and events to support the certain service and product. Various strategies are made to promote the product in the market. In order to make the end users aware of the product marketers initiate different promotional strategies to uphold their goods and services.
Apart from these 4 Ps marketing has several other elements which we can discuss in 7Ps of marketing
7 Ps of marketing
We have already taken a look at 4ps of marketing and the elements can be extended by adding other aspects which are included in 7ps of marketing:
- Packaging — Packaging means the way your product or service looks from the outer part. One should remember that customer gets affected and makes their views about the product by looking at the way of packaging. If packaging forms fine impression on the customer it can accelerate the sales without a doubt. The layout and designing of the product from outside plays an important role in the sales.
- Process — The process is an integrated buying exposure. From the prime segment of contact, generally the network or website, to distribution of the good or service. Nonetheless, the process doesn’t block there, because there’s the post sales service, and creating decent relations with customers even after the purchasing process.
One of the prime ideas to a good buying system is considered to be the speed. This is chiefly authentic when it comes to transmission of products selected and ordered by the Internet. Keeping customers learned side by side way is an impressive style to enhance the experience of customer.
- Physical Evidence — Physical Evidence also indicates about the experience of ultimate customers. A customer does not hold the proper knowledge and apprehension about the product when he or she buys a product for the first time. One requires to provide the consumers with physical evidence that can initiate the confidence in them.
It can be a transparent contact us page on the suppliers website that helps the buyers to convey their message or query related to their experience with the usage of particular good or service.
Marketing Research Process
The process of marketing research involves the following steps and fundamentals:
- Identification and Defining the Problem
- Statement of Research Objectives
- Planning the Research Design or constructing the Research Study
- Planning the Sample
- Gathering of facts to be used in giving solution to the problem.
Read More: Role Of Strategic Marketing