Marketing is simplistically defined as ‘putting the right product in the right place, at the right price, at the right time.’ Though this sounds like an easy enough proposition, a lot of hard work and research needs to go into setting this simple definition up.
And if even one element is off the mark, a promising product or service can fail completely and end up costing the company substantially.
The marketing mix is most commonly executed through the 4 P’s of marketing: Price, Product, Promotion, and Place.
These have been extensively added to and expanded through additional P’s and even a 4C concept.
If a product is priced higher or lower than its perceived value, then it will not sell.
This is why it is imperative to understand how a customer sees what you are selling. Annmarie is the MD of Evonomie and author of Quick Win Marketing, and co-author of Quick Win Digital Marketing. By Annmarie Hanlon Annmarie Hanlon is the Smart Insights expert commentator on online and offline marketing strategies for business.The 7Ps helps companies to review and define key issues that affect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix. Partners: Hubspot looks to form partnerships with major media companies such as Facebook and Google plus local partners including Smart Insights who it is collaborating with on research in Europe. In Dave Chaffey's book: Digital Marketing: Strategy, Implementation and Practice, this model was refreshed and applied to online channels to give a practical approach which works well for multichannel businesses. Processes: More sales staff are now involved in conversion. When using the 7Ps as a model to conduct a marketing audit, I look at each of the Ps. Over time, Booms and Pitner added three extended ‘service mix P’s': Participants, Physical evidence and Processes, and later Participants was renamed People. Marketing Strategies and Organization: Structure for Service Firms. Today, it's recommended that the full 7Ps of the marketing mix are considered when reviewing competitive strategies. How a product is priced will directly affect how it sells.This is linked to what the perceived value of the product is to the customer rather than an objective costing of the product on offer.The use of a marketing mix is an excellent way to help ensure that ‘putting the right product in the right place,…’ will happen.The marketing mix is a crucial tool to help understand what the product or service can offer and how to plan for a successful product offering.