4Ps and 7Ps of Marketing PDF

The 4 Ps and 7 Ps of Marketing: A Comprehensive  Marketing Guide is the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization. The 4 Ps and 7 Ps of marketing are widely used frame...

The 4 Ps and 7 Ps of Marketing: A Comprehensive  Marketing Guide is the process of creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization. The 4 Ps and 7 Ps of marketing are widely used frameworks that provide a comprehensive approach to understanding and implementing successful marketing strategies. This presentation will delve into each of these elements, providing insights and examples to help you understand their importance in today's dynamic marketplace. The 4 Ps: A Foundation for Effective Marketing Product Price - is the core of any - is the amount of marketing strategy. It's money customers are what you're selling, willing to pay for your whether it's a tangible product. Determining good, a service, or an the right price involves idea. A successful product considering costs, satisfies customer needs competition, customer and provides value. value, and profit margins. Place Promotion Place refers to the - refers to all the distribution channels you activities you undertake use to get your product to to communicate the your customers. It value of your product to involves making your your target audience. product available where This can include and when customers want advertising, public it. This might involve relations, sales physical stores, online promotions, and content marketplaces, or direct-to- Product: Defining Value and Meeting Customer  Understanding Needs Product Product Your Target Development Lifecycle Audience and Management Differentiation Before developing Create a product Every product goes a product, you that addresses the through a lifecycle. must understand identified needs Manage its your target and provides a introduction, audience's needs, unique value growth, maturity, wants, and proposition. This and decline phases preferences. could involve through strategic Conduct thorough innovative marketing efforts market research to features, design, to maintain its identify their quality, or appeal and demographics, functionality. relevance in the psychographics, market. and pain points. Price: Strategies for Profitability and Customer Value Pricing Strategy Description Cost-Plus Pricing - Based on calculating the cost of production and adding a markup for profit. Value-Based Pricing - Determined by the perceived value of the product to the customer, not just production costs. Competitive Pricing - Based on the prices of similar products offered by competitors. Dynamic Pricing - Adjusting prices based on factors like demand, time of day, or customer behavior.  Pricing Strategies in Action Let's delve into real-world examples of how different pricing strategies are app  Cost-plus pricing is often used in manufacturing industries, where the cost of production is a significant factor. For example, a car manufacturer might add a markup to their production costs to determine the selling price. Value-based pricing is common in luxury goods or services where customers are willing to pay a premium for perceived quality or exclusivity. A luxury watch brand might price their products based on the brand reputation, craftsmanship, and materials used.  Competitive pricing is frequently employed in highly competitive markets. Airlines, for instance, often adjust their prices based on competitor fares to remain competitive and attract customers.  Dynamic pricing is prevalent in online marketplaces like Amazon or ride- sharing services like Uber. These platforms adjust prices based on real- time factors, such as demand, availability, and time of day. For example, ride-sharing services charge higher fares during peak hours or when demand is high. Promotion: Communicating Value and Building Brand Awareness Advertising Public Relations (PR) Paid media campaigns designed Building positive to reach a large relationships with the audience through media and the public to various channels like generate favorable television, radio, coverage and enhance print, and online brand reputation. Content Marketing platforms. Sales Promotions Creating and sharing Short-term valuable, relevant, and incentives designed consistent content to to stimulate attract and engage a immediate sales, target audience. This can such as discounts, include blog posts, coupons, contests, articles, videos, and giveaways. infographics, and social Place: Distribution Channels and Logistics Direct Distribution Selling directly to consumers without intermediaries, such as through a company's own website or retail stores. Indirect Distribution Utilizing intermediaries, such as wholesalers, retailers, or distributors, to reach a wider market. E-commerce Selling products online through websites, marketplaces, or social media platforms. Physical Distribution Managing the physical movement of goods from the point of origin to the point of consumption. This involves warehousing, transportation, and inventory management.  The 7 Ps: Expanding the Marketing Mi People Process Physical Evidence Product The human The systems and Tangible cues The core element of procedures used that customers offering, marketing, to deliver a use to judge encompassing including consistent and the quality and its features, employees, high-quality value of a benefits, and customers, and customer product or value stakeholders. experience. This service. This proposition. This involves includes encompasses streamlining branding, customer operations, packaging, service, ensuring store design, employee efficiency, and and website People: The Human Face of Marketing Employee Training 1 Invest in training employees to understand and deliver exceptional customer service. Equip them with the knowledge, skills, and attitude needed to represent the brand Customer Interaction 2 positively. Foster positive interactions with customers, building relationships, and addressing their needs effectively. Brand Ambassadors 3 Empower employees to become brand ambassadors, promoting the company's values and products. Process: Delivering a Consistent Customer Experience 1. Customer Journey 2. Workflow Optimiza Mapping Streamline internal Map out the entire processes to ensure customer journey, efficiency, speed, from initialand accuracy in awareness to post- order fulfillment, purchase customer service, interactions, toand marketing identify areas for operations. improvement and optimize the experience.3. Feedback and Improvement Continuously gather customer feedback, analyze trends, and make adjustments to processes to address issues and enhance the customer experience. Physical Evidence: Creating a Tangible Brand Identity Packaging and Design Website and Digital Assets Store Design and Environment Use packaging that Create a website is aesthetically that is visually Create a physical pleasing, functional, appealing, easy to environment that and reflects the navigate, and is consistent with brand's identity. It provides a seamless the brand's should protect the online experience for image. This product, customers. Use high- includes store communicate its quality images and layout, lighting, value, and leave a videos to showcase signage, and  * The 7 Ps: A Comprehensive Marketing Stra o The 7 Ps of marketing expand the traditional 4 Ps by incorporating three additional elements: People, Process, and Physical Evidence. These factors are crucial for creating a holistic and customer-centric marketing approach. o Understanding and effectively managing these seven elements allows businesses to develop a well-rounded marketing strategy that resonates with target audiences, builds strong brand loyalty, and drives profitable growth.