8 P’s of marketing: What are these?
Marketing is one of the most important aspects of every business, especially those dealing with products. It can be an electronic gadget like a mobile or laptop, dresses and outfits, cars and vans, etc. It doesn’t matter what kind of product or what its size is. All that matters for the business are ensuring the marketing funnel and the strategies are orchestrated so that they can drive maximum revenues for the business in the long term.
Many big players have already implemented these strategies in real-time: the 8P. You would be interested in what 8P is or what its meaning is. To answer your question, we have described the most popular and result-oriented marketing strategy in the following article.
The 8P’s of Marketing Briefly Explained
In this section, we have explained further what these 8Ps are and what they entail. This will help you understand how each P will help drive the marketing campaign and generate more leads with a higher conversion ratio.
Product
The first P is the product. It is the base of your marketing strategy. You don’t have to include the entire product because sometimes, a particular product feature can drive more audience to your business than the total product design itself. For example, Apple drove the maximum audience towards its business with its logo design, which is quite unique and innovative. So, the strategy here is to pick one thing that might convert your audience into prospective customers for your business and innovate it so that outsmarting the competitors can become hassle-free.
Price
Price is the next most important thing that will drive your marketing campaign and determine whether the results will favor your business or against it. Before you roll out any product manufacturing project, you should study the market to understand what price range customers usually expect for the kind of product you want to manufacture. Your pricing strategy should be such that you can target a maximum portion of your target audience and drive them toward your business.
Place
As the name suggests, please define the area where you want to sell your business products. First, you must understand the differences between national and international markets. Rolling out any new product in the local or national market is much easier than in the international markets due to the competition, differences in market expectations, and audience mindset.
Similarly, the demand for products in retail and online it’s quite different. It depends not only on the products but also on where you want to roll out your newly manufactured sets of products. For example, if we consider the US, people will always prefer to buy online. But when we consider a developing country like Bangladesh or Pakistan, the retail chain of business will be more lucrative.
Promotion
Promotion is how you influence your target audience to become prospective buyers for your business. It will include preparation, persuasion, and appeal. There are three different ways to promote the product. Direct marketing is where you verbally get the word out about the new product being launched in the market, while traditional advertising means using banners, pamphlets, and several other mediums for marketing the product. You can also try PPC, social media campaigns, and online marketing.
People
Next comes the target audience or people. You need to understand which section of the audience you should target to get the maximum revenues for your business. Let’s say your business is involved with manufacturing outdoor furniture. Your target audience should not be the entire residential customers. This is because not everyone living in a house wishes to get a set of outdoor furniture. Instead, your target audience will be those who like to spend time in nature, have a backyard or lawn that can be used to place the furniture, and so on.
Positioning
Positioning means your standing in the market. It will involve what you offer, the audience to whom you are offering, and several such aspects. There is no direct way to optimize positioning other than using the above attributes.
Processes
Processes define the strategies and techniques your business has adopted to deliver the products to the customers. It can be through a third-party shipping and logistic company, having an in-house team of delivery partners, and so on. Processes will also include packaging of the materials, branding, and shipment management.
Performance
Last but not least, you have performance. The performance will depend on your ROI, brand reputation in the market, and the total revenues your business has earned from the marketing strategies.
Conclusion
A marketing mix is a set of policies or strategies to drive the customers or the target audience toward the purchase phase of the marketing and sales funnels. The prime benefit of using the mix is that it contains strategies that target multiple aspects of a marketing funnel to drive more revenues and sales for the business. Although there are several types of marketing mixes, the 8P’s is said to be the best one. After all, the biggest player in the tech market, Apple implemented it and took the revenues to billions in a few days.
