The original model of the marketing mix was coined by E Jerome McCarthy. According to him, the marketing depended on four variables namely Product, Price, Place and Promotion which became popular as 4Ps. However, the 4Ps gained popularity and significance when the marketing guru and legend Philip Kotler advocated it strongly.
However, as the nature of marketing evolved and became more complex, the 4Ps model did not seem to do justice to the marketers’ efforts. That’s when Bernard Booms and Mary Bitner build a model that added three more Ps – People, Process and Physical Evidence to the existing 4Ps. And, that’s how 7Ps was born.
While the marketing school of thoughts is divided over which is more relevant in today’s context and whether at all they are different from each other, the bottom line is these Ps are the guiding framework for marketers.
Since 7Ps includes 4Ps, we will now talk at length about it.
At all times, your product or service should be what your customers expect to get. It should work perfectly as per the customer’s demand. The product must be suitable for the new-age customers if they are your target buyers. Ask yourself whether the product is fulfilling today’s market criteria and whether it is exactly what the customers have in their mind. Creating and delivering outdated products may be a major setback, even for established industries. If you want to learn more about the technicalities, go for a digital marketing online certification course where you will also learn how to stay superior to your competitor’s product.
Stay realistic when deciding the original price and also while re-pricing your product or service. Decide wisely whether your product is too low or too high in price. Sometimes, discounted combos might work. Freebies, which might cost you lesser, might give your product an attractive price. Ultimately, the deal should be profitable for you and attractive for your customer.
Take advantage of all those promotional tools best suited for your kind of business. There are two types of marketing promotion – traditional and digital. The former mainly includes print advertising and public relations while the latter is all about online marketing. Both have their pros and cons. Most marketers believe that it takes a marriage of both traditional and digital marketing to achieve goals. However, digital marketing is the need of the hour as well as cheaper and more effective than traditional marketing. You can learn more about it in the best online course for digital marketing.
The place where your product or service is selling from is of quite a lot of importance. The place is where you can expect the most footfalls and sales. For example, malls. If you are marketing online, then your place is ‘search engines’. Then, you should target to be the top search engines by adopting a strong digital marketing policy.
This is the human aspect of 7Ps. None of the other Ps can be executed without the presence of people. Having the right kind of sales and marketing staff is necessary. It is these people who eventually invest their brains and efforts to bring your product or service to the market. So, it is your first and foremost job to select the right employees who can take your sales to a soaring height. Management principles taught in digital marketing online certificate courses stress a lot on hiring strategies.
How are you delivering your product to the customers? How is that you order a product online and then it’s delivered to your doorstep? This is called a process. Fundamentally, the process of reaching the customer should be timely and pleasant for the buyer and time and cost-efficient for you. Working out the best logistics without missing on the smallest delivery details pays out in the long term. The customers should have no doubts about your service, only then they will return for more and recommend your products to others too.
Your customer should be happy when the product or service is delivered. You can ensure that by improving on the physical aspects, like packaging, interior design, the physical appearance of the salesperson/delivery person or even in your brand messages. In fact, social media also requires physical evidence attention. You can uncover more details on the best online course for digital marketing.
If you want to develop a successful business strategy, you must be well-versed with these 7Ps. In an ever-evolving business industry, you will notice that the markets, customers and their demands and the products are continuously changing. If you don’t stay updated, you are sure to get out of track. In other words, you have to keep moving with the changing trends rather than standing still. In order to set your pace accordingly, visit these seven Ps from time to time to bring about the necessary changes in your business.
7Ps framework is the Bible of every marketer. You can’t survive without it!
Do you think the ‘digital marketing industry’ is growing at a rapid rate? The technology is shrinking the globe every second? Does the latest in the Digital landscape fascinate you and you avidly keep a track of the newest trends in the industry by following major digital marketing sites and influential celebrities on social media? Do the major digital players such as Google, Facebook and Twitter fascinate you? Then ‘Digital marketing’ surely is your cup of tea.
We all know that the world is swiftly shifting from analogue to digital space every minute. The consumption of Digital content is on an all-time high, and the smartphone revolution has spruced it further. Space has seen tremendous expansion in the past decade, experiencing exponential growth of 100 per cent within a span of the last three years.
Why Digital Marketing?
India’s base of about 120 million Internet users is currently the third-largest in the world. With the given current downward trends in the costs of Internet access and mobile devices, India is likely to have the second-largest internet user base in the world, and the largest in terms of incremental growth, with 330 million to 370 million Internet users in 2015.
Given the above scenario, it’s unsurprising that Digital way of life is fast becoming the epicentre of corporate, social and political activities. The world is not just mobile but literally on the mobile.
It is believed that the key in the near future for building a reputation and informational capital will be leveraged exclusively by the digital vertical and the same gets reflected in the sudden surge of Digital Marketers around the globe. While some doubt the loss of traditional marketing the internet generation has already embraced this as a way of life.
The traditional working verticals (HR, Sales, Marketing,etc.) in the corporate world and otherwise can no longer afford to work in isolation from the Digital medium. The first touchpoint for information for every audience in the world, whether a student or a professional, young or old, urbane or evolved rurally is a digital platform. Whether they refer the company website, online product and service reviews, or shop online, the choices are unlimited. Reputations are built and shaped on this platform every day; therefore it is fast becoming the frontrunner to achieve overall success in every domain.
The modes of digital communication are faster, more multipurpose, and modernized; it is, therefore, foreseeable that once the technology is available the world adjusts its life around it. The development of digital media in India has contributed to the need for skilled and qualified professionals who can not only understand the nitty-gritty of digital marketing but can also lead the critical campaigns individually or for clients in the digital domain.
Digital Marketing from Talentedge
If you are budding professionals looking to pursue a career in this dynamic space, an entrepreneur or a digital specialist who wishes to hone his skills further, the certification course in Digital Marketing from MICA exclusively available at Talentedge can give your career momentum. The comprehensive course includes dedicated modules on Business and E-marketing, Search, Display, Mobile, Web Analytics, Email Marketing and Social Media, to help you adapt to the latest in the industry.
Developed in collaboration with India’s leading education institution – MICA, the flagship course is provided online through Direct to Desktop interactive technology of Talentedge, a unique e-platform that facilitates learning through LIVE classes held by eminent faculty while providing the students with the flexibility to learn virtually from anywhere. This fully virtual course not only promotes anywhere, anytime learning but also provides an interactive learning experience that is better than the real classroom.
Giving you an edge and making a meaningful difference to you, your career and your life, by changing the way you learn — is the challenge we are up to at TALENTEDGE.
For details on the Online Certification Course.