There is no point in developing a product or service that no one wants to buy, yet many businesses decide what to offer first, then hope to find a market for it afterwards. , A product is only worth what customers are prepared to pay for it. The price needs to be competitive, but this doesn’t mean you have to be the cheapest in your market – small businesses can compete with larger rivals by offering a more personal service, value-adds or better value for money. You also need to make a profit. Pricing is the only element of the marketing mix that generates revenue — everything else represents a cost to you. , The product must be available in the right place, at the right time and in the right quantity, while keeping storage, inventory and distribution costs to an acceptable level. The place where customers buy a product, and the means of distributing your product to that place, must be appropriate and convenient for the customer. This applies to brick-and-mortar operations, but is even more important in e-commerce., Promotion is the way a company communicates what it does and what it can offer customers. It includes branding, advertising, PR, corporate identity, social media outreach, sales management, special offers and exhibitions. Promotion must gain attention, be appealing, send a consistent message and - above all - give the customer a reason to choose your product rather than someone else’s. , Everyone who comes into contact with your customers will make an impression. Many customers cannot separate the product or service from the staff member who provides it, so your people will have a profound effect — positive or negative — on customer satisfaction. , Many customers no longer simply buy a product or service - they invest in an entire experience that starts from the moment they discover your company and lasts through to purchase and beyond. , Choosing an unfamiliar product or service is risky for the consumer, because they don’t know how good it will be until after purchase. You can reduce this uncertainty by helping potential customers ‘see’ what they are buying. ,
Marketing 7 P`s
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