The video explains the extended marketing mix, known as the 7 Ps, which provides a comprehensive framework for developing and refining marketing strategies to meet evolving customer needs and competitive demands.
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in this video i'm going to talk about
the seven ps of the marketing mix
and the benefits of using them in your
marketing strategy
i'm stevie langford from hurry the
platform that makes targeting users
the marketing mix is an aspect of the
marketing process which aims to
streamline the goals and objectives of
your strategy
it was first introduced by jerome
mccarthy in 1964.
it then only involved four p's product place
place
price and promotion fast forward to 1981
where we see booms and fitna two
academics who added three crucial ps to
the marketing mix
physical evidence people and processes
these new additions saw the marketing
mix evolve into the seven
ps or the extended marketing mix as it's
often known
the needs wants and expectations of
customers are constantly changing and developing
developing
so it's important for you to frequently
revisit the 7ps formula
so that you can accurately segment your
market only then can you meet
and exceed the requirements of your
customers and also keep ahead of
industry competitors
so let's dive a little deeper into the
seven ps of the marketing mix
number one product product refers to a
physical product
service or experience basically anything
that's being sold
you need to make sure that your product
is right for the market
in that it satisfies or exceeds the
expectations of the customer
number two place this is where you
choose to distribute your offerings
it could be a warehouse a high street
store an ecommerce shop
or a cloud-based platform wherever you
choose to distribute
you need to make sure that it's
accessible to your audience and that
you've taken your competitors into consideration
consideration
because where you choose to distribute
your products can dictate things like
your product type and your budget
number three price price refers to the
cost of your product service or experience
experience
your cost should reflect your customers
perceived value of what you're offering
it should also be in line with your
budget and take into account
industry competition if not you jeopardize
jeopardize
losing your desired target market number four
four
promotion promotion refers to your marketing
marketing
advertising and sales techniques you
have traditional promotional channels
such as tv
radio billboards and newspapers or more
modern methods
like pop-ups push notifications native advertising
advertising
and email marketing or social media
marketing your chosen promotional
methods have great influencing power
over the perception of your brand and
its long-term success whichever
promotional methods you choose
if you want to break through the noise
and be heard your data gathering and
market segmentation analysis have to be
meticulous and well thought out
so you're reaching the right audience in
the right place and at the right time
number five physical evidence physical
evidence in the sense of the marketing mix
mix
generally takes on two forms one
evidence that a service or purchase took place
place
and two proof or confirmation that your
brand exists
physical evidence of a transaction comes
in the form of things like receipts
tracking information and invoices
whereas proof of the existence of your
brand is highly visual
it could be the appearance of your
building your social media channels
your website and logo or your business
cards choosing an unfamiliar brand or
product is risky for a customer
they need to know that you're legitimate
and physical evidence achieves this
number six people people essentially
refers to anyone who's involved in the
brand or product
it could be those selling it designing
it creating it
managing teams or representative
customers when you think about it
anyone who comes into contact with your
customers can make an impression
positively or negatively and this can
impact the perception of your brand
there's no use in creating an amazing
product having a lively social media
presence and a strong brand
if your employees aren't behind you you
need to recruit people who will engage
with your company culture and add value
to your organization
number seven processes processes
is the seventh ingredient in the
extended marketing mix
it describes the full experience of the
buying process
from where a customer becomes aware of
your brand and enters the sales funnel
to your distribution procedures and then
post-purchase customer relationship management
management
each step you take and the methods that
you choose during the whole process must
be done
in a way that's professional cost effective
effective
and offers the most value in return to
your wonderful users
every aspect of the marketing mix is key
to your success
no element should be considered in
isolation for example
you can't develop a product without
considering an appropriate price
or how it will reach the customer in the
same way you can't promote your product
using a channel that isn't accessible to
your target market
by carefully analyzing and segmenting
your target audience alongside the seven ps
ps
you can ensure that your strategy will
be as streamlined as possible
if you like this video then subscribe to
our youtube channel and to learn even
more about optimizing your marketing strategy
strategy
click the link in our bio and head over
to hurry.com
and check out our resources page it's
all free
now we'd like to hear from you are you
going to start using the seven ps of the
marketing mix in your strategy
or maybe you'd like to share some of
your own tips that we might have missed
let us know by leaving a comment below
that one does that look fine yeah
or i could do the double three
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