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
