Marketing – The word marketing is derived from the Latin word Mercatus which means merchant or marketplace. Marketing is a practice that is followed by all the firms in the world. This is because t helps them to promote and advertise their organizational products and services. Marketing also lets the management of any company let their targeted and potential customers know about their organizational services and products. It then helps the staff members and the management of the firm to earn targeted and desired profits by selling their institution’s services to a large number of customers out there. Various tactics are used by companies to promote their organization’s services and products. These strategies include 7 p’s of marketing as well.
7 p’s of marketing –
- Product – The product is said to be merchandise that is being marketed by the firm in the market. The product is referred to as the goods that are served or provided by the firm to its targeted audience base. The product of the firm holds a unique characteristic and a different selling factor as well.
- Price – The term price is referring to the amount of money on which the merchandise or the product and services of the firm are being sold. The team members in the firm need to keep the price of their organizational product relatively higher than their cost of manufacturing to earn profits. While deciding on the price, the administration of the company should consider various kinds of factors such as the product’s value and their competitor’s price as well. Along with that, they should assess various pricing techniques as well.
- Place – The place is said to be the distribution area of the availability of the organizational products to the company’s potential buyers. The location of the selling of the product is dependent on the target market.
- Promotion – Promotion means spreading the word. In the promotion of marketing, the most important factors include who, what, and how. What is carried, to whom it is communicated, how is that audience reached, and how regularly is it promoted?
- Process – The process here is referred to as the method by which the product and services are presented to the customers of the firm. The management needs to manage the process factor in a well-organized way as it helps to save money.
- People – To have the right people in your business is such a task. This is because there is no barrier in the business with the right people. This is because they are a crucial part of the business. Having the right teammates is also very important because they influence the market position as well.
- Physical evidence – Physical evidence is a must-have p’s of 7 p’s of marketing. The insight of the firm’s product in the marketplace is intangible physical proof.
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