Shubham
Nick answered 5 years ago
You should use 7 Ps of marketing to continually evaluate and reevaluate your business activities. These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum possible results. These are:
1. Product: Develop the habit of looking at your product as though you were an outside marketing consultant brought in to help your company decide whether or not it’s in the right business at this time.
2. Price: The second P in the formula is price. Develop the habit of continually examining and reexamining the prices of the products and services you sell to make sure they’re still appropriate to the realities of the current market.
3. Promotion: The third one in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways you tell your customers about your products or services. every industry continually experiment with different ways of advertising, promoting, and selling their products and services.
4. Place: The fourth P in the marketing mix is the place where your product or service is actually sold. Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson.
5. Packaging: Another P in the marketing mix is the packaging. Develop the habit of standing back and looking at every visual element in the packaging of your product or service. Remember, people form their first impression about you within the first 30 seconds of seeing you or some element of your company.
6. Positioning: You should develop the habit of thinking continually about how you are positioned in the hearts and minds of your customers. How do people think and talk about you when you’re not present? How do people think and talk about your company? What positioning do you have in your market? Develop the habit of thinking about how you could improve your positioning.
7. People: The last P of the marketing mix is people. Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales. Your ability to select, recruit, hire and retain the proper people, with the skills and abilities to do the job you need to have done, is more important than everything else put together.
