LET’S PRESS P!
If you are like me then you probably have heard a lot about the 4Ps of marketing. If you haven’t, Do not worry, it’s not a crime. I Will do my best to explain it over this series. We will be considering not the 4Ps but the & 7Ps of marketing.
The marketing mix has been referred to as the set of actions, tactics or tools a company uses to achieve its marketing objectives.
Before getting into the marketing mix, the question is what are your marketing objectives as an organization. If you have no marketing objectives, then there is no goal to achieve. Your objectives are like the rails that guide your movement and actions. Objectives vary between brands, products and linked with the overall strategy of the company.
Let’s consider Yetunde a baker in Ibadan Oyo state owner of Yetty Cakes and Confectionery She wants to be the leading cake maker in the state. Her marketing objectives may include increasing profit by 25% in the year 2019, becoming the No 1 brand in cakes and confectioneries segment in Ibadan by Quarter 4 2019 or to expand to Abeokuta by 2020. The idea is to set SMART goals by carefully analyzing the current business model, position and clarifying where you want to be at the end of the year, quarter or month.
The more you can play around your marketing mix the higher your chances of marketing success. Let’s jump into the 7Ps.
1. The Product
A product is the item offered for sale, it can be a service or an item. In essence what are you selling? For most people that have a physical product, it’s easier to relate, on the other hand however, services should also be considered as a product. The catch here is to understand what makes your product or service unique. What are the features, advantage and benefits over competition? Is it price, or the product quality? What Value does it offer customers? Do you need to make some modifications? Or include a new product in your portfolio. If you are not sure how your products offer value to customers, you could simply ask them.
With the introduction of technology, you could ask your customers through a 5mins survey questions to understand why they purchase your product and service. Whether your products were born out of a need or based on established products, you may be surprised why people buy your product. For example, Yetty Cakes and Confectionaries may realize that people would prefer to buy her cupcakes because it’s small and an easy bite when they require a snack. This information may help you in deciding what product you will offer in the future or what modifications you need to make.
One more important thing is to understand how your products compare to competition. Overall, it’s important that your product meet a need and customers can relate with your product as a brand.
In the next part of this series, we will be looking at Price, Promotion, and Place. Before then could you should possibly prepare 3-5 questions to ask your customers why they buy your product, what you need to improve on and see what their general comments are?
Till next time, stay profitable.
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