Important Marketing Concepts to Know

Putting together a solid marketing plan relies on the 7 P’s, which are: Product: The first and arguably most important step is figuring out what exactly you’re selling. Whether it’s a product or service, every aspect of your message should revolve around this “P” so you know how to position […]

Putting together a solid marketing plan relies on the 7 P’s, which are:

Product: The first and arguably most important step is figuring out what exactly you’re selling. Whether it’s a product or service, every aspect of your message should revolve around this “P” so you know how to position it in the marketplace and figure out the best methods for sharing information about it.

Price: How much does your product or service cost? Is it a one-time fee, or is there a subscription model? Are there discounts or promotions that customers can take advantage of? It’s important to be very clear about the pricing structure of a product or service so consumers aren’t taken by surprise. Market research is key in helping determine the price for a product.

Promotion: This “P” encompasses all the activities that help get the word out about a product or service, such as launch parties, direct marketing, influencer partnerships, in-store promos, live streams, product placements, collaborations and other like-minded events. Effective marketing strategy relies heavily on promotion to understand how to connect promotion with customers.

Place: While referring to both the physical and theoretical place a product takes up space in a consumer’s life, marketers should pay close attention to where a physical product is placed in-store to grab consumer attention. In the theoretical approach, marketers should have a good idea of how the product or service fits into a customer’s lifestyle and meshes with their purchasing patterns so they can be targeted during an optimal buying cycle.

People: Marketing a product is about meeting a consumer need, but it’s also about how those consumers communicate their feelings about that product. Referrals are a powerful way to get the word out, which is why online reviews have become a massive entity. The other part of the “people” equation is how the people associated with the product interact with intended consumers. This means customer service representatives, salespeople, and even email communications and chat bots. Everyone should be on the same page about how to share information about the product or service that’s being marketed.

Process: Another key aspect of a marketing plan is determining how the product or service gets to a customer and whether or not there are components of the delivery that need to be communicated to support brand awareness. Social responsibility is a critical part of processes. For example, does it come in eco-friendly packaging, shipped with carbon-neutral methods, or other key points that could strengthen brand loyalty? Additionally, purchasing and shipping information should be clear so the consumer knows what to expect when ordering.

Physical Evidence: What is the experience of interacting with your product like for the consumer? This information should be included across multiple communications such as product packaging, store displays, website content, and even social media posts.

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