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THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINESS OPPORTUNITY
Marketing Mix is a set of controllable and connected variables that a company gather to satisfy a customer
better than its competitor. It is also known as the “Ps” in marketing. Originally, there were only 4Ps but the
model has been continually modified until it became 7P’s. The original 4 P’s stands for product, place, price
and promotion. Eventually, three elements have been added, namely: people, packaging and positioning
to comprise the 7 P’s.
The 7 P’s of Marketing Mix
1. PRODUCT Marketing strategy typically starts with the product. Marketers can’t plan a distribution system
or set a price if they don’t know exactly what the product will be offered to the market. Product refers to
any goods or services that are produced to meet the consumers’ wants, tastes and preferences. An
example of goods includes tires, MP3 players, clothing and etc. Goods can be categorized intobusiness
goods or consumer goods. A buyer of consumer goods may not have thorough knowledge of the goods
he buys and uses. An example of services includes hair salons and accounting firms. Services can be
divided into consumer services, such as hair styling or professional services, such as engineering and
accounting.
2. PLACE Place represents the location where the buyer and seller exchange goods or services. It is
also called as the distribution channel. It can include any physical store as well as virtual stores or online
shops on the internet.
STAGES OF DISTRIBUTION CHANNEL
PRODUCER====WHOLESALER====RETAILER====CONSUMER
PRODUCER====RETAILER====CONSUMER
PRODUCER=====CONSUMER
Channel 1 contains two stages between producer and consumer - a wholesaler and a retailer. A wholesaler
typically buys and stores large quantities of several producers' goods and then breaks into bulk deliveries
to supply retailers with smaller quantities. For small retailers with limited order quantities, the use of
wholesalers makes economic sense.
Channel 2 contains one intermediary. In consumer markets, this is typically a retailer. A retailer is a
company that buys products from a manufacturer or wholesaler and sells them to end users or customers.
In a sense, a retailer is an intermediary or middleman that customers use to get products from the
manufacturers.
Channel 3 is called a "direct-marketing" channel, since it has no intermediary levels. In this case the
manufacturer sells directly to customers.
3. PRICE The price is a serious component of the marketing mix. What do you think is the meaning of a
Price? In the narrowest sense, price is the value of money in exchange for a product or service. Generally
speaking, the price is the amount or value that a customer gives up to enjoy the benefits of having or using
a product or service. One example of a pricing strategy is the penetration pricing. It is when the price
charged for products and services is set artificially low in order to gain market share. Once this is attained,
the price can be higher than before. For example, if you are going to open a Beauty Salon, you need to set
your prices lower than those of your competitors so that you can penetrate the market. If you already have
a good number of market share then you can slowly increase your price.
4. PROMOTION Promotion refers to the complete set of activities, which communicate the product, brand
or service to the user. The idea is to attract people to buy your product over others. Advertising, Personal
Selling, Sales Promotion, Direct Marketing, and Social Media are examples of promotion.
5. PEOPLE Your team, a staff that makes it happen for you, your audience, and your advertisers are the
people in marketing. This consists of each person who is involved in the product or service whether directly
or indirectly. People are the ultimate marketing strategy. They sell and push the product. People are one
of the most important elements of the marketing mix today. This is because of the remarkable rise of the
services industry. Products are being sold through retail channels today. If the retail channels are not
handled with the right people, the product will not be sold. Services must be first class nowadays. The
people rendering the service must be competent and skilled enough so that that the clients will patronize
your service. Therefore, the right people are essential in marketing mix in the current marketing scenario.
6. PACKAGING Packaging is a silent hero in the marketing world. Packaging refers to the outside
appearance of a product and how it is presented to the customers. The best packaging should be attractive
enough and cost efficient for the customers. Packaging is highly functional. It is for protection, containment,
information, utility of use and promotion.
7. POSITIONING When a company presents a product or service in a way that is different from the
competitors, they are said to be “positioning” it. Positioning refers to a process used by marketers to create
an image in the minds of a target market. Solid positioning will allow a single product to attract different
customers for not the same reasons. For example, two people are interested in buying a phone; one wants
a phone that is cheaper in price and fashionable while the other buyer is looking for a phone that is durable
and has longer battery life and yet they buy the same exact phone.
Develop a Brand Name
Brand Name is a name, symbol, or other feature that distinguishes a seller's goods or services in the
marketplace. Your brand is one of your greatest assets because your brand is your customers' over-all
experience of your business. Brand strategy is a long-term design for the development of a popular brand
in order to achieve the goals and objectives. A well-defined brand strategy shakes all parts of a business
and is directly linked to customer needs, wants, emotions, and competitive surroundings Experts believe
that a good brand can result in better loyalty for its customers, a better corporate image and a more relevant
identity. As more customers continue to differentiate between emotional and experienced companies, a
brand may be the first step forward in your competition instead of price points and product features. The
question is, can you build a brand which truly talks to your audience? Branding is a powerful and sustainable
high-level marketing strategy used to create or influence a brand. Branding as a strategy to distinguish
products and companies and to build economic value to both customers and to brand owners, are described
by Pickton and Broderick in 2001.
Commonly Used Branding Strategy

1) Purpose "Every brand makes a promise. But in a market in which customer confidence is little and
budgetary observance is great, it’s not just making a promise that separates one brand from another,
but having a significant purpose," (Allen Adamson). How can you define your business' purpose?
According to Business Strategy Insider, purpose can be viewed in two ways: a.Functional. This way
focuses on the assessments of success in terms of fast and profitable reasons. For example the
purpose of the business is to make money. b.Intentional. This way focuses on fulfillment as it relates to
the capability to generate money and do well in the world.
2) Consistency The significant of consistency is to avoid things that don’t relate to or improve your brand.
Consistency aids to brand recognition, which fuels customer loyalty.
3) Emotion There should be an emotional voice, whispering "Buy me". This means you allow the customers
have chance to feel that they are part of your brand. You should find ways to connect more deeply and
emotionally with your customers. Make them feel part of the family and use emotion to build
relationships and promote brand loyalty.
4) Flexibility Marketers should remain flexible to in this rapidly changing world. Consistency targets at
setting the
standard for your brand, flexibility allows you to adjust and differentiate your approach from your
competition. According to Kevin Budelmann, "Effective identity programs require sufficient consistency
to be identifiable, but sufficient variation to keep things fresh and human" so if your old tactics don't
work anymore, don't be afraid to change. It doesn’t mean it worked in the past it may still work now.
5) Employee Involvement It is equally important for your employees to be well versed in how they
communicate with
customers and represent the brand of your product
6) Loyalty Loyalty is an important part of brand strategy. At the end of the day, the emphasis on a positive
relationship
between you and your existing customers sets the tone for what potential customers can expect from
doing business
with you.
7) Competitive Awareness Do not be frightened of competition. Take it as a challenge to improve your
branding strategy and craft a better value in your brand.

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THE MARKETING MIX (7P’S) IN RELATION TO THE BUSINESS OPPORTUNITY

The 7 P’s of Marketing Mix

Develop a Brand Name

Commonly Used Branding Strategy

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