Before knowing about the Modern Marketing Mix 7ps, let us learn what is Marketing?
Marketing refers to the activities of an organization related to buying and selling the products or services. It includes advertising, selling and delivering products to consumers everywhere.
Importance of Marketing
Marketing is used to sell. Marketing is really important because it helps you boost and sell your products or services. The bottom line of any business is to earn money and marketing is an essential tool to reach that end goal. Creative explained that without marketing many businesses wouldn’t exist because marketing is ultimately what drives sales.
Modern Marketing Mix
The start of the modern marketing mix is the product, and the product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.
This phase begins with identifying the product presented and studying it in detail, determining the position of the product on the market and defining the target area, is it a new product or an existing product while you are in the process of development.
The company’s goal in terms of price is really to reduce costs through improving manufacturing and efficiency, and most importantly the marketer needs to increase the perceived value of the benefits of its products and services to the buyer or consumer.
In this phase of the modern marketing mix, the price of the product is determined in a way that guarantees a profit to the company and at the same time guarantees the customer’s purchase of it. When talking about prices, compatibility and proportionality must be mentioned, meaning that the pricing process is determined according to a group of elements such as market needs, customer segments, competitors ’prices in the same market, the environment around you and so on. It is necessary to choose a price that is commensurate with the nature of your product and the need and demand of the market, taking into account the prices of competitors in the same field and the nature of customers and users of the good or your service.
The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.
And here you must choose the best way to reach the customer. In order to do this, you have to segment the market into multiple layers and layers, and therefore each segment has a specific distribution and access method. And you must differentiate between marketing in general and e-marketing, in order to be able to differentiate the distribution channels for electronic means and distribution channels on the ground and how to achieve each of them successfully and effectively to reach your goals quickly.
How do you promote your products? The business promotion strategy includes everything that people should know about you, from the shape of your brand and marketing plan until we reach the stage of sale and after-sale.
Promotion is a very important component of marketing as it can boost brand recognition and sales. The promotion contains various elements like:
- Public Relations
- Sales Promotion
Advertising typically covers communication methods that are paid for like television advertisements, radio commercials, print media, and internet advertisements. In contemporary times, there seems to be a shift in focus offline to the online world.
Public relations, on the other hand, are communications that are typically not paid for. This includes press releases, exhibitions, sponsorship deals, seminars, conferences, and events.
People are the most important element of any service or experience. Services tend to be produced and consumed at the same moment, and aspects of the customer experience are altered to meet the individual needs of the person consuming it.
There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example – to achieve a 30% market share a company implements a marketing planning process. However, in reality, it is more about the customer interface between the business and consumer and how they deal with each other in a series of steps in stages, i.e. throughout the process.
In the service industries, there should be physical evidence that the service was delivered. Additionally, physical evidence pertains also to how a business and its products are perceived in the marketplace.
How do people think and talk about the product, and what is the people’s impression of your product? Do you have a distinctive brand? The impression and message that you leave with the customer last and become an essential part of the purchase decision later. Therefore, make sure to leave a correct impression on your customers by choosing a distinct identity with correct colors that suit your activity and services and that the message is delivered correctly. In addition to caring for customer service, your team communicated with the public and current customers to provide the service in the most appropriate manner.
It is the physical evidence of a business’ presence and establishment. A concept of this is branding. For example, when you think of “fast food and burger”, you think of McDonald’s.
When you think of sports and athletes stuff, the names Nike and Adidas come to mind.
You immediately know exactly what their presence is in the marketplace, as they are generally market leaders and have established physical evidence as well as psychological evidence in their marketing.
In the end, Muzawed provides you with all marketing and digital marketing services to guarantee you the quality and control of your business.