Marketing Strategy: How to Write 7 Ps of Marketing For Starting a Business
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A successful marketing strategy is considered one of the phenomenon aspects of creating a solid business plan, which can help to highlight consumer behaviors and market trends in order that the business will be able to design products and services to meet the needs of consumers.
For this reason, a marketing strategy is a must for every business to do a market analysis based on the consumer demands that allows the entrepreneur to blossom different ideas for starting a business and be able to promote their products and services in the market.
As a part of a business plan, execution of the marketing strategy to analyze and identify the steps necessary, which allows your business to provide the right product and service to both employers and employees.
In this section, we will employ the 7 Ps of marketing to gather data on the consumers and market trends associated with products and services developments. Hopefully, it helps you to get familiar with the 7 Ps of marketing and be able to use it as part of your business plan or in your university assignment.
1. What Are the 7 Ps of Marketing as Part of Market Analysis?
Before developing a marketing strategy, entrepreneurs must get familiar with the 7 Ps of the marketing mix because it will be used as a framework to gather all the necessary information related to market analysis. For this reason, the 7 Ps of marketing is the collection of seven key aspects of marketing strategy that can be used to work together to create different ideas for starting a business and be able to meet the long-term business objectives. These 7 key aspects are as follow:
- Product Delivery
2. Marketing Strategy: The 7 Ps of Marketing
In this section, the 7 pieces of marketing strategy will be used as a benchmark to analyze and identify the steps necessary, which allows the business to deliver the right product and services to both employers and employees.
By implementing the 7 Ps of marketing, the business will have understood the broader picture of the competitive landscape in the region and the demand of the consumer trends in order that the business start-up will take the appropriate measure and actions to differentiate your product and services and be able to target the right group of clients.
The first part of the 7 Ps of marketing is called product, which is going to examine what type of product and services the business is to execute in order to provide the exclusive service standard to the potential clients.
- Company name and Logo.
- Products and services offer.
- And product quality, which creates value for customers.
Product Delivery: example of an education firm.
There are two main services that education firms might be implementing that are ” website platform and consulting service associated with education”.
Building up an education platform is considered the first major steppingstone to provide a convenient online service to our students and partners. By using the latest technology such as Blockchain or CDN cloud service, this latest technology will create the best possible convenience in terms of a beneficiary to both employee and company.
It’s because the technology will allow the high interaction and communication between both parties to match them to the right university and find the information they want.
The second P in the formula is “price”. As a newly established firm, the business owner should continue to build up the reputation in the market is considered a vital point for the survival of the business. For this reason, the given key aspects of Pricing you should pay attention to are:
- Discount prices for loyal customers.
- Bundle prices ( match at least 2, 3, or 4 products together).
- Free sample products to attract the attention of the general public.
By using the price strategy and other related costs based on the industry standard and other leading firms within the industry, you should implement the cost advantage benefit in terms of price offer, which aims to gain the market share and be able to sustainably grow in the long run for the following points.
Based on the information from Indeed (2021), incentive-based programs play a vital role in promoting the business to potential clients such as employee referral programs introduced by friends and relatives.
For this reason, your business should take serious consideration of this method in order that the company can sufficiently attract a number of talents and promote the sale of products and services to the market.
Following are key elements, you should get familiar with in order to promote your product and service.
- Gift cards for increasing customer retention and satisfaction.
- the discount subscription fees
- Products promotion
- Marketing strategy- campaign.
- Public relation.
Number 4 of the 7 Ps of marketing is the “place” where we actually are able to set up physical offices to provide products and services to the customer. This is considered an advanced stage once the online platform and other foundation steps have been successfully created.
Things you should consider for creating a ” Place” of marketing mix strategy.
- Business location, and physical stores
- Technology: Website to reach out to mass audiences.
- Social media: LinkedIn, Twitter, Facebook, Etc.
- Distribution centers
- Logistic ( supply chain)
In terms of packaging, we need to take into consideration the following key element before designing a better product and service for the market.
- Business catalogs
- Business Catalogs
- Products and services design.
Those factors will play a key role in attracting and retaining new and existing customers to your business in the long run. This is because customers have a habit of only purchasing products and services from a well-established and reputable brand.
The next is Positioning. We must develop the habit of thinking continually about how our business can position in the hearts and minds of our clients. As mentioned before, the need to follow the strict guideline of our policy by adopting the quality assurance service. In other words, maintaining a high standard of services with a professional attitude towards customers will always be mentioned in our mission statement and in our product and services lines.
In the famous book by Al Reis and Jack Trout, Positioning, the authors mention that the importance of understanding customer behaviors in terms of satisfaction and product preference is the critical determinant of creating a competitive advantage in the market, which contributes to the success of the business.
Attribution theory says that consumers have a view of your business, either positive or negative. as it depends on how you deliver products and services to exceed the expectation and help them the society to solve their current problems
Some important elements to deliver business value for helping the business to improve their standard of living.
- Mission and vision statement, customers and employees can understand the direction of the business.
- Product quality
- Friendly and reliable service.
- Greater customer satisfaction.
- Establish a trusting relationship among stakeholder
The final P of the marketing mix is people. You will work extremely hard to think through every element of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person.
In particular, your business team must have the ability to select, recruit, hire and retain talented people with the skills and abilities to do the job that meet your business needs and be able to complete a job in an efficient way.
It is most important that everything else is put together, this is because employees are considered the organization asset, they can either help to develop the business into the next phase or can destroy the business. It is pretty dependent on how the firm’s policy towards its employee.
Things to consider to attract and retain employees, which contribute to the development of business in the long run.
- Higher employees satisfaction.
- Career development.
- Employees achievement awards to encourage them to perform better.
- Performance review.
Overall, to be successful in business, business owners and managers need to recruit and select the right employees with the right attitudes, who will be carrying out each task and responsible for our business to engage with clients, it is not possible to move the business forward until we can attract and put the right person into the right position.
Pay Close Attention to a Budget
A business plan helps to execute ideas for starting a business, which include the creation of a marketing strategy to promote the products and services getting closer to the consumers. However, you must create a budget for each section of your business plan, and in this case a marketing plan.
By creating a successful budget, it will ensure you will control the spending within the set of your budget, which might help you to achieve the overall business objectives in the long run.
By Jiro Nguyen.
The content is only based on the author’s personal opinion and his understanding. It is used for informational purposes only, and you must not rely on it as a comprehensive or a substitute for professional advice.
What Are the 7 Ps of Marketing
These 7 key aspects are as follow: Product Delivery Price Promotion Place Packaging Positioning People
Why marketing strategy is important in a business plan?
An effective marketing strategy is essential to be part of a business plan due to the following reasons. 1. Understand the customer behaviors. 2. Highlight the importance of service and product quality. 3. Cost-effectiveness 4. Location can determine the business success.
The 5 Ps of Marketing
The following are a list of 5 Ps of Marketing. 1.Product Delivery 2.Price 3.Promotion 4.Place 5.Packaging