Marketing is a way to advertise your product or service to encourage customers or clients to buy your product or service which then lead to more sales. There were traditionally 4 elements of the marketing mix, product, price, promotion and place.  In recent years, 3 additional elements have been added, physical evidence, people and process.  When you are working for yourself, it is important to be aware and remember these 7 Ps.

Product 7Ps Marketing

Product

The product is one of the most important aspects of the marketing mix. It is what you are offering to your potential customers and clients.  If they do not like the product due to poor quality or if it is faulty, the product will not sell.  The product has to appeal to customers, it needs a consistent brand image, good logo and also fulfills a demand in the market so that people will buy and use it.

Price

The price is also very important as if it is too high, people will not buy your product.  However, if the price is too low, it may not reflect a quality product and people may be wary of it.  It is important to ask the correct price for your product/service.  You should research what customers are prepared to pay and then set the price around this figure.

Place

This is the way of transporting and storing goods and making them available for your clients.  There are many different ways to distribute your product.  Some manufacturers go through wholesalers while others go direct to retailers and customers. For those in the service industry such as restaurants, it is important to be close to the customer.  They will not come to eat at your restaurant if it is miles from the nearest town or in an area that is hard to reach.

Promotion

This is the way of communicating with your customers. It will help your customers decide in the buying process.  It is important to invest time and money on your promotion as if it is successful, it will lead to an increase in sales.  If you are consistent with your brand message in your promotion, you can build up loyal customers who will then help advertise the product to their friends and relatives through word of mouth marketing.

Borough Market - 7Ps

Physical evidence

This is where the goods are sold.  For example people expect well laid out and presented retail shops or a good quality website (if the goods are so

ld online).  People will not buy from a website if they feel it looks insecure or looks like a spam site. If you are selling your goods in a market, they will expect the stall to look clean and tidy with the goods displayed.  In terms of a service offering such as airlines, people will not fly with a particular airline if the plane is not clean, does not offer good meals (although this may be forgiven for cheap price as in the case with EasyJet.

People

Customer service is very important especially in today’s competitive market place. No longer will customers accept rude waiters or inattentive retail staff.  If this is the case, they will simply walk out or not leave a tip in the case of restaurants. Now many call centre places have record incoming calls to make sure their staff are serving the customers well and answering their queries.

Process

This is any process to make the marketing in an organization effective.  For example, handling customer complains, or identifying the needs of the customer. In a service industry, processes are extremely important to deliver high quality service.  The product and people elements of the mix tend to overlap.

There are many organizations throughout Australia who can help you market your business.  If you are looking for help with offline material, there are many printing services in Brisbane who offer business card printing, poster and even brochure design.