7 Ps of Marketing

Yes, the 3 Ps of marketing are still in use today along with few additional Ps. They are a foundational framework that businesses use to develop and implement their marketing strategies.

The 3 Ps are essential for businesses to create a product that meets the needs of their target customers, set a competitive price, and communicate the value of their product to customers.

While the marketing landscape has changed significantly since the 3 Ps were first introduced in the 1950s, the core principles remain the same.

For example, businesses still need to invest in product development to create products that customers want and need. They also need to price their products competitively and promote them effectively to reach their target customers.

However, businesses today have access to a wider range of marketing channels and technologies than ever before. This gives them more flexibility to reach their target customers and deliver personalized marketing messages.

The "3 Ps of Marketing" are often used to refer to the foundational elements of a marketing strategy. These Ps are also known as the Marketing Mix or the Four Ps, with the traditional Four Ps being Product, Price, Place, and Promotion. However, you've asked about the "3 Ps of Marketing," so I'll explain the three most commonly used Ps in this context:

1. Product:

• Product refers to the tangible or intangible offerings that a company provides to meet the needs and wants of its target customers. This can include physical goods, services, or a combination of both. Key considerations under the product category include product design, features, quality, branding, and the unique selling proposition (USP) that sets the product apart from competitors.

• Product refers to the goods or services that a business offers. It includes all of the physical features, benefits, and branding of the product. Businesses need to make sure that their products are high quality, meet the needs of their customers, and are differentiated from the competition.

• Key considerations include function, design, quality, branding, packaging, and variety within the product line. Product decisions impact core operations and supply chain management.

2. Price:

• Price relates to the cost of the product or service and the pricing strategy a company employs. Pricing decisions have a significant impact on a company's revenue and profitability. Marketers must determine the right price point to maximize sales while covering costs and generating a profit. Pricing strategies can vary, such as penetration pricing (setting a low price to gain market share) or premium pricing (setting a high price to position the product as exclusive or of high quality).

• Price is the amount of money that customers are willing to pay for a product. Businesses need to set prices that are both profitable and competitive. They also need to consider factors such as the cost of production, the value of the product to customers, and the prices of similar products.

• Pricing impacts profit margins, demand, competitive positioning, and target customer segments.

3. Promotion:

• Promotion encompasses all the activities a company engages in to communicate the value of its product or service to its target audience. This includes advertising, public relations, sales promotions, social media marketing, content marketing, and any other promotional efforts. The goal of promotion is to create awareness, generate interest, and ultimately persuade potential customers to make a purchase. It's about creating a compelling message and delivering it through the right channels to reach the target audience effectively.

• Promotion is how businesses communicate the benefits of their products to customers and persuade them to buy. It includes a variety of activities such as advertising, public relations, sales promotions, and direct marketing. Businesses need to choose the right promotional channels and messages to reach their target customers.

• Key promotion elements are advertising, public relations, salesforce, direct selling, promotions, and social media marketing.

The 3 Ps of marketing are interconnected. For example, the price of a product will affect how it is promoted. A high-priced product may require more exclusive and expensive promotional channels, while a low-priced product may be promoted through more mass-market channels. These three Ps are critical components of a marketing strategy. Decisions in one area, such as pricing, can influence how a product is perceived, or how promotion efforts are structured. Effective marketing strategies require a balanced and coordinated approach across these three elements to maximize the chances of success in the marketplace. Getting the right balance of the 3 Ps allows a business to effectively position its product in the market, outreach to the right customers, offer compelling value, and achieve sales and profit goals. The significance of each P may differ based on the company, industry, or specific products. But coordinating all three elements of the marketing mix is crucial for the success of any product or brand.

Here are some examples of how the 3 Ps of marketing can be applied in the real world:

• Product: A company that sells smartphones might develop a new product with a longer battery life, a better camera, and a faster processor. This would be a new product that would appeal to customers who are looking for the latest and greatest smartphone technology. Companies are using data and customer insights to develop products that are tailored to the specific needs of their target customers. For example, Netflix uses data on customer viewing habits to recommend new movies and TV shows to users.

• Price: A company that sells clothing might offer a discount on its summer collection to clear out inventory before the fall season. This would be a price promotion that would appeal to customers who are looking for a good deal on clothes. Companies are using dynamic pricing strategies to adjust prices in real time based on factors such as supply, demand, and competitor pricing. For example, Amazon uses dynamic pricing to adjust the prices of its products on a daily basis.

• Promotion: A company that sells cars might launch a new advertising campaign that highlights the safety features of its vehicles. This would be a promotional campaign that would appeal to customers who are concerned about safety when choosing a new car. Companies are using targeted advertising and social media marketing to reach their target customers with personalized messages. For example, Facebook allows businesses to target their ads to users based on their demographics, interests, and behaviors.

The 3 Ps of marketing are a fundamental framework for businesses of all sizes. By understanding and applying the 3 Ps, businesses can develop and implement effective marketing strategies that reach their target customers and drive sales.

In addition to the 3 Ps of marketing (product, price, and promotion), there are a number of other factors that businesses consider when developing and implementing their marketing strategies. These include:

• Place: Where and how will products or services be distributed to customers? This may include physical stores, online retailers, or a combination of both.

• Packaging: How will products be packaged? Packaging should be both functional and attractive, and it should communicate the value of the product to customers. Product, Price, Promotion, Place and Packaging is some times referred to as the 5 Ps of Marketing.

• Branding: How will the product or service be branded? This includes developing a brand identity and logo, as well as creating a consistent brand experience across all touchpoints.

• Customer service: How will customers be supported before, during, and after they purchase a product or service? Good customer service is essential for building customer loyalty and driving repeat business.

• Relationship marketing: How will businesses build and maintain relationships with their customers? This may involve loyalty programs, social media engagement, or other initiatives.

These additional factors are often referred to as the extended marketing mix or the 7 Ps of marketing. They are important to consider because they can all impact the success of a marketing campaign.

In today's digital world, businesses also need to consider the following factors when developing their marketing strategies:

• Online presence: Does the business have a website and social media presence? These are essential for reaching potential customers and promoting products or services online.

• Content marketing: Does the business create and distribute valuable content to its target audience? This can help to attract new customers and build brand awareness.

• Search engine optimization (SEO): Is the business's website optimized for search engines? This helps to ensure that the website appears high in search results when potential customers search for relevant keywords.

• Pay-per-click (PPC) advertising: Does the business use PPC advertising to reach its target audience? PPC advertising can be a very effective way to drive traffic to a website and generate leads.

By considering all of these factors, businesses can develop and implement comprehensive marketing strategies that reach their target customers and drive sales.

Social media marketing is the use of social media platforms to connect with and engage target audiences in order to build brand awareness, promote products or services, and drive sales.

Social media marketing can be used to achieve a variety of business goals, including:

• Increasing brand awareness

• Generating leads

• Driving traffic to a website

• Boosting sales

• Building customer relationships

• Providing customer support

To be successful with social media marketing, businesses need to:

1. Choose the right social media platforms for their target audience

2. Create and share high-quality content that is relevant and engaging

3. Interact with followers and respond to comments and questions

4. Run social media ads to reach a wider audience and achieve specific marketing goals

Here are some examples of how businesses are using social media marketing today:

• Nike uses social media to connect with its target audience of athletes and fitness enthusiasts. Nike shares inspirational content, product announcements, and behind-the-scenes photos and videos. The company also uses social media to run contests and promotions.

• Starbucks uses social media to build relationships with its customers. The company shares photos and videos of its coffee drinks and food items, as well as stories about its employees and customers. Starbucks also uses social media to run customer loyalty programs and promotions.

• Tesla uses social media to promote its electric vehicles and energy products. The company shares news and announcements, as well as customer testimonials and videos of its products in action. Tesla also uses social media to answer customer questions and provide customer support.

Social media marketing is a powerful tool that businesses of all sizes can use to reach their target audiences and achieve their marketing goals. By using social media effectively, businesses can build brand awareness, generate leads, drive sales, and build customer relationships.

How social media marketing fits into the 3 Ps of marketing:

Social media marketing can be used to support all three Ps of marketing. For example:

• Product: Social media can be used to promote new products, share product reviews, and collect customer feedback.

• Price: Social media can be used to run promotions and discounts, and to create a sense of urgency and scarcity around products.

• Promotion: Social media can be used to create and share content that is relevant and engaging to target audiences, and to run social media ads to reach a wider audience.

By using social media to support all three Ps of marketing, businesses can develop and implement comprehensive marketing strategies that reach their target customers and drive sales.

Sash Barige

Apr/17/2017

Sources: Strategic Marketing Management: The Framework by Alexander Chernev