Businesses strive to succeed through effective marketing. One of the most useful frameworks through which marketing strategies can be understood and applied is the 7 Ps of Marketing. This model helps businesses to create value for customers and manage their marketing mix effectively.

Let us look at these 7 Ps that make all the difference.

Product

The product is at the heart of marketing. It is the offering made by a business to its customers, be it tangible in nature (goods), intangible (services), or even an idea. As put forth by Philip Kotler, a noted marketing sage, “The product should be able to satisfy a consumer’s needs and wants from a target market” (Kotler, 2016). A business has to see get more info to it that its product is composed of features, performance, and benefits that match the needs of its customers. Continuously gauging the performance of a product makes it possible to effect any needed changes as per the dynamism of the market.

Price

Price is defined as the consideration paid by customers for a product or service. It should represent the offering’s value and be competitive within the market. According to Kotler & Keller (2016), “pricing is an influential factor in customer decision making.” The strategies can take the form of discounts, premium pricing or value-based pricing depending on the target market and market conditions. A company tries to strike the optimum point between what it wants in terms of revenue and what a customer perceives as value.