Marketing Mix – 8 Ps

Marketing Mix – 8 Ps:

1. Product
2. Price
3. Promotion
4. Place
5. People
6. Process
7. Physical evidence
8. Productivity
1. Product
The core of any marketing effort, the product must be something customers desire. The best marketing in
the world will have difficulty selling a product for which their is no demand. Therefore, the marketing
manager must understand how the product helps the customer solve a problem or achieve a goal. The
marketer must also understand the product's relationship in the market -- how is it superior to the
competition? One of the most helpful tools available at this stage is product testing. There are different
types of product testing, as you can see. Placing a product into the hands of the customer allows you to
gain insights unavailable any other way. What does the customer believe the product will do for them?
How do they see your product in relation to the competition? Remember that "the customer is always
right" -- what they believe is what they will use to choose what to buy -- and it's easy to understand how
this information is more valuable than anything said in a meeting or boardroom.

2. Price
Contrary to popular opinion, price is not the main reason customers buy. An inappropriate price can still
cost you a great deal of money, though -- whether it's in lost sales or in "money left on the table."
Therefore, check that prices of products and services are appropriate both to the reality of the market and
the cost of delivering them. Often, changing terms of sale or combining products together may create a
negligible effect on the cost while creating a tremendous effect on the perceived value. These "extra
bonuses" may cost next to nothing while making your prices instantly far more attractive.

3. Promotion
Promotion is the heart of what most people think of as "marketing." Promotion encompasses every aspect
of packaging, advertising, sales methodology, and salespeople. Promotions may use small items such as
these or contests to induce the customer to engage with the brand or the product. Small changes to
promotion may produce dramatic changes in your profits. A tiny tweak to your advertising, for example,
can easily double your sales. As you work, keep in mind that no marketing works forever. Stay prepared
to develop new approaches, strategies, and offers on an ongoing basis in order to keep ahead of the
market's changing tastes.

4. Place
Where the customer meets the salesperson is the "place." Direct sales methods put the place in the
customer's home or office, with a salesperson personally going out to talk with the prospect. (Mail order
and catalogue marketers replace the salesperson with printed matter.) Other companies use retail
establishments or trade shows as their "place." In many instances you'll find that a combination of these
methods produces the best results. Now, let's look at the "New Four Ps," which extend this model to
service-based businesses and a customer-service oriented world.

5. People
Selecting, recruiting, hiring, and retaining the people who will do the job that needs to be done is among
the most important parts of business.

6. Process
As tempting as it is to think of process in terms of your needs, to marketers process is in fact what your
customers experience. The process issues that are most annoying for a customer are the process
elements which put the provider's convenience ahead of the customer's. Therefore, design your process
to maximise the customer's enjoyment throughout.

7. Physical evidence
All the visible and tangible traces of your business that a customer encounters prior to buying are the
physical evidence. Advertising, signage, your reception area, your corporate brochure, even staff clothing
are part of the physical evidence of your business. Use physical evidence to stand out from the
competition and create a strong brand image.

8. Productivity
As with process, this is less about your internal productivity than your ability to deliver to your customers.
Productivity in this regard is always combined with quality - you supply the best quality every time.

Product Promotion Price Place People Process Physical

evidence
1.
8 Ps of Marketing to Boost Your Marketing Mix
One of the best ways to improve your marketing mix is to never approach it as an isolated task, but
rather as one that’s part of an interconnected network where each component plays a key role in
transforming strangers into customers. That is where the 8 Ps Of Marketing come in.
A well-designed marketing mix is a key to success in business. These 8 Ps of Marketing will help your
business grow and reach its potential.
Implementing the 8 Ps of Marketing can certainly boost your marketing mix. If you have ever found
yourself asking “How can I improve my marketing?” or “What are the most important elements to a
successful marketing campaign?” then you need to read this.

What is marketing?
Either you follow out of the box marketing ideas or routine marketing practices, it always refer to all the
activities that help a company convey its offerings to its target audience. So, what we commonly refer to
as marketing is only a subset of marketing activities, which include product or service design, product or
service pricing, promotion, branding, and distribution.
Marketing can be looked at as an organizational function and a set of processes for creating,
communicating, and delivering value to customers and managing customer relationships in ways that
benefit the organization and its shareholders.
It involves researching, promoting, selling, and distributing your products or services. You can use
marketing to sell something or to inform people about your business. Target marketing takes
advantage of effective communication to reach potential customers.
Marketing includes advertising, selling, and delivering products to people. People who work in
marketing departments of companies try to get the attention of target audiences by using slogans,
packaging design, celebrity endorsements, and general media exposure.
Why do we need marketing?
Now that we have learned what marketing is, let us look at why do we need marketing?
Go to market strategies help you to bring your product into market for targeted audience consideration.
Marketing is an essential part of any business. It’s the way we connect with our customers and the way
in which they get to know us. In a world where consumers have access to more information than ever
before, marketing is how we stand out from the crowd.
Marketing isn’t just about getting a message out there – it’s about knowing what that message should
be. To do that, we need to understand our target audience, who they are, and what they want from us.
Marketing is about using that knowledge to engage with our audience and encourage them to take
action.
A successful marketing campaign can do the following:
Raise awareness of your brand, product, or service
Marketing is the process by which companies create customer interest in goods or services. It generates
the strategy that underlies sales techniques, business communication, and business development.
It is an integrated process through which companies build strong customer relationships and create
value for their customers and for themselves.
Create a positive image for your company
A good marketing strategy can help you create a positive image for your company. When customers
have a good impression of your business, they are more likely to buy from you.
You can share your company values and the story of your business to create a compelling brand that
customers will want to buy into. You can utilize CSR (Cooperate Social Responsibility) and PR (Public
Relation) activities to further strengthen your brand image.
Generate leads and sales
A well-executed marketing campaign can bring in leads generation and sales for your business. It can
help you reach more potential customers and convert them into paying customers.
A good marketing strategy will include a mix of marketing channels that will work best for your business.
Also, every lead should be nurtured at every step of the sales funnel to increase the chances of
conversion.
Increase customer loyalty
Loyal customers are key to the success of any business. Marketing can help you create a loyal customer
base by persuading customers to keep buying from you. With loyal customers, you don’t have to spend
as much on marketing in the future.
You can only have loyal customers if you provide them with what they want and exceed their
expectations. You can do this by using marketing to know your customers better and by creating a
customer-centric culture within your business.
One of the most important considerations in marketing is ensuring that all activities are profitable – but
often these activities are not directly related to generating revenue but rather to building relationships
with consumers so that they will want to buy your products or services later on down the line.
Improve your market share
Marketing can help you increase your market share by persuading customers to switch to your product
or service. Customers require a good reason to switch brands, and marketing can provide that reason.
You can also use marketing to steal market share from your competitors. Marketing involves research to
identify your competitors and understand their weaknesses. You can then use this information to create
a marketing strategy that will help you overtake them.
Increase sales and revenue
A good marketing strategy can help you increase sales and revenue. When executed correctly,
marketing can help you reach more potential customers and convert them into paying customers.
Also, satisfied customers are likely to refer others to your business, which can lead to even more sales
and revenue.

Provide insights into customer behavior

Marketing can help you understand your customers’ needs and preferences. This understanding can
help you make better decisions about what products or services to offer and how to market them.
Provide insights about your business
Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the
identified market and the profit potential. It pinpoints which segments the company is capable of
serving best and it designs suitable products and services for each segment.
Marketing develops pricing strategies to help producers achieve their objectives, whilst taking into
account consumer purchasing power, competition, and the economic climate.
Marketing also proposes different channels of distribution that add value to consumers, such as
convenience, accessibility, or communication with a brand. These activities collectively make up a firm’s
value proposition: they help consumers understand why they should buy a particular product or service
from a specific company. It also help in having good reputation in your market due diligence report.

What are the 8 Ps of marketing?

Marketing has evolved over time to be a complex business function that requires various components.
The 8 P’s of marketing are the components that should be included in your strategy for success.
They categorize the different areas of marketing that should be considered when developing a
marketing strategy.
How do the 8 Ps of Marketing work together?
Each of these 8 Ps of Marketing is important for success in marketing. They work together to create a
well-rounded and effective marketing strategy. They are like the pieces of a puzzle, and each one is
essential for a complete and successful picture.
Who invented the 8 Ps of marketing?
The 4 Ps definition is a set of business principles devised by E. Jerome McCarthy in 1960.
In 1967, Philip Kotler defined the marketing mix as a set of controllable variables.
McCarthy was an American marketing professor who taught at the Michigan State University and he’s
the author of several books on business management, marketing, and advertising.
So, who invented the 8 Ps of marketing?
In his book “Basic Marketing: A Managerial Approach”, Professor McCarthy proposed the 4 Ps
marketing mix as a tool for developing a marketing strategy.
Later, the 4 Ps were extended to the 7 Ps of marketing. In 1981, the professors Bernard Booms and Mary
Jo Bitner published Marketing strategies and organizational structures for service firms where they
presented the 7Ps of marketing mix.
The 8 Ps definition adds performance to the 7 Ps definition and it has become widely adopted by
businesses across all industries because it’s simple to understand and apply.
8 elements of the marketing mix
So, what are the 8 Ps of marketing?
The 8 Ps of marketing are a framework for developing a successful marketing strategy. They are:
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Vegetables.
Onions Tomatoes, Water Melon, Cabbage, Eggplants

A good product is at the heart of a successful marketing strategy. The product needs to be something
that meets the needs and wants of your target market.
You need to inform your customers of the features and benefits of your product so they understand why
they should buy it. Customers are drawn to products that offer value, meet their needs, and make their
lives easier.
For example, Apple is known for its innovative and high-quality products. The company’s products are
marketed as being cutting edge, stylish, and easy to use.
Price

Price is crucial for a successful marketing strategy. You need to find the right price that meets the needs
of your target market and allows you to make a profit.
If you get it wrong, you could lose customers to your competitors. If you price your product too high,
people may be unwilling to buy it. If you price it too low, you may not make a profit.
For example, the price of an iPhone is high compared to other smartphones on the market. This is
because Apple has positioned itself as a premium brand and charges a premium price for its products.
Your product determines how you price it.
Place
This refers to finding the right place to sell your product. You need to consider where your target market
is and how to reach them.
You also need to think about what you’re offering. If you’re selling a product that needs to be stored in a
warehouse, you need to find a place that has the necessary space.
For example, Walmart is known for its low prices and it has a large network of stores that are located in
convenient locations.

1. Marketing communication
2. Personal promotion
3. Sales promotion
4. PR
5. Branding
Direct Marketing
Promotion

Purpose:

1. Smallholder farmers need to be made aware of our products Field crops and Vegetables
available from Naseco 1996 ltd company so that they may become willing to make the
purchase.
2. Create a desire in customers to buy is through promotion and persuasion of the value of the
improved seeds.

Methodologies
This begins with informing the mind, through the provision of information about the product
characteristics, benefits and value. This needs to lead to a belief and trust in the product that may
result in a sale. Head-knowledge is insufficient. There must be heart-felt desire created, along
with trust. For farmers and seed, this often takes time and requires experiential acquaintance with
the plant and harvest that will result from the seed.
Channels
Branding- On Packaging, Shops, Vehicle
Direct Marketing - Demonstration plots, Yield days, Sample packs
Traditional Advertising R- Radios,
Product placements
Direct Marketing
Promotion is all about getting the word out about your product. You need to create a marketing mix that
includes a variety of promotional tactics such as advertising, public relations, and social media.
You also need to think about your target market and what type of messaging will resonate with them.
The reason for promoting your product is to make people know about your product and make them
interested.
Coca-Cola is one of the most well-known brands in the world and it spends billions of dollars on
promotional activities each year.
Planning
This is especially important because good planning can help save resources and increase the chances of
success.
Planning involves setting objectives, developing a strategy, and allocating resources.
It’s important to have a plan in place before you start promoting your product. This will help you stay on
track and make sure that you’re utilizing your resources in the most effective way possible.
For example, a small business might want to plan its marketing activities for the next six months. This
would involve setting specific objectives, such as increasing sales by 20% and attracting 100 new
customers.
Processes
To be successful, businesses need to have efficient processes in place. This includes all aspects of the
business from manufacturing to sales and marketing.
Processes need to be aligned with the company’s objectives and goals. They also need to be efficient so
that the company can compete effectively.
For example, a company might have a process for developing new products. This process would involve
researching the needs of the target market, designing a product that meets those needs, and testing the
product to make sure it is viable.
People
People are an important part of the marketing mix. You need to have a team of people who are
responsible for promoting and selling your product.
You also need to have people who are responsible for creating and executing the marketing strategy.
The team should be able to work together and be aligned with the company’s objectives.
For example, a company might have a marketing team that is responsible for creating and executing the
marketing plan. The team might also include people who are responsible for advertising, public
relations, and social media.
Physical Evidence
Physical evidence is anything that can be touched, felt, or seen. It’s used to reinforce the messages that
are being communicated in the marketing mix.
This includes:
Your premises
Packaging
Product design
Labels
For example, a company might have physical evidence that reinforces its brand image. This could be
anything from the company’s logo to the design of its packaging.