The 7 P’s marketing model was originally devised by E Jerome McCarthy in his 1960 book ‘Basic Marketing. A Managerial Approach’. In my personal opinion, it is still worth keeping the ‘7 P’s of marketing’ in mind as you develop a marketing strategy.
- PRODUCT – This refers to what the business is selling. Success is often defined by including, defining and prioritising the features, functionalities; the main reasons to purchase the product; and highlights what problem, or problems the product solves.The business can utilise research and development activities, or analysis in order to gauge potential new products, or product developments.
- PROMOTION – This refers to the promotional activities and marketing tactics the business will use to make potential customers aware of the available products.It includes most audience development activities such as PPC advertising, but also involves the fundamental sales tactics along with any/all promotions.
- PRICE – This ‘P’ refers to the pricing strategy and resulting pricing structure for the products and how this will affect customers.Any business should identify how much customers are prepared to pay for the product; how much margin is required; the payments methods; payment terms; any promotional offers; and any other costs.
- PLACE – This simply refers to where your products are created, sold, or distributed.The example business is online only, but worth remembering that many media businesses have physical businesses alongside them, such as networking events and/or magazines sold in retail outlets.
- PEOPLE – This refers to the team and contributors that work for your business. When the business provides good customer service to members it will create a positive experience. This has the potential to lead to new opportunity.
- PROCESS – This ‘P’ refers to the processes and procedures involved in delivering the subscriptions and single-copy products to the customer. Having efficient processes in place ensures that the business both delivers the same standard of service to your customers time and time again; and increases its overall efficiency.
- PHYSICAL EVIDENCE – From the look and feel of the portals to the branding of the business, this refers to everything customers see when interacting with the business.