Back to Basics: The 7 P's of Marketing - Itani & Company

Back to Basics: The 7 P’s of Marketing

Aug 7, 2017 | Marketing Mondays, Strategy | 0 comments

Marketing can be quite a complex discipline that overwhelms many business owners. Whenever I find people struggling to understand what marketing really encompasses, I always direct them to the E. Jerome McArthy’s 4 P’s rule of thumb, which I wrote about a few years ago in this blog post. This guideline was developed in the 60s, but the theory is still sound today.

The original 4 P’s are product, place, price and promotion. In the 80s, the 4 Ps were expanded to 7 to encompass some other factors that heavily influence the success of a business’ marketing. I’ve decided to revisit this concept today for Marketing Mondays, as I still meet so many business owners who have never heard of this concept.

Details of the four foundation P’s are covered in the first post I wrote about this topic, so in this article I will explore the additional three P’s: people, processes, physical evidence.

People: People play an immense role in your marketing, especially if they are client facing. Your company and brand culture should be reflected in your team’s behavior. To ensure that, you as a leader must work to help them internalize the vision and values by taking the time to explain them, repeat them, and live them in your own day to day work.

Processes: How do you maintain excellence time and time again? Institute rock solid processes. Formalizing both internal and client servicing procedures will make your team’s jobs easier and safeguards the brand experience.

Physical evidence: Whether you’re selling products or services, there is some sort of “physical evidence”. It could be the product packaging or it could be the brochure you use to sell yourself. All physical aspects related to what you’re selling should reflect the image you want to portray. I specifically chose expensive and nicely laminated paper for Itani & Company’s brochure because I wanted this selling tool to represent the high quality of service we provide our clients.

*BONUS 8TH P*

While those are the three widely accepted additions to the original 4 P’s, I also want to add an eighth one which I deem to be the most important: positioning. No amount of marketing can make up for a brand that doesn’t have a clear and differentiated positioning. Creating one is a tough exercise, but this becomes to guiding light for any and every marketing activity for the future.

 

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