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What are the 8Ps of Marketing? The 101 Guide

August 4, 2022 in Online Marketing

The world is shifting on the internet in every aspect of the human race. Marketing is also one of them. The 8Ps of marketing are the same for both online and offline marketing. The marketing framework is to develop strategies to provide customers with products and services.

What are the 8Ps of marketing?

The holistic marketing mix is critical to the business’s success. These 8Ps of marketing can help your business grow and expand and reach beyond its potential.

8ps of marketing
8Ps of Marketing

Using these 8Ps of marketing can undoubtedly boost your marketing strategies and achieve your targets. 

See Also: What Is Performance Marketing And How To Get It Started?

Product

The first P symbolizes the product. Product is what you provide, either service or products. They fall under the category of both tangible and non-tangible assets. 

product
Product

The product can convert your potential customer into your identifiable brand ambassador, and products from your company can serve as a piece of marketing equipment in themselves. The firm needs to understand and broadcast the problem the product aims at solving.

For instance, a college sells higher education as its product, and other schools and colleges surrounding it are its competitors. Every product/service has a specific life cycle; it is vital to understand how it will function throughout. 

Price

Price is essential in determining the success of a business. It covers the amount the user will pay for the product. How the product will be sold will depend on the price of the product. Predictions are made about the perceived product the customer shall pay for once the product is out in the market.

If the fixed price of the product is higher or lower than the expected/perceived value, then fewer people would buy the product in the market. Thus, the study of pricing becomes essential for the product’s success.

price
Price

Price gets affected by many factors like the distribution plans of the product in different geographical areas, the cost of the value change and markup, and the price of the competitor businesses for the same product. Pricing highly affects the USP.  While fixing the price value of a product, the factors that must be taken into consideration are:

  1. The cost(variable and fixed)
  2. Competition in the market
  3. The objective of the product 
  4. Aim of the company
  5. Target audience 

Numerous strategies will decide the price, and corporate factors drive the price target.

Placement 

The place is elaborated as a marketing channel (indirect and direct). Geographical areas of distribution coverage, outlets, location of the marketplace, the exhibition catalogs, logistics and transportation, inventory of the firm, and fulfillment of the placed orders.

It refers to the feasible physical location where the business is set up or the company’s outlet stores that are used for distribution in the market.

This essential marketing element includes the fundamental choice of where the product should be displayed and available to the customers. Placement also consists of where the stores(wholesale, retail) should be established for growing sales. 

A firm’s major accomplishment is bringing its product into the limelight, especially in the eyes of the consumer who wants to buy them. Placement may sound like putting the product in various outlets, but it also means showcasing the product on a store’s display or a web page.

Promotion

Promotion means “Marketing communication to make the offer known to customers and persuade them to dig in further.”

It is the eighth P of the marketing mix. It specifically aims to make consumers better aware of the product and convince them to buy it. Promotion helps inform and influence the consumer, requiring decisions about the advertisement, personal selling, and sales promotion. Each of these techniques assists in promotion and survival through competition in the market.

promotion
Promotion

Extending markets and increasing competition have made concurrent use of more than one method of promotion far more essential. Combining two or more promotional campaigns calls for efficient mixing of promotional inputs to maximize each campaign’s cost. One must consider the type of consumer, the promotion budget, stage of demand, etc., while composing a promotional mix product’s nature.

It is also related to the other three Ps of marketing, as promoting the product helps customers to understand its need and why the specific price is appropriate for them. Also, marketers usually combine promotion and placement strategies to reach their target audiences.

See Also: What is Direct Response Marketing? Best Direct Response Marketing Techniques

People

Every company relies on the people who run them, from the leading edge sales staff to the Managing Director. Marketing will be just as great as the staff of the company. It is essential to have the right person in the correct position because they value the same product/service offered by the company.

people
People

Staff reflects a stat that marketers should view their customers and entertain their needs to comprehend their lives in a more specific way for their products and services.  

Processes

Without a perfect process, the creative and structural management of marketing is disturbed. Hence, marketers must follow the marketing management process as only an approach provides the right guide, bringing long-term benefits.

processes
Processes

A process plays a significant role in bringing discipline and perseverance. Before any management, how the surface is to be delivered, that is, “the process,” is essential.

Programs

The program contains all the company’s customer-centric activities. Moreover, it surrounds the previous four Ps and other marketing techniques, which may not adjust as clearly in the old view of marketing.

Whether virtual or non-virtual, traditional or non-traditional, it is always important to combine various creations so that the total is always greater than that of parts, and the aim is to clear multiple objectives of the company. 

Like the other 7, some people also add packaging to this list. The logic behind the product’s presentation is critical as it gives the first impression to the customer. However, some disagree with this and consider packaging a sub-field of promotion.

Performance

Performance includes accomplishing the task that contributes majorly toward the company’s financial stability, ethical, social, and reputation. It sometimes also includes achieving a range of measures that can push the company beyond its potential. Performance stands more for the improvement of the company on its ground rather than for the entire business.

performance
Performance

 

Eight P, i.e., performance, has originated from the emerging productivity and the quality of the business. Also, please take into consideration the financial goals of the company and whether they are achievable or not. Performance is recognized by how productively a company works and the quality of the product sold in the market.

Continuous growth needs improvements at every stage of the performance.

FAQs

Who invented the 8Ps of the marketing mix?

Professor McCarthy, in his book 'Basic Marketing: A Managerial Approach,' put forward The 4Ps of the marketing mix to help develop marketing strategies. Later these 4Ps were extended to 7Ps. After some time, performance was added to the list and was widely accepted by marketers as it was easy to apply.

How do the 8Ps of marketing mix work together?

To achieve success, each of the eight Ps is important in marketing. Together they all work to form an adaptable and efficient marketing strategy. They all work together to form a successful and whole picture, much like the parts of a jigsaw.

Which P is most important in the marketing mix?

The Price. It is because presently, price match has become very much important, so that is why the price is the most popular P in the marketing mix.

Conclusion

The essential elements of the complete marketing mix are these 8Ps. In the past few years, it has been evident that they have contributed to the development of the marketing field. These 8Ps are interrelated to each other, and maintaining the balance between eight of them leads to an exponential rise in the business. The marketing field has increased tremendously in the last few decades. There is still in-depth research on these highly essential 8Ps of marketing.

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Kaushal Malkan More posts by Kaushal Malkan