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A brief summary of marketing
and how it works
Marketing and the 7Ps: A brief summary of marketing and how it work
“ Marketing is the
management process
responsible for
identifying, anticipating
and satisfying customer
requirements profitably
...
CIM (The Chartered Institute of Marketing) offers the following definition for marketing:
“ The management process responsible for
identifying, anticipating and satisfying customer
requirements profitably
...
It is a key management discipline
that ensures producers of goods and services
can interpret consumer desires and match, or
exceed them
...
It is about understanding the
competitive marketplace and ensuring you can
tap into key trends, reaching consumers with the
right product at the right price, place and time
...
Getting close has become more important than
ever as digital and mobile technology make
inroads into all aspects of life
...
Today, as competitive pressures increase,
marketing skills have never been more highly
valued
...
The professionals who shape and implement
marketing strategy contribute directly to
the economy
...
Conversely, history reminds us that without
proper marketing, you can’t get close to
customers and satisfy their needs – and if you
can’t, a competitor surely will
...
You might not be advertising your services, but
you probably do make an effort to know your
customers well
...
You know that you need to improve
and extend existing products, and sometimes
develop new ones
...
But is this kind of ‘unconscious’ marketing
adequate?
If you don’t understand that you’re ‘doing’
marketing, it’s hard to keep things consistent
over time
...
How do you create a proper marketing
strategy for the future? How can you keep
up with your competitors, exploiting all the
latest technological developments at a time
of rapid change?
4 Marketing and the 7Ps – © CIM 2015
Applying a simple marketing framework is vital
...
The rest of this article will help you to do
just that, giving you suggestions for practical
marketing that builds on what you are
already doing
...
Traditionally, these considerations were known as
the 4Ps — Product, Price, Place and Promotion
...
More recently, two further ‘P’s were added
— Process and Physical evidence
...
In the 1990s, as experts realised that business
had to become more customer-centric, an
alternative ‘4 Cs’ of marketing was proposed
...
The 7Ps model, however, has
endured and more than adequately incorporates
today’s customer-first marketing world
...
Successful companies find out what customers
need or want and then develop the right
product with the right level of quality to meet
their expectations, both now and in the future
...
–– The perfect product provides value for the
customer
...
–– Ask yourself whether you have a system in
place to regularly check what your customers
think of your product and your supporting
services
...
–– Beware the product quality trap – don’t take
it too far by trying to sell a Rolls-Royce when
the customer really wants a Nissan Micra
...
The price
needs to be competitive, but this doesn’t mean
you have to be the cheapest in your market –
small businesses can compete with larger rivals
by offering a more personal service, value-adds
or better value for money
...
Pricing is
the only element of the marketing mix
that generates revenue — everything else
represents a cost to you
...
The more you charge, the more value or
quality your customers will expect for
their money
...
If you are the most
expensive provider in your market, customers
will expect you to provide a better service
...
–– Existing customers are generally less
sensitive about price than new customers
— a good reason to look after them well
...
The place where customers buy a product, and
the means of distributing your product to that
place, must be appropriate and convenient for
the customer
...
–– Customer surveys show that delivery
performance is one of the most important
criteria when choosing a supplier
...
This could be in
a shop window, but it could also be online
...
–– For the same reason, all firms that sell online
should consider how the product will be
delivered to the consumer – even if this is
handled by a third party
...
Does yours conform to the latest standards?
For example, Google search now penalises
websites that are not optimised for mobile,
potentially making it more difficult for
consumers to find you
...
It includes branding,
advertising, PR, corporate identity, social media
outreach, sales management, special offers and
exhibitions
...
–– Good promotion is not one-way communication
— it paves the way for a dialogue with
customers, whether in person or online
...
–– Your website is often the customer’s first
–– A brochure isn’t necessarily the best way
of promoting your business
...
A more costeffective and flexible option might be a folder
with a professionally designed sheet inside,
over a series of your own information sheets
produced in-house
...
It is just as important
to communicate with staff/fellow
employees about the value and attributes
of your products
...
experience of your company – you only have
one chance to make a good first impression,
so make sure that information on the site
is always kept up to date and the design is
updated to keep it fresh
...
The
important principle is to always advertise
where your target consumer goes
...
It should
be easy to read and enable the customer to
identify why they should buy your product
Marketing and the 7Ps – © CIM 2015 7
Marketing and the 7Ps: A brief summary of marketing and how it work
P5
People
Everyone who comes into contact
with your customers will make an impression
...
–– The reputation of your brand rests in
the hands of your staff
...
–– All employees who have contact with
customers should be well-suited to the role
...
–– That means the process of delivering the
product or service, and the behaviour of
those who deliver it, are crucial to customer
satisfaction
...
–– In the age of social media, every employee
–– Customers are not interested in the detail
–– Likewise, happy customers are excellent
–– Remember the value of a good first
can potentially reach a mass audience
...
advocates for your business
...
–– Superior after sales support and advice
adds value to your offering, and can give
you a competitive edge
...
–– Look regularly at the products that account
for the highest percentage of your sales
...
However, they may want
reassurance they are buying from a reputable
or ‘authentic’ supplier
...
Identify where most customers
initially come into contact with your
company - whether online or offline - and
ensure the process there, from encounter to
purchase, is seamless
...
–– Do customers have to wait? Are they kept
informed? Is your website fast enough and
available on the right devices? Are your
people helpful? Is your service efficiently
carried out? Do your staff interact in a
manner appropriate to your pricing?
–– Customers trying to reach your company
by phone are a vital source of income and
returning value; but so often they are left on
hold
...
8 Marketing and the 7Ps – © CIM 2015
Marketing and the 7Ps: A brief summary of marketing and how it work
P7
Physical evidence
Choosing an unfamiliar product or
service is risky for the consumer, because
they don’t know how good it will be until after
purchase
...
–– A clean, tidy and well-decorated reception
area – or homepage - is reassuring
...
–– Some companies engage customers and ask
for their feedback, so that they can develop
reference materials
...
–– Although the customer cannot experience
the service before purchase, he or she can
talk to other people with experience of the
service
...
Alternatively, well-shot video testimonials
and reviews on independent websites will
add authenticity
...
No element can be considered in
isolation — you cannot, for example, develop a
product without considering a price, or how it
will reach the customer
...
Marketing and the 7Ps – © CIM 2015 9
Marketing and the 7Ps: A brief summary of marketing and how it work
04 a marketing strategy
Planning
Marketing focuses on the fundamental
practices that every company has to carry
out - identifying customers, researching their
needs and preferences, analysing factors
that influence their purchasing decisions and
persuading them to buy products and services
from you rather than a competitor
...
The marketing strategy is then formalised
within a specific plan of action, which is
constantly revised and updated, and the
marketing campaign progresses
...
The strategy also
needs to be continually reviewed
...
”
Planning a marketing strategy starts with a
detailed and ongoing investigation of the market
and its sub-markets or segments
...
This is sometimes known as the
marketing audit
...
When specific
goals have been defined, alternatives to the
status quo can be discussed, and ways to
achieve those alternatives can be chosen
...
Marketing is a team effort requiring the
orchestration of a range of different skills,
outlooks and personalities
...
A coherent
marketing strategy is essential to managing
change, as companies everywhere operate in
technological, legislative, corporate and market
environments of rapid transition and change
...
Business is becoming
global, customers are more demanding, many
mature markets offer little room for growth,
brand valuation is recognised on financial
balance sheets and environmental pressures
are growing
...
The economic context is changing, so marketing
is changing too
...
Only recently,
technologies including database marketing,
direct-to-plate printing and video-conferencing,
the Internet and intranets were buzzwords for
marketers
...
Technology
today offers exciting opportunities that would
have been out of reach a generation ago
...
Distinct trends for the future of marketing
have emerged in recent years, and continue to
develop
...
The explosion of data available to companies
thanks to the internet has complicated the issue,
but also offers incredible opportunities to reach
consumers in a targeted way
...
‘Big data’, analytics and
measurement are playing ever greater roles in
marketing strategy
...
One of the strengths of marketing is the way
it constantly adapts and responds to changing
conditions
...
“ One of the strengths of marketing is the way it constantly
adapts and responds to changing conditions
...
All rights reserved
...
Moor Hall
Cookham
Maidenhead
Berkshire, SL6 9QH
United Kingdom
T +44 (0)1628 427500
E info@cim
...
uk
W cim
...
uk
@CIMinfo
www
...
com/TheCIM
The Chartered Institute of Marketing (CIM)