A Quick Introduction to the Marketing Mix
The Marketing Mix is a practice tool used to determine a product’s offer. It is associated with the 4 P’s of marketing however we are going to look at the 7 P’s of marketing as these relate to the service industry.
The 7 P’s are:
Product – You have to create a clear definition of your product and services that help the customer make an informed decision
Price – This is the investment customers pay in order to purchase your products and services. You have to consider price setting, discounting, guarantees, payment terms as well as credit collection.
Place – This is your practice’s location, whether it has a store front, distributors, the logistics and the potential to sell products or services online.
Promotion – This refers to the channels you use to communicate the benefits and value of your product to consumers, persuading them to become customers of your practice.
People – Your people are your practice so getting the right people in the right roles with the right skills is essential.
Process – These are the easy to follow steps of ‘how we do things’ enabling staff to be more proactive to their level of authority and ability
Physical Environment – All the necessary paperwork that supports the practice’s services make up the physical environment.
It’s all about getting clear on the 7 P’s and ensuring they are all addressed in your marketing plan. Use the marketing mix to plan your practice’s marketing success!
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