Marketing Mix (8 P's: Target Marketing)

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ESP Educational Class
Mrs.ET Sopheak
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Marketing Mix

The 8 P's of marketing are a set of key principles that belong at the very heart of your marketing strategy. They are sometimes jointly referred to as the marketing mix.

• Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.

• Place – The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.

• Price – The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.

• Promotion – Advertising, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences  in the manner they would most like to hear, whether it be informative or appealing to their emotions.

• People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.

• Processes –The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.

• Productivity & Quality - The P of productivity and quality asks “is what you’re offering your customer a good deal?” This is less about you as a business improving your own productivity for cost management, and more about how your company passes this onto its customers.

Thanks,

Mrs.ET Sopheak

Lecturer in Economics