What Are the 8 Ps of Marketing?
The 8 “P”s of marketing grew from an original 4 “P”s. This list is as defined by Lovelock, C. and Wirtz, J. in Services Marketing: People, Technology, Strategy. They give a great checklist or starting point for any strategic marketing plan, to ensure your customers view your product and their buying experience in the best possible light.
The 8 Ps of Marketing
The 8 Ps of Marketing are:
- Place and Time
- Physical Environment
- Productivity and Quality
While areas of the above overlap, each is an area that can be used in marketing to provide unique selling points and to add value to your offering.
The Product and its Elements
What is the product, what comes packaged with it, what need does it fulfil? Obviously, this is the central point of your marketing, but are you marketing a single product or your whole company’s range of stock or services. This needs to be pinned down first before any further planning can be decided upon.
Place and Time
How long will it take to get a item, or complete a job. Where are you based, and how is the item to be delivered. Speed is of the essence in the modern world, but people will wait for quality bespoke items, if they know why they are waiting and that it’s worth waiting for.
Price and Other User Outlays
Never assume that a low price will mean higher profits. If you are selling quality then the price should and will be higher than “bargain basement deals”, and too lower price and effect the overall view of your company. Think about any add-ons and extras that could be included in your deals.
Promotion and Education
This very much ties in with the first P, what need is there for your product, how can you educate your customer to understand its worth, and why they should buy the product at all, and why from you.
The buying experience is becoming more and more important as the public learns to expect better service. A poor process will lead to a poor user experience, and some very negative exposure. Letting people know that you have strong secure customer orientated processes in place is key, buy only when it’s backed up by the reality of their experience.
Are your offices or shop present looking appropriately smart and well kept? This should be extended to include any web presence. Clean, organised, pleasant surroundings will have a really good impact on your customers’ view of your service.
Your front-line staff also strongly impact on the perceptions and experiences of your customers.
Productivity and Quality
In what way is your offering a good deal for the customer? 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. Remember that this always needs to be tied with quality; you supply the best, and use the best products, procured fairly at the lowest cost.
Lovelock, C. and Wirtz, J. 2007. Services Marketing: People, Technology, Strategy. 6th Edition.