7PS - Product

7ps of marketing

Product, price, place, promotion, people, process & physical evidence

Product

Physical/service eg. a figurine

Price

Costs, eg. $30

Place

Where it’s sold eg. online - delivery

Promotion

Advertising, aware of a brand, eg. billboards

People

Staff eg. IT people, marketers etc

Process

How we buy eg. download app/website

Physical evidence

Everything the customer can see and touch eg. packaging and store environments

Marketing & business objectives

• Increase sales

• Increase market share

• expand the business size

• maximise customer service

Types of market research

• Survey

• Focus groups

• Data analysis

• Competitor analysis

• Market segmentation

• Brand awareness research

Survey

Type of market research, questionnaire

Focus groups

Type of market research, discussion with selected participants to gather insights and opinions, eg. taste testing

Data analysis

Type of market research involving the examination of gathered data to identify patterns and trends (like looking at graphs) eg. google analytics

Competitor analysis

Type of market research that evaluates competitors' strengths and weaknesses, strategies, and market position to inform business decisions

Market segmentation

Type of market research that involves dividing a target audience into distinct groups based on shared characteristics, such as demographics or behaviours, to tailor marketing strategies effectively (breaking up a market)

Brand awareness research

Type of market research that measures how familiar consumers are with a brand and their perception of it, which helps of understanding brand equity and guiding marketing strategies (what people think of the brand)

Market segmentation

Not all products appeal to all people. So a company needs to know exactly who it is aiming at to avoid wasting its advertising dollars. It can break products up into the following market dimensions

• Demographics

• Geographics

• Psychographics

• Behavioural (quantity)

Demographics

Market segmentation

• Age

• Gender

• Occupation

• Education

• Religion

• Family size

• Ethnicity

Geographics

Market segmentation
Companies need to think about where people live Eg. Urban (city), suburban (suburbs) or rural (countryside)

Psychographic

Market segmentation

Businesses need to think about people’s lifestyle, income, personality and interests

Behavioural (quantity)

Market segmentation
Businesses need to think about if the person is a first time user, a heavy user or is brand loyal, eg the first washing powder is for a hotel, the second for families and the last for coin laundries

Consumer trends

Eg.

• Electric Cars

• Protein

• Health

• TT Hauls

• Qr Codes

Consumer behaviours

Looks at why people buy and how they behave in store. By understanding this, businesses can adapt their product or environment to increase sales

Psychological influences

Perception, motives, attitudes, personality

Perception

Psychological influence, What they think of the brand eg. Coke creates a perception that Coke is fun

Motives

Psychological influences, Give customers a deeper reason to purchase eg. cleaning products ‘to be clean person’

Attitude

Psychological influences, is how people feel about a product

Personality

Psychological influences, Peoples traits can influence what they buy eg. risk takers might try a new brand

Sociocultural influences

Family roles, peer groups, social class, culture & sub culture

Family roles

Sociocultural influences, Women for example will buy more healthy products, men will buy mowers etc (so stereotypical)

Peer groups

Sociocultural influences, Influence, eg. teens will buy what their friends buy

Social class

Sociocultural influences, Wealthy people will buy certain brands to ‘fit in’

Culture

Sociocultural influences, Country you are in influences what you buy

Subculture

Sociocultural influences, a group within a larger culture that shares distinct values, norms, or behaviours, affecting purchasing decisions

Tangible

Goods can be seen & touch

Intangible

Services that cannot be seen or touched

Goods & services

When we purchase a product often the manufacturer will also after a service with the product Eg. Toyota both sells and services their cars

Product development

Means that the product is planned and prototyped (test model made) before selling it

Product positioning

How is the product placed said to stand out against competitions Eg. Woolworths Cola is positioned as cheaper