The worth of goods and services is communicated to clients through marketing. While marketing is frequently considered the final promotional action, it is actually a collection of activities that deliver the best mix of price, product development, distribution, and advertising for a company to succeed. It is both a science and an art, and it includes but is not the same as advertising, promotion, market research, and sales. Several marketing models are available to assist in the development and implementation of marketing plans that are tailored to the demands of the business and the customers.

Related Article: Business Development Manager Jobs: Salary, Skills, Vacancies, and Eligibility

Free Demo Classes

Register here for Free Demo Classes

Select Course CUET Digital Marketing NDA Graphics Designing MS Excel (10 Hrs.) Interview Skill Course Entrepreneurship Programme Content Writing

Here are some of the most common marketing models to begin with.
   

1. Top 12 Marketing Models-

The following are some of the most popular marketing models that have stood the test of time and are still relevant in today's omnichannel marketing era:
7 Ps of marketing

USP (Unique Selling Proposition)

Boston Consulting Group Matrix

Brand positioning map

Customer Lifetime Value marketing models

Growth strategy matrix

Loyalty ladder marketing models

PESTLE (Asses impact on political, economic, social, technological, legal, and economic factors)

Porter’s Five Forces

Product Life Cycle

Segmentation, Targeting, and Positioning

PR Smith's SOSTAC (Situation, Objectives, Strategy, Tactics, Actions, Control) model


Read More: Customer Experience (CX) Management in India: Stats and Strategies

 

2. 7 Ps Of Marketing-

The 7 Ps of marketing is a set of well-known marketing methods that can be utilized in any combination to please target market clients. A 'tactical marketing mix' is the process of combining several marketing approaches to fulfill the demands and wants of clients.
This marketing mix is a well-known marketing strategy tool that used to be restricted to the fundamental 4Ps - Product, Price, Place, and Promotion. People, Process, and Physical Evidence are recent additions to the 7 Ps.
 

• Product

It goes without saying that your product must be the focal point of your whole strategy. The entire marketing mix revolves around the product. Concentrate on the problem that your product or service is supposed to solve. How is your product superior to similar products on the market?

• Price

This refers to your product and service price plan, as well as how it will impact your customers. You should figure out how much your customers are willing to pay, as well as how much you need to mark up to meet overheads, profit margins, payment methods, and other expenses. To attract customers and preserve your competitive advantage, you may wish to use discounts and seasonal pricing, subscription and membership programs, or email marketing of promotions and deals.

• Place

Where your items and services are seen, created, sold, or distributed is their location. It's vital that customers have access to your items, and that they can locate you.
By designing your shop space and implementing efficient visual merchandising tactics, you can set yourself apart from the competition. Even if you're not in the retail industry, location is crucial to your marketing approach. Your customers could want a speedy turnaround or prefer to buy things made locally.

• Promotion

Successful marketing strategies involve all promotional efforts across the marketing mix, including advertising, direct marketing, and in-store promotional activities. Online events, chats, social media groups, and live streams are all examples of digital promotion that are only limited by your imagination.

• People

People refer to your company's employees and salesmen, which includes you.
When you provide exceptional customer service, you provide your consumers a positive experience and, as a result, you can market to them. As a result, current clients may spread the word about your exceptional service, leading to referrals.

• Process

The delivery procedure for your product should be built for optimal efficiency and dependability, but it should also contain aspects that are consistent with your brand, such as being environmentally or sustainably minded.

• Physical Evidence

Physical evidence contains items that prove your brand's existence and that a transaction took place.
Proof that your brand exists includes a real store or office, a website if your firm only works online, and printed business cards that you exchange when meeting new individuals. Proof of purchase might take the form of physical or digital receipts, invoices, or follow-up email newsletters provided to clients as a retention strategy.

Join this Digital Marketing Course: Click Here to Enroll!
 

3. Importance Of 7 Ps Of Marketing-

The 7Ps marketing mix is the combination of methods used in concert to clearly position the company in the minds of customers.
We may use the 7Ps model to:

Set goals and provide a roadmap for your company's goals.

Perform a SWOT analysis and a competitive analysis.

Examine and outline important challenges that affect the company's product and service marketing.

Evaluate the marketing mix factors while reviewing existing businesses and developing relevant approaches.

Sell the right goods to the right people at the right time and at the right price.

Assist in the development of products and services that are more tailored to the requirements and needs of the target market.

Assist customers in comprehending why your product or service is superior to that of competitors.
In conclusion, the 7 Ps of marketing—product, price, place, promotion, people, process, and physical evidence—form a comprehensive framework to effectively plan and execute marketing strategies. Considering these elements enables businesses to deliver value, meet customer needs, and achieve their marketing objectives. It's crucial for marketers to understand and leverage the 7 Ps to stay competitive in today's dynamic marketplace.