How do some brands always manage to stay ahead in the ever-evolving world of marketing? The answer lies in the advancements of the marketing mix.

The classic 4Ps of the marketing mix: Product, Place, Price, and Promotion, are the backbone of marketing strategies. But the ever-changing consumer behavior, technological advancements, and dynamic marketplace have significantly changed the marketing landscape.

The new 8Ps of the marketing mix are a powerful player in the marketing world. This innovative approach takes traditional marketing to a higher level by utilizing cutting-edge technologies tailored to the digital era.

From providing data-driven insights to fostering loyal customer relationships, the new 8Ps of the marketing mix can redefine how businesses connect with their target audience.

8Ps of Marketing: Everything You Need to Know

The 8Ps of the marketing mix are the components that must be included in every company’s marketing strategy to maximize returns. Each component of this innovative framework is integral for success in marketing.

The definition of traditional 4Ps was a set of principles devised by E. Jerome McCarthy in 1960. Later in 1981, two professors, Mary Jo Bitner and Bernard Booms, presented the 7Ps of the marketing mix. The 8Ps of marketing adopt the same definition as the 7Ps and are widely used by businesses across all industries.

Elements of the 8Ps of Marketing

The 8 elements of the marketing mix are defined below:

1.      Product

A well-thought and effective marketing strategy needs a good product. The product you want to market and distribute must have capabilities to resonate with the demands of your target audience.

You need to inform your customers about your product’s features, benefits, and price. It will help them understand how your product can solve their day-to-day problems and whether they should invest in it.

Customers are only drawn to the products that meet their needs, offer specific values, and give tangible results. For example, Nike is one of the brands that manage to stay ahead of the competition even in the ever-changing customers’ needs. The company’s products are advertised as stylish and comfortable.

2.      Price

According to Statista, 61% of consumers believe product price influences their purchase decision. It means you need to find the right and competitive price for your newly launched product that meets your target audience’s needs, allowing you to make a profit.

If you don’t decide the prices strategically, your customers might prefer buying from your competitors. For example, if your product prices are too high, customers might not be willing to buy it. Similarly, if you set product prices lower than the market rate, you may not get profit.

Before setting prices too high, you need to position yourself as a premium brand, just like Apple.

The company has positioned itself as the strongest candidate in the market and charges premium rates for its high-end iPhones.

3.      Place

The next 8P of the marketing mix is place. You need the right and well-established place to market and sell your products. Along with selling your products in warehouses, physical stores, and outlets, you should market and sell your products on social media platforms.

A marketing mix for social media is a powerful approach to reach your target audience and create a robust brand identity.

Statistics unveil that 130 million Instagram accounts tap on a shopping post to learn about products monthly. Additionally, a CMO survey highlights that companies plan to increase their spending on social marketing by 21.4% over the next five years.

4.      Promotion

Product promotion is all about creating brand/product awareness and convincing consumers to invest in your product. Integrated marketing communication is a holistic approach to promoting your products effectively.

You can also leverage other methods, such as public relations, product placements, traditional advertising, and direct marketing, to attract people to buy your offerings. Digital marketing strategies, like social media ads, content marketing, and partnerships, are also good options for introducing your products to a wider audience.

5.      People

People are one of the essential elements of the marketing mix. It refers to your marketing teams and all other people planning and executing your marketing strategies. When planning or creating marketing strategies, it is important to use data-driven insights to understand the needs of your target audience.

It will help you understand current marketing trends and align your marketing goals with the target audience.

6.      Process

Process in marketing mix refers to the approaches your company uses to deliver products/services to customers. All your marketing efforts depend on your service performance, from planning to promotion.

Thanks to the widespread digital integrations, you can streamline your service performance and maintain a consistent customer experience. You will find countless tools to get help with sales funnels, checkout processes, and retargeting your audience.

7.      Positioning

Positioning is about highlighting the unique features of your products/offerings. It also involves how you communicate with your customers and prospects. For successful positioning, you need to evaluate notable features of your product and tell customers how they can deliver value to them.

Positioning is also helpful in creating a product mix that resonates with various markets. But you must need to adopt a strategic approach to develop such a product.

8.      Physical Evidence

Physical evidence in the 8Ps of marketing includes everything that can be seen, felt, or touched. It is useful for strengthening the message that you’re delivering in the marketing mix. Physical evidence helps customers create a perception of the service’s reliability, quality, and value.

It is more significant in service-based industries where customers need tangible cues to evaluate service quality before making a purchase decision.

Some examples of physical evidence in the 8Ps of marketing are:

• – Branding and logo
• – Customer reviews and testimonials
• – Office/store ambiance
• – Packaging
• – Samples
• – Awards or certifications

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Wrapping Up

The new 8Ps of the marketing mix complement the dynamic nature of modern businesses. Product, price, place, people, performance, process, positioning, and physical evidence are the integral components companies need to implement in their marketing strategies.