Table of content
- What are 6 p’s of marketing
- Exploring every ‘P’
- Why 6 p’s of marketing is important in growing business
- conclusion
In this ever-evolving world of business, Providing users with the best products and services is the main motive of every ethical business.
Every business wants to stay ahead of its competition and have more customers and market share.
To become the survival of the fittest a business must have a strong marketing strategy.
We all have heard about the 4 p’s of marketing but the evolving marketing environment has given rise to a more enhanced version of it, which is 6 p’s of marketing.
The P’s are more like a pillar of a business which makes a business stable. The stronger the P’s the more effective the strategy.
6 p’s of marketing plays a vital role in developing a strong marketing strategy.
So, let’s dive down into the layers of every ‘P’ and explore how it affects the business and how firms can use these to make their business performance better.
6 p’s of marketing is a strategic framework that businesses use to make powerful marketing strategies to achieve their goals.
It includes 6 key components which are product, price, place, promotion, people, and process. It’s the comprehensive extension of the 4 p’s.
It includes people and processes which gives a holistic view of marketing.
The 2 additional components (people and process) in the 6 p’s of marketing play a vital role in a service-based business.
This comprehensive marketing mix helps businesses control both tangible and intangible elements.
Exploring every ‘P’ of the enhanced marketing mix
To make a powerful marketing strategy we need to focus on every P because these P’s act as pillars in any marketing strategy.
Each P plays a crucial role, and balancing them will lead to smooth and faster achievements.
If you are only focusing on a few P’s, thinking that it will not affect your business then you are probably living in a delusional world.
So let’s understand the 6 p’s of marketing in detail.
1. Product
A product is tangible or intangible goods and services that a company offers to its customers.
Many people think that this element of the marketing mix only focuses on the quality of the product but this is not true.
Of course, quality is one of the most important factors but there are several other factors which are considered like-
- Features of any product and services- the features of the product make it different from its competitors
- Design- the product’s appeal is very important because people buy what they find attractive.
no matter how good the product is, if it doesn’t look appealing then people won’t buy it.
- Branding- it’s a process of creating a unique identity for a product. Effective branding helps to create strong brand recognition.
- Packaging- good packaging helps to protect the product and also provides information to the buyer.
2. Price
It is the amount that people are willing to pay to buy a product or service.
Price is a very crucial element of any marketing strategy because it’s a very sensitive thing.
A higher price will drive your customers away from you and a lower price will affect the long-term profitability of the business.
The price of the product is influenced by its competitors, market conditions, and company position in that particular field.
The price of the product must align with the goals of the business.
3. Place
This element of the marketing mix makes the product and services available to the target audience at different places.
A product should be available in the right place at the right time to the right customer.
In this, various queries regarding inventory management, logistics, supply chain management, and distribution channels are fixed.
In this, every channel of product is planned and maintained carefully so that there is no obstruction in delivering the goods to the user.
4. Promotion
In any marketing strategy, this plays a crucial role because no matter how good the product or service is, if a business is not promoting itself then people are not going to know about its product.
Promotion can be done in many ways which include-
- Advertisem*nt– businesses can advertise their product through radio, print, and online platforms such as Facebook or Instagram
- Digital marketing– promoting the product or services with the help of the internet
- Direct sales– promoting product face to face can be very effective
- Sponsorship- sometimes businesses collaborate with other famous people and brands to increase their brand visibility.
5. People
Now this element comes under 6 p’s of marketing.
People are the individuals who deliver the services and interact between producer and buyer.
In service-based business, people play the most important role.
They help customers solve their problems and doubts regarding any product or service.
They also help businesses by interacting with customers and giving them services.
For example- in the healthcare businesses, people directly serve or interact with the customers.
No matter what anyone says, 6 p’s of marketing is not complete without people.
6. Process
The process is one of the most important ‘P’ of the 6 p’s of marketing because it’s all internal.
The processes are activities or procedures that a business performs to deliver its products and services to its customers.
The process focuses on internal work, it looks at how products or services are produced, delivered, and supported.
The process includes activities like quality control, employee training, after-sales services, etc.
Why 6 p’s of marketing is important in any business or making the ultimate marketing strategy?
These ‘P’ are very powerful tools for any business, as we discussed above each ‘P’ has its unique specialty.
- competition- The 6 P’s of the marketing framework help a business to stay ahead of its competition by working on all the 6 P’s.
by doing this a business can easily differentiate itself from other competitors.
- Product development- A business properly following the marketing mix will end up developing the best product, which fulfills the needs of the people.
- Consumer focus– A business only grows when it keeps its customers in the center.
If you closely look at every 6 p’s of the marketing then you will notice that every ‘P’ is directly or indirectly related to the consumer.
This shows that this framework is giving importance to consumers/customers.
- Holistic approach- 6 p’s of marketing is a comprehensive and enhanced framework that helps businesses to grow holistically. This framework also covers service-based business. It means it helps businesses manage tangible as well as intangible elements.
Here’s the Conclusion
In this unpredictable world, businesses need more enhanced marketing strategies that will guide them toward success.
6 p’s of marketing is the perfect framework for businesses, it offers a holistic framework for building strong and everlasting brands.
This framework shows that marketing is not just selling products by running ads, it’s a path that involves people and processes and building relationships.
