8ps of Marketing
The 8pc of marketing are Product, price, promotion, place, physical evidence, people, process and packing.
In the early 1960s, Professor Neil Borden at Harvard Business School identified a number of company performance actions that can influence the consumer decision to purchase goods or services. Borden suggested that all those actions of the company represented a ?Marketing Mix?. Professor E. Jerome McCarthy, also at the Harvard Business School in the early 1960s, suggested that the Marketing Mix contained 4 elements: product, price, place and promotion.
Product – The core and periphery service elements at the centre of the company’s marketing strategy, The scope of a product generally includes supporting elements such as warranties, guarantees, and support.The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user’s needs and wants
Place and Time ? Depending upon service product elements are delivered to customers physically and/or electronically, the important value adds to customers are Speed and convenience. For example, point-of-sale placement or retailing. It is a channel by which a product or service is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc. also referring to how the environment in which the product is sold in can affect sales.
Price – pricing is only a part of what customers may part with when purchasing a service or a product. This refers to the process of setting a price for a product, including discounts.
Promotion – Marketer must make sure communications not only provide information, but also persuade the customer of the service’s relevance to the customer’s particular problem. This includes advertising, sales promotion, publicity, and personal selling
Process ? This means the process by which the firm delivers product elements.
Physical Environment – the appearance of the place where the services are delivered may have a significant impact upon whether the service was satisfactory.
People – front-line staff for any company will have a direct impact on perceptions.
Packaging : This is the most important in 8ps of marketing as packaging attracts the customer to purchase the product.
Using these 8ps of marketing the marketer can craft a marketing plan.