We defined marketing as, “the art and science of getting people to spend their m

Question

We defined marketing as, “the art and science of getting people to spend their money on your product rather than the other guy’s, and be happy that they did so.” Do you think that’s true? Does some Wizard of Oz person-behind-the-curtain get you to buy something by manipulating you through the 7 Ps? And is “manipulate” the right word for us to use? Which one of the Ps gets you to purchase – a great price? Superior product no matter what the cost? Or are you influenced by a cool promotion? Give an example of a product and why you bought/buy it. Be specific in referring to the 7 Ps in your post, and include which of the Ps is less relevant to you as well. Don’t forget that the Ps often are inter-related – there may be more than one P that influences your decision to buy a product.

Explanation / Answer

It’s True that Marketing is both - an art and a science. Marketing is a science because marketing is about understanding and influencing behaviors. Psychology, the science of behaviors, studies how people react to certain stimuli in predictable ways. It is an art also because marketing is about appreciating the nuances of human behaviors. Beauty is in the eye of the beholder and beauty is art. As said marketing is a science because the most common question is "How much money should I spend on marketing." The business owner and the accountants want the answer to this question that how people wants to spend there money on product. It's a good question but the more important question is, "What return can you expect from your marketing investment on products. Most importantly the science should lead and measure; the art should inspire and create.

Marketing process is central to the business performance of companies, both large and small, because it addresses the most important aspects of the market. It is about understanding the competitive marketplace and ensuring you can tap into key trends, reaching consumers with the right product at the right price, place and time. Today, as competitive pressures increase, marketing skills have never been more highly valued.

The marketing mix is a familiar marketing strategy tool, which you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights.

The 7Ps model was devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.

The 4Ps were designed at a time where businesses sold products, rather than services and the role of customer service in helping brand development wasn't so well know. Over time, Booms and Pitner added three extended ‘service mix P’s': Participants, Physical evidence and Processes, and later Participants was renamed People. Today, it's recommended that the full 7Ps of the marketing mix are considered when reviewing competitive strategies.

The 7Ps helps companies to review and define key issues that effect the marketing of its products and services and is often now referred to as the 7Ps framework for the digital marketing mix.

As said first four elements in the services marketing mix are the same as those in the traditional marketing mix. However, given the unique nature of services, the implications of these are slightly different in case of services.

Some of the example of a company using the 7Ps strategy

1. Products/Services: Integrated toolset for SEO, blogging, social media, website, email and lead intelligence tools.

2. Prices/Fees: Subscription-based monthly, Software-As-Service model based on number of contacts in database and number of users of the service.

3. Place/Access: Online! Network of Partners, Country User Groups.

4. Promotion: Directors speak at events, webinars, useful guides that are amplified by SEO and effective with SEO. PPC Social media advertising, e.g. LinkedIn.

5. Physical Evidence: Consistent branding across communications.

6. Processes: More sales staff are now involved in conversion.

7: People: Investment in online services.

8. Partners: Hubspot looks to form partnerships with major media companies such as Facebook and Google plus local partners including Smart Insights who it is collaborating with on research in Europe.

In today’s increasingly service driven markets and with the proliferation of multiple providers for every type of product or service, moments of truth have become an important fact of customer interaction that marketers need to keep in mind. They are critical as they determine a customer’s perception of, and reaction to, a brand. Moments of truth can make or break an organization’s relationship with its customers.

This is more so in the case of service providers since they are selling intangibles by creating customer expectations. Services are often differentiated in the minds of the customer by promises of what is to come. Managing these expectations constitutes a critical component of creating favorable moments of truth which in turn are critical for business success.

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