Relevancy Of Traditional 7p In Today Market †MyAssignmenthelp.com

Question: Discuss about the Relevancy Of Traditional 7p In Today Market. Answer: Introduction: Organizations can utilize the 7Ps model to set goals, lead a SWOT examination and attempt an aggressive investigation. It's an application framework to assess a current business and work through suitable methodologies while assessing the marketing mix component. Nowadays to assess new market area more P's need to be developed which helps not only in retaining customers but increase their satisfaction as well. Relevancy of traditional 7p in today market: One of Marketing's primary targets is to distinguish and fulfill customers needs and demands keeping in mind the end goal to build up a recommendation that gives focused edge or differential favorable position. Every company has to develop the marketing strategy in order to grow the business in the market (Khan, 2014). The first strategy adopted generally is traditional 7ps of marketing. These P's give the basic idea and platform for a company to perform the promotional strategy in the market. These 7ps are the product, price, promotion, place, physical evidence, processes, and people. Marketing mix inefficiency: Traditional mix model focuses only on advertisement and promotion rather than retention of the customer. As these two strategies only increase sales at one time but are not effective to retain the customer for repetitive purchases. Generally, the first time purchases made are called penetration purchase for the brand and represent only newly acquired customers. And repeat purchases are purchases of the same brand made by the customer after penetration purchase. Mix model adopted focuses for sale occurring within one week after the marketing strategies without considering the effect on another week. As this measures the effect of promotional strategies earned by company immediately after applying the strategy. Mix model does not estimate the effect of promotional strategy on long term and value of the advertisement. Moreover, long term effect on negative consequences on price and promotion are not calculated. Traditional mix also does not satisfy complaints and queries of customers. It is impersonal so not helping the customer to make a final decision. These strategies are costly as well for a new venture and non-profitable company, as advertisement and promotion require huge budget from companies. Moreover, if these strategies used for long term affects the market value of the product, as too much promotion destroys value in customer mind and brand image. New Ps in the market presently used are: Performance It is also called as productivity; performance measures how excellently an organization's administrations contend in the market. This may incorporate how reliable the administration is and how well its highlights convert into benefits as it is being conveyed. For instance, car cleaning administration may utilize best in class equipment but have trouble attracting customers again. The performance also helps a hotel to evaluate its financial objectives and whether they are being accomplished. If a hotel or restaurant performance at the time of service is poor then customers would be reluctant to come back to the same hotel. Positioning: The positioning shows how the customer perceives about product and services provided by a company. The positioning creates a unique position in the market and enables users to consider as a differentiate benefits for them. A position helps in creating product USP (Unique Selling proposition). A good positioning makes a product unique and makes the users consider using it as a distinct benefit to them. A good position gives the product a USP (Unique selling proposition). In a market combined with heaps of products and brands offering comparable advantages, a great positioning influences a brand or item to emerge out as best from the rest, giving it the capacity to charge a higher cost and fight off rivalry from the others. A good position can benefit a daily routine industry like PG to enable customer for repetitive purchases. As PG creates brand and position amongst mind of the customer by their service and performance. A decent position in the market additionally enables PG to come out from worst times more effectively. A good position is one which enables adaptability to the brand or item in extensions, amendments, appropriation and promoting. Presence: It is an art of representing components of business to customers, suppliers, wholesalers and many more of the company through presence in online marketing. It's important for inbound advertising, in light of the fact that quality online products will help retain clients regardless of the possibility that they haven't known about company image. For instance, an online presence is essential for companies like Amazon for promoting on the basis that it strengthens sales and offers target market timely (Luan, Sudhir, 2010). As online presence helps in knowing the customer's demand and latest trends in market enabling a company to explore new segment. Conclusion: From above analysis, it can be learned that marketers need to adopt new marketing in order to increase their share in the market. As traditional Ps helps only to increase the sale of the company at one time whereas new Ps helps the company to achieve long term growth and profit. References: Khan, M. T. (2014). The concept of'marketing mix'and its elements (a conceptual review paper).International journal of information, business and management,6(2), 95. Luan, Y. J., Sudhir, K. (2010). Forecasting marketing-mix responsiveness for new products.Journal of Marketing Research,47(3), 444-457.Neti, S., 2011. Social media and its role in marketing.International Journal of Enterprise Computing and Business Systems,1(2), pp.1-15.