When we talk about the “8Ps” we are referring to a set of commercial variables. These are: product, price, promotion, place, staff, processes, perceptibles and productivity.
The 8P's are the basis of any business model (especially those that have a store to sell their products) and their analysis is very useful when rethinking a value proposition or brand concept.
Below, we will explain in more detailWhat each of these variables consists of, what they are used for and how to build them in your company.
What are the 8P's of marketing?
The 8P's are variables that are analyzed as part of an integral practice known as “marketing mix”.
The marketing mix is an analysis that deals with everything a company can do to influence the demand for its products and services.
The term was coined by Neil Borden in 1950, who drew up a list of the core elements that should concern the person responsible for the marketing department of a company.
From that list emerged the first 4P's: product, price, place (distribution) and promotion, which were present in the definition of marketing proposed by the AMA (American Marketing Association) in 1984:
“Marketing is the process of planning and executing the concept, price, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational objectives”
Over the years, the AMA definition has changed and new variables have been incorporated into the marketing mix, until the 8 big "P's" were built, thus adding to the list: processes, perceptible, personnel and productivity.
Analyzing these 8 critical marketing points is a practical exercise that can help you lay the foundations for your new venture or understand the current state of an existing business model.
It is a versatile, useful and important tool in the development of marketing strategies.
Chart-8P's-of-marketing-what-they-are-what-they-are-for-and-how-to-build-them
How to build the 8P's of marketing?
1. Product/delivery
In marketing, a product is a good that meets a need in the market. It is the core of the business model of a company that wants to earn revenue through its marketing.
Products must have attributes that differentiate them and make them attractive to consumers. They must also satisfy a demand or solve a latent problem.
When building your 8P's, the product is the first pillar because the philippine whatsapp number other variables are focused on it and, therefore, you must point out its attributes or competitive advantages taking into account the following elements:
Design of its facade
Quality of its materials
Technologies used in its development
The brand that represents it
Delivery services that are around the product
Its availability in the market
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2. Price/costs
Price is the monetary value assigned to a product. It arises from a cost analysis that takes into account multiple variables such as market coverage, profit margins, negotiations with suppliers, among others.
Calculating the price of a product is only the first step. Then, you must take into account aspects such as:
Variety of price lists
Discounts
The payment methods through which your product can be purchased. For example, cash, debit, credit, cryptocurrency.
Credits and payment installments with clients
The waiting time for receiving payments
In this variable, all the elements that will make it easier for your customers to acquire your product or service come into play.
3. Place and time
After defining your product attributes and pricing strategy, it is time to establish where they will be sold and on which channels will your customers purchase your products or services?
At this point, the distribution of your products and where they are located for sale matters. The elements to consider are:
Sales channels, which can be physical or virtual
The market coverage you will have
The variety of sales points where you will have a presence
The location of these sales points
Transportability of products
Distribution logistics
Using e-commerce as a marketing channel
The times during which your product or store will be available.
It is essential to know where your target audience lives and which establishments they usually frequent: whether they prefer to buy online or in physical stores, and other points about distribution and consumption.
4. Promotion and education
When promoting a product, all the marketing and sales strategies that will increase the desire to buy it come into play.