Question

CITATIONS on 7PS

Please supply citations on problem 7PS

Subject is financial management

Answer 1

To build a strong relationship between customer and the company the modern marketing tools would be helpful. Below are the 7ps of marketing mix that would be useful from identifying the product to delivering the same to the customers.

1. Product

This includes the goods or services that are being offered by the company in the market. The different types of products or the additional services are to be catered with the specific needs of the customer.

2. Price

This includes the pricing strategy that one is selling his goods or services. It may be low cost strategy that one might sell their goods or services to those who consider price as decision making factor while choosing the good or service. This does not applicable to those who are willing to get the precious goods or scarce goods then product differentiation should be made as their main strategy.

3. Place

This includes how the company is distributing their goods or services in the market. This place strategy will wholly depend on what type of product you are offering and what type of customers you are targeting in the market.

4. Promotion

The promotion strategy deals with how the company is approaching with the market about their product or service and how well it would satisfy their needs and desires. The type of promotion should be based on what type of market you are targeting and the type of customers that your product is going to sell.

5. Positioning

Positioning includes how the company wants to perceive the customer about their product or services. This mainly focuses on the feedback of the customer and their perception of our product and their opinion on the quality of the product.

6. People

This is mainly applicable to the service oriented companies because they deliver them directly to the people. Choosing the people that are going to be face of the company while rendering service that will create a great value and would render goodwill to the company. This doesn't have much significance on manufacturing company.

7. Personal relationship

The modern day marketing mainly focuses on this strategy as it considers the feedback of the customer. It will tell us to how to develop the product or service that will cater his needs and desires and it will improve the relationship between the company and the customer as we will reach his expectations and thereby valuing his opinion.