8P Marketing Strategy You Should Know
8P Marketing Strategy You Should Know
Blog Article
8P Marketing is an extension of the traditional 4P model or promotion mix. What are the 4P marketing strategies? They are product, price, place, promotion. The 4P marketing strategy, for example, has added 3 more elements: people, physical evidence, process, to become the 7P marketing strategy. And has added 1 more element: efficiency, to become the 8P marketing strategy. This holistic approach helps to deal with the complexity of marketing in today's era.
1. Product Strategy
Product strategy involves developing products that meet the needs and preferences of the target market. For example, Apple continuously innovates its product line to stay ahead of consumer expectations and technological advancements.
2. Price Strategy
Pricing strategy focuses on setting prices that reflect the value of the product while also being competitive. For example, luxury brands like Louis Vuitton maintain high prices to reinforce their premium image.
3. Place Strategy
Place strategy ensures that products are available when and where customers want them. For example, Amazon's extensive distribution network allows for fast and reliable delivery, which increases customer satisfaction.
4. Promotion Strategy
Promotion strategy or marketing communication strategy covers all activities that communicate the benefits of a product to the target group. For example, Coca-Cola's global advertising campaign creates brand awareness and drives consumer engagement.
5. People Strategy
People strategy emphasizes the importance of employees in delivering a good customer experience. For example, Zappos is known for its excellent customer service, which is driven by a strong corporate culture.
6. Physical Evidence Strategy
Physical Evidence Strategy involves creating tangible evidence of what a brand promises. For example, hotels like Marriott use consistent branding and high-quality amenities to assure customers of their trustworthiness.
7. Process Strategy
Marketing strategy processes refer to processes that focus on optimizing the various steps involved in delivering a product or service. For example, McDonald’s’ efficient service processes ensure that customers receive a fast and consistent experience across the world.
8. Performance Strategy
Performance strategy involves measuring and analyzing the effectiveness of marketing activities. For example, Google Analytics provides insights into website traffic and user behavior, which helps improve marketing strategies.