Let’s discuss 3 P’s in Marketing | Extended or Additional 3 P’s of Marketing Mix! It’s no secret that marketing can be difficult, especially when you’re unsure where to start. Luckily, there are three basic principles to keep in mind:
- Know your audience
- Speak the right language and
- Use platforms wisely
In this post, I hope to round out your knowledge on marketing with the 3 P’s of marketing:
Table of Contents
- 1 PRODUCT
- 2 PLACE
- 3 PROMOTION
- 4 Why are 3 P’s in Marketing important?
- 5 What is the “Extended / Additional 3 P’s of Marketing Mix?”
- 6 Other Benefits to using the Extended 3 P’s in your marketing efforts
- 7 Conclusion on 3 P’s in Marketing
This is all about developing a product that fills a need for people and delivering it as efficiently as possible at an affordable price. This means developing the right product, the right price and providing a satisfactory user experience.
In addition, it is important to be able to communicate your product line and its benefits to potential customers. This means you need to be able to communicate your message and sell your product consistently.
This is all about deciding where to market your product. It’s about identifying the right market now, knowing all the relevant information about that audience, and developing a plan for communicating with them so that they recognize the reason why they should choose you as their preferred source of product or service.
The place is the most important part of marketing your product because it is where and how people will interact with it. For them to be able to understand your product, you must develop a physical presence and engage with customers in this space. You can do this through location-based marketing like billboards, storefronts, or online advertising (i.e. digital marketing).
This means identifying the best way to deliver your product or service and finding ways to advertise your business without having direct contact with potential customers. It also means discovering different ways to reach customers through methods such as word of mouth or social media.
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This covers everything from digital marketing, public relations, social media to PR stunts. Promotion is about going to places that your target audience is and getting the attention of the people you want to buy from you.
This is how you get the word out. Promotion can be a large aspect of marketing. However, it is important to understand how you will promote your product and your target market before purchasing ads or engaging in promotional activities.
Promotion is the most difficult part of marketing because you let your customers know you are offering a product or a service. This can be done through advertising or public relations activities. Unfortunately, promotion is also the easiest to make mistakes in, so it’s important to remain honest and consistent in your promotion.
Why are 3 P’s in Marketing important?
Having a well-rounded understanding of marketing is essential to any business, whether you are an entrepreneur, small business owner, marketing company, etc. Marketing can determine how successful your business can be.
If you cannot identify and fill a need or provide a solution for those who need it most in your community, then chances are your business will not last very long. Therefore, the 3 Ps in marketing is very important to market research and development of a new business idea to understand the importance of the marketing components.
In marketing, it is important to build upon this 3 P’s foundation. For example, if your business is a restaurant, you may want to focus on new products or product extensions. On the other hand, if you are already selling your food, you may want to focus on your promotion and start a social media campaign so that everyone in your community can be aware of your new products/services.
There is no one way to use the 3 P’s in marketing. It all depends on your business and how you want to get your information out there. The 3 P’s are basic, rudimentary concepts, but they can be used to develop successful marketing campaigns or strategies for your business.
The three P’s of marketing are often used as a reminder to follow an order when introducing a product or service to market.
- First, we develop the product
- Then we identify the best way to reach audiences, and
- Then we promote our efforts, so customers know about our products.
Through this marketing model, you can develop any product or service for any audience. For example, if you’re selling food at a street fair, your audience might be mostly families with young children. As a result, you would develop a kid-friendly product. This might mean making your food in small portions or making your presentation more flashy and attractive.
Not everyone will meet all these criteria, but rarely should you fail to meet any of them. Failing to develop a great product or communicating with potential customers can damage your business because it shows other people that you’re not committed enough to the long haul.
Learning how to meet all three criteria will open up many possibilities for your business and help you find a niche market that can benefit a lot from the products or services you offer. For example, if you’re selling food at a street fair, your audience might be mostly families with young children. As a result, you would develop a kid-friendly product. This might mean making your food in small portions or making your presentation more flashy and attractive.
The same goes for communicating with potential customers. For instance, in the case of a street fair, you might want to develop some fun signs or costumes to help make your product talk-worthy and interesting for the audience. While it’s not necessary, it can go a long way in helping to create a customer experience that makes them more likely to remember your business.
When it comes to pricing, you don’t always have a lot of control. But where you do have control is developing a product or service of high quality and worth the price. For instance, if you’re selling food, making sure that the food is of the highest quality possible is very important. If you can do this, customers will be more willing to pay your price because they know that they’re getting value in return for their money.
Marketing your business can take a lot of work, but it will help you develop a great product or service and be more likely to show up at events or markets.
If you feel like your business is stalled out and you’re not sure how to get moving again, then do some research into marketing strategies and learn from other people’s experiences. Also, keep in touch with your potential customers, as this will help you determine where you can make improvements in your product or service and better tailor it to them.
What is the “Extended / Additional 3 P’s of Marketing Mix?”
The Extended 3 P’s of the marketing mix are the E3P’s that extend your marketing mix further into the aspects of customer retention, financial growth, and achievement of business goals. These are built upon the core three P’s and addressed during each phase in a complete marketing cycle as follows:
This is where your customers interact with you regularly to stay connected. It can come in customer clubs, employee involvement, or even through social networks, provided that your site is well designed for this purpose. Advertising
This is the most important of the three extended 3 P’s. With retention marketing, you focus on keeping your customers and their needs at the forefront of your service. First, the two key factors here are customer satisfaction with your product or service and, secondly, developing a rapport with your customers – as this will allow you to create a loyal following.
Financial Growth Marketing
This is where you focus on how revenues contribute to your overall business goals. For example, it can mean planning sales and budgeting for the right amount of revenue to achieve your goals in profitability or cash flow.
Because today’s economic climate makes it difficult and competitive for businesses to grow larger budgets, the Extended 3 P’s marketing cycle is important to consider. When you look at your business on a micro-scale, you can see where you need to be and how you will generate revenue during each phase of the marketing cycle.
Other Benefits to using the Extended 3 P’s in your marketing efforts
1) Identifying where you are in the sales cycle. For example, If you’re a small business, the sales cycle is usually very fast. Therefore, it is important to understand how you will maintain these customers and not lose them to competitors. The extended 3 P’s can provide a good starting point for knowing where you stand financially and customer satisfaction and retention.
2) Understanding where your customers are. This is important because you can then plan how to be at their stage of the cycle. If you are losing customers, either due to poor customer service or products that don’t meet expectations, then taking steps to correct this will boost retention and revenue.
3) Planning where you are in the sales cycle financially. This can help you budget and control costs to meet your goals for profitability or cash flow.
3 P’s of marketing are the basis for all marketing strategies, especially in the planning stage. However, the Extended 3P’s give you more information about how your business will operate in the later stages of the process and how you can stay competitive by understanding customer needs, improving your products and services, and helping your business grow.
It is an essential strategy for small businesses because it is important to understand where you stand financially and customer satisfaction and retention.
Conclusion on 3 P’s in Marketing
Marketing plays a key role in defining the success of a business. There are several critical steps every small business can take to succeed in the marketplace. The 3 P’s of marketing provide an excellent tool for all businesses to use and should be implemented as soon as possible.
At this point, you may be asking yourself why you should care about marketing? Besides building awareness about your business among people interested, there are lots of other benefits to presenting yourself to the marketplace in the best way possible. The goal should be to get as much of your business represented in the marketplace as possible.
I hope you enjoyed the article on 3 P’s in Marketing. Please comment below.