What is the 7Ps Marketing Mix and how should it be used?
The marketing mix is a familiar marketing strategy tool, which as you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights.
The traditional 7Ps of marketing consist of:
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Who created the 7Ps marketing mix model?
The 7Ps marketing model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.
We've created the graphic below so you can see the key elements of the 7Ps marketing mix.
How to structure your software go-to-market strategy using Smart Insights’ Opportunity Strategy Action framework
When planning to go live with a new product or service, it’s important to have a clear idea of how you will launch. This is particularly true for software marketing leaders, planning their go-to-market strategy in a growing and competitive marketplace. Software as a service (SaaS) spending worldwide is estimated to reach $172bn in 2022, a growth of nearly 200% from 2015 to 2021:
When you also take into account that up to 45% of product launches are delayed for different reasons, the importance of having a clearly defined go-to-market strategy becomes even more stark. The effectiveness of your launch can be the difference between success and failure.
Smart Insights Business Members can access a wide range of marketing…
The Ansoff Model is a matrix that helps marketing leaders identify business growth opportunities for their marketing strategies in a challenging market
What is the Ansoff Model?
Also referred to as the Ansoff matrix, due to its grid format, the Ansoff Model helps marketers identify opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. So it's sometimes known as the ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix’.
The Ansoff Model's focus on growth means that it's one of the most widely used marketing models. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets (i.e. customer segments and geographical locations) against products and services offering four strategies as shown.
How to use the Ansoff Matrix
Strategic questions that can be answered using the matrix include:
Learn how you can use the Product Life Cycle (PLC) marketing model to project changes in the perception and use of your products
The Product Life Cycle describes the stages of a product from launch to being discontinued. It is a strategy tool that helps companies plan for new product development and refine existing products.
What are the stages of the Product Life Cycle?
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New Product Development
The new product development stage occurs before the product's life-cycle begins, consisting of market research leading up to product launch. Hence this stage can include:
Grow your IT/high tech business by applying the latest industry strategies for technology product marketing across the product lifecycle
What is product marketing?
Product marketing describes the management of all processes involved in taking a product to market. This field of marketing involves working with R&D, manufacturing, logistics, comms, and sales. Since your role is so closely tied to the products in your category, product marketers take the role of advocating for the customer when product-related decisions are made (positioning, launch, development, etc). In this blog, we will explore what makes technology product marketing different.
What is technology product marketing?
Technology product marketing refers to product marketing when your products are IT/high tech. Typically sold in a B2B environment, technology product marketing is renowned for extended stakeholder relations and, currently, an increasingly competitive market. Of course, the nature of IT/high tech means many technology products will be software. The growing Software as a Service…