• The Business plan
• Marketing and Sales Planning
  • Marketing Strategy
  • Lincolnshire Research Observatory
  • Marketing Plan
    • Analysis for your marketing plan
    • The Four and Seven Ps
    • Developing a Pricing Strategy
    • What else should be in the marketing plan?
  • Forecasting and planning your Sales
    • New Businesses
    • Creating a sales plan
  • Selling and Advertising
    • Advertising
    • Direct Marketing
    • Trade Shows and Exhibitions
  • Selling to the Public Sector
  • Looking after your Customer
    • Use customer care to increase sales
    • How to deal with customer complaints
  • Marketing Articles
    • Does your sales approach close more doors than it opens?
    • How do I determine my marketing budget?
    • Making an exhibition of yourself
    • Marketing in the credit crunch
    • Why might your competitors be doing better than you?
• Financial Planning
• Complying with the law
• Employing for the first time
• Business Rates
• Support Schemes
• Young Traders
• Top Tips

The Four and Seven Ps

As a tool to help you remember what things should be included in your marketing plan the list below is useful. 

The Four P's are: product, price, place and promotion. 
In recent years four have been extended to seven to also include people, processes and physical evidence.

1. Product - what your product offers that your customers value, and whether/how you should change your product to meet customer needs.

2. Pricing - for example, you might aim simply to match the competition, or charge a premium price for a quality product and service. You might have to choose either to make relatively few high margin sales, or sell more but with lower unit profits. Remember that some customers may seek a low price to meet their budgets, while others may view a low price as an indication of quality levels.

3. Place - how and where you sell. This may include using different distribution channels. For example, you might sell over the internet or sell through retailers.

4. Promotion - how you reach your customers and potential customers. For example, you might use advertising, PR, direct mail and personal selling.

5. People - for example, you need to ensure that your employees have the right training.

6. Processes - the right processes will ensure that you offer a consistent service that suits your customers.

7. Physical evidence - the appearance of your employees and premises can affect how customers see your business. Even the quality of paperwork, such as invoices, makes a difference.