ch is also referred to as the 7ps, refers to the choices that a business or organization requires making to ensure that a new product is received positively on being introduced into the market. The 7Ps is an acronym for Product or service, Place, Promotion, people, process, physical evidence, and the Price. This paper will discuss how a company launching a product can prepare a marketing plan by making use of the 7Ps.
The product or service is the core component of any business. When designing the marketing plan, the organization should ensure that the product offers a solution to the problem facing the society. Therefore, the designed product should reflect the needs of the people and the demand for the product. A company can be able to identify the need, preference, and demand by carrying out research. On getting the information, the company can decide on the different varieties and the quality of the product to develop. Knowing the needs and preference of customers ensures that a company develops a product that gives those customers maximum value of their money (“The Chatered Institute of Marketing,” 2009).
Price is an important aspect that determines the marketability of a product. When designing the marketing plan for a new product, the company should ensure that the price allocated for a product is competitive and reasonable. The price should reflect the value of the product. While deciding the right price for a product, a company should ensure that the price takes account of the cost of production, promotion, and other activities such as advertisement. The price allocated to a product should realistic, affordable, and give the customers value of their money (Ivy, 2008; The Chatered Institute of Marketing”, 2009).
When launching a new product, the company needs to create awareness. Promotion entails acquainting people with the new product. The promotion strategies should aim at creating excitement and interest among the prospective customers. The ...