Purpose
There are different effective marketing strategies that business organizations utilize to successful sell their products/services. In this regard, the video covers the topic on the expanded marketing mix. In the beginning, it tries to explain the 4-P marketing strategy to create a background for the expanded 7-P Marketing Mix that is employed by most business enterprises today (Betina, 2012). Undoubtedly, the purpose of the video is to inform or create awareness of the different elements comprised under the 7-P marketing mix. Such awareness is instrumental for young as well as established entrepreneurs who would like to effectively make their mark in the marketing world. For example, understanding how the 4-P’s work, that is, Product, Price, Place and Promotion has boosted the T-Mobile brand sales to over twenty percent increase.
Target Market
Evidently, the target markets for the video are aspiring entrepreneurs, established business owners, students as well as all stakeholders in any business activity. Entrepreneurs are the main target audiences in this case. This is because; for an entrepreneur to effectively establish a successful business, they need to incorporate the knowledge of 7-P marketing mix. For the established business owners, the video offers a platform that would help them find a competitive strategy that would define the success of their businesses. It is essential to note that today’s business space is highly competitive due to the increase of new entries and production of similar products targeted for the same market segments. Utilizing 7-P’s strategy has always been key for thriving business owners. For students, learning about the expanded marketing mix builds their capacity background knowledge that would help them thrive academically as well as in the business word in their future lives.
Message Conveyed
As discussed above, the message conveyed from the video is that the 7-P’s strategy is the perfect framework to incorporate for a business enterprise to stand a chance of realizing the stipulated goals and objectives. It is in this context that the narrator identifies the elements of 7-P’s before explaining each element in a comprehensive manner and using examples to justify his points. First, Product is defined as specific item/service that is being sold. It may come in a different quality category, a variety of form, design, brand and packaging. Here, understanding the exact package or quality to a particular customer target may define the success of a company. Secondly, the price is defined as the cost ascertained for the product unit being sold. The high price is always associated with the high quality of the product whereas low price is an indicator of low/poor quality.
Then, the video explains about Place as the next element in the 7-P’s strategy. Also known as the distribution, the place is defined as where and how customers find the product. It may be in a retail store, door-step delivery or downloaded from the internet. The next element is promotion was done in terms of advertisement, bonuses, loyalty schemes, to mention but a few. People are the next category of the elements that should be integrated into forming an effective marketing strategy. People include service employees as well as the particular target market. It is fundamental to understand the satisfaction level that a product offers to the people. Then – processes – as one of the element defines the functional systems for the deliverance of the product. In most cases, the process should be efficient. Finally, physical evidence should be present to signify the functional processes of business.
Conclusion
As the video elaborates, it is vital for entrepreneurs to integrate the functionality of all the elements in the 7-P’s strategy as they all carry a significant responsibility towards a thriving business.
References
Betina, C. (2012, October 14). Expanded Marketing Mix - 7ps. Retrieved from https://www.youtube.com/watch?v=mni3T4vsIp8
