Product - It must provide value to a customer but does not have to be tangible at the same time. Basically, it involves introducing new products or improvising the existing products.
Price - Pricing must be competitive and must entail profit. The pricing strategy can comprise discounts, offers and the like.
Place - It refers to the place where the customers can buy the product and how the product reaches out to that place. This is done through different channels, like Internet, wholesalers and retailers.
Promotion - It includes the various ways of communicating to the customers of what the company has to offer. It is about communicating about the benefits of using a particular product or service rather than just talking about its features.
People - People refer to the customers, employees, management and everybody else involved in it. It is essential for everyone to realize that the reputation of the brand that you are involved with is in the people's hands.
Process - It refers to the methods and process of providing a service and is hence essential to have a thorough knowledge on whether the services are helpful to the customers, if they are provided in time, if the customers are informed in hand about the services and many such things.
Physical (evidence) - It refers to the experience of using a product or service. When a service goes out to the customer, it is essential that you help him see what he is buying or not. For example- brochures, pamphlets etc serve this purpose.
To understand this concept better let's analyse 7 Ps of Burger King-
1 P: Product:
Veg MenusBeveragesNon- Veg MenusFrozen Desserts
•Cares for customer ‘s Sentiments towards religion and culture.
• It has separate cooking area and equipments.
•Takes dietary concern-Burger king Healthier kids club.
2P-Price
•Policy which caters to Indian customers.
•Quite affordable products.
•Importance to Brand and its integrity
3P-Place
•Located at prime locations.
•Every spread in NCR.
•Almost in all big cities.
•At residential areas , malls.
4p-promotion
•Target customer- Children.
•Awareness about products among people by using different Media like TVs, Hoarding, and Bus Shelters.
•Description of product on paper nuts placed in the trays.
•The placing of the pamphlets and banners in all around the outlets.
•Lucky promotion strategies .
5P-People
•Each outlet is headed by a Restaurant Manager . He is responsible for the daily operation and customer interaction.
•Delivery Crew Member carries basic operation of a restaurant. Ensures customer satisfaction at the restaurants.
•In order to motivate there employees they give them stars as per their performance.
6P-Physical evidence
•The physical evidence appearance affects not only the impression outsiders have of a business but all the way that business functions.
•Staff members.
•Location & appearance.
•Buildings Maintence
7P-Process
•Food manufacturing transparent to customers.
•Training to the licensees.
•Invented the most efficient cooking equipment.
•New methods of food packaging and distribution.
•Burger King in India followed the same tradition. Spent Rs. 30 crores on market research.
No comments:
Post a Comment