The beauty of a market is that it is constantly evolving. The things or services which were once considered a symbol of prosperity and uniqueness are no longer in the picture. So, we would have a look at how 7 P’s are redefining marketing.

1. Product: This category includes the product as well as the service we are offering. All products have a life cycle and the marketer needs to align his/her strategies based on the phase that product is undergoing.

With online e-market, a marketer to reach out to a large number of people in the country and target different segments at the same time. Online marketing is the future. The more rapidly the firms align their policies considering online customer base the better it is for them.

2. Price:

If you are a new entrant in the market, pricing can help you to gain unique position in the market. When two products offer similar benefits the one with lower price is likely to achieve more sales. The war of P&G’s detergents(Arial, Tide) with HUL’s detergents(Surf Excel, Rin etc.) in the last decade is very good example.

3. Place: 

 Online shopping has eliminated the need to go to the market as you can order a product by sitting in your home.  Some points to ponder are:

·         Where does customer both current and potential, look for services or product?

·         How do you access the different distribution channels with different strategies?

·         Which online store should we use to sell our products?

4. Promotion: 

Online retail giants like Flipkart, Amazon offer a discount on particular days e.g. Big Billion days. So, brands have started to give more discount on these special sales days and promotion occurs on the other hand.  Customer also acts a promoter if he likes the brand.

5. People: It has two dimensions: Internal working staff and outside customers. When employees believe in the products or services a firm offers, it’s is highly likely the employees will perform better.

Now the firms do look at the lifetime worth of a customer, popularly known as CLV.