A4 The Seven Ps
Product - what are customer thoughts regarding the products you are considering bringing to market? Do they have preferences for features, colours, design etc? What are your competitors offering? Do you have a USP? What branding will be effective with your customers? What does your packaging need to do? What packaging design will stand out from competitors and appeal to your customers aesthetically?
Price - What are customers willing to pay for your product? What are your costs? Can the price you are planning on charging cover those costs? How competitive is the market you are planning on selling in? Does this affect whether you need to follow the pricing decisions of the market leader? Is your product new to the market? Is market skimming or price penetration more appropriate for your new product?
Promotion - How can you find out the pricing of different methods of promotion? Usually there is a direct relationship between the cost of promotion and the number of people that promotion is likely to reach. What social media do your potential consumers use? What magazines, newspapers, websites do they read on a regular basis? Could advertising in these be effective? Where are they based geographically? How can you reach them?
Place - What retailers do your customers frequent? Where would they expect to see your type of product? Do they feel comfortable shopping online? Should you set up a website or would they prefer to buy your goods in person? Where are your competitors selling? What can be done in store for your products to stand out?
People - What kind of service do your customers expect? Do they need to ask questions or see demonstrations when purchasing a product like yours? What annoys them about customer service staff? Would your customers prefer to have cheaper better quality services? What kind of training is available to improve the customer service of your staff? What is the expectation of staff appearance?
Process - What processes do you need to have in place for a pleasant and efficient experience for your customers? What payment methods do they prefer to use? What is the impact of this on payment processes you need to set up? How will customers queue? What irritates them about queueing layout and times? Do you need changing rooms?
Physical environment - What do customers expect from your physical premises? What can be done to improve layout, appearance, lighting and smell of your premises? What do your competitors do? Can you visit competitors’ premises? What do customers like about different business premises they visit? Are they willing to pay more for improvements to the physical environment?
