Square Marketing Mix (Square 7Ps of Marketing)
Square marketing mix (Square 7Ps of marketing) comprises elements of the marketing mix that managers can review and optimise in order to increase their revenues. The original 4Ps of the concept introduced by E. Jerome McCarthy in 1960 consisted of product, price, place and promotion. Later, additional 3Ps – process, people and physical evidence were added to further expand the model.
Product Element in Square Marketing Mix (Square 7Ps of Marketing)
Square offers financial products and services for small businesses, as well as, consumers. The company offers more than 30 distinct products and services to sellers that help them manage and grow their business. These include but not limited to Point of Sale (POS) systems, bank card readers, terminals, register and others.
Cash App, on the other hand is an ecosystem of financial services that allows individuals to store, send, receive, spend, and invest their money. As of December 2019, Cash App had approximately 24 million monthly active customers who had at least one cash inflow or outflow during a given month.[1]
The financial services and digital payments company is engaged extensively in development of new products and services to strengthen its ecosystem. Product development expenses for the year ended December 31, 2019, increased by USD173.1 million, or 35%, compared to the year ended December 31, 2018.[2]
Place Element in Square Marketing Mix (Square 7Ps of Marketing)
Place element of marketing mix refers to distribution strategies of products and services. Square distributes its products and services through the following channels:
- Online store in official website of the company
- Direct sales and account management teams to acquire large sellers
- Third-party developers and partners who offer Square solutions to their own customers.
Price Element in Square Marketing Mix (Square 7Ps of Marketing)
Square monetizes its products through a combination of transaction, subscription, and service fees. The financial services and digital payments company is currently pursuing penetration pricing strategy. Accordingly, the company is charging low prices for its products and services in order to gain market share.
For example, as of August 2021, Square reader for contactless and chip costs only USD 49,00 and all-in-one credit card terminal for payments and receipts costs only USD 299,00. Penetration pricing strategy allows Square to enlist greater numbers of small businesses and individual consumers as customers.
Square Inc. Report contains a full analysis of Square marketing mix (Square 7Ps of marketing) and Square marketing strategy in general. The report illustrates the application of the major analytical strategic frameworks in business studies such as SWOT, PESTEL, Porter’s Five Forces, Value Chain analysis, Ansoff Matrix and McKinsey 7S Model on Square. Moreover, the report contains analyses of Square leadership, organizational structure and organizational culture. The report also comprises discussions of Square business strategy, ecosystem and addresses issues of corporate social responsibility.
[2] Annual Report (2020) Square Inc. Available at: https://investors.squareup.com/overview/default.aspx