| I'm sure you remember sitting in your marketing class | | | | Absolutely. Since we are on the subject of |
| in college when your instructor blurted something | | | | acronyms, introducing the Six C's of marketing. These |
| about the Four P's of Marketing. If you weren't | | | | concepts are not meant to replace the four P's, but |
| paying attention or perhaps missed class that day, | | | | rather compliment them. They provide a more |
| here is a quick review. It's really a simple concept | | | | granular look at the overall marketing strategy while |
| that is still employed by many of the fortune 500 | | | | taking into consideration the following: customer, |
| companies today. | | | | consistency, creativity, culture, communication and |
| A Quick Review of the Four P's | | | | change. |
| Marketing strategies generally fall into four categories | | | | Customer - this means that an organization's |
| known as the four P's: they are product, price, place | | | | marketing strategy needs to be customer focused. |
| (or distribution), and promotion. Most marketing | | | | It's about intimately understanding the target market |
| managers (sometimes referred to as product | | | | not as demographics, but as real, everyday people. |
| marketing managers) have complete control of the | | | | It's about focusing on the target customer first and |
| product from manufacturing and distribution to | | | | then working backwards to the product and or |
| marketing and promotions. The end goal, of course, is | | | | service; and then ultimately the brand. It's a never |
| to make strategic decisions that center the four P's | | | | ending cyclical process. |
| around the target consumer group in order to | | | | Consistency - how many times have you heard |
| communicate an effective value proposition and | | | | mixed messages from the same company's |
| create a positive customer experience. | | | | advertising? Marketers need to maintain consistency |
| The term "product" refers to the tangible, physical | | | | in their communication messages to reinforce the |
| product itself. This includes the design of the form | | | | value proposition to the target consumer. This will |
| factor, the brand name, the features and | | | | also serve to reinforce the brand in a real life context |
| functionality, quality, safety, packaging, the warranty, | | | | and avoid doing something lame like changing the Nike |
| etc. | | | | tag line from "just do it" to something different. |
| When considering "price", marketers must take a | | | | Creativity - it is important to use creativity to attract |
| holistic view of the total cost to manufacture the | | | | the attention of the target consumer since they are |
| product, distribution costs and advertising costs; as | | | | bombarded with thousands of messages per day. |
| well facilitating a competitive analysis and perhaps a | | | | Creativity means laying aside the "traditional" rules of |
| focus group to find the target price that consumers | | | | advertising, and challenges marketers to think |
| are willing to pay. Other considerations include defining | | | | out-of-box so that they can tap into their |
| a pricing strategy, suggesting a retail price, volume | | | | imaginations. |
| discounts and wholesale pricing, seasonal pricing, and | | | | Culture - all marketing messages need to have a |
| bundling the product with other products. | | | | cross-cultural component in order to be effective. It |
| The distribution of the product (or place) is about | | | | is dangerous to think that everyone in the world |
| getting the product from the warehouse to the | | | | (including your target consumer) thinks, acts and |
| customer and all the steps between. Marketers must | | | | makes purchase decisions exactly like you. It's not |
| consider the most effective distribution channels, | | | | true and having this perspective can prove to be |
| develop a supply chain management strategy, | | | | hazardous to your marketing health. |
| identify specific channel partners, inventory | | | | Communication - people don't appreciate "in your |
| management, warehousing, order processing, and | | | | face" advertising. They don't want to be "marketed |
| transportation. | | | | to" either. They would much rather be |
| The last thing marketers must consider is promotion. | | | | "communicated with". Effective communication |
| Promotion represents the various characteristics of | | | | creates value with target customers, speaks in their |
| an integrated marketing communication plan; that is, | | | | language and tells your story. |
| the communication messages that inform, educate | | | | Change - don't fight it, embrace it. Change is here to |
| and persuade consumers to buy the product. An | | | | stay! Marketers must constantly change as society |
| effective integrated marketing communication plan | | | | changes. They should never be afraid to step out in |
| would include: advertising (online & offline), | | | | faith to try something different. Marketing today is |
| personal selling, direct marketing, sales promotions, | | | | not what it used to be; it is constantly evolving and |
| public relations; as well as establishing a marketing | | | | marketers must consider change in the world, |
| budget and identifying measurable goals. | | | | economy, market, consumers perceptions; as well as |
| Is there anything else to think about? | | | | internal change within the organization. |