This element or component is "experiences and events."
Department stores and merchandisers are introducing "limited quantity and exclusive products. They are dropping or are called "drops" by the retailers and suppliers.
They are designer fashions, mashups, and using sales floor and websites for the "drops" to woo millennials and others.
They may be brief pop-ups too.
The product may also be personalized or customized.
Need more business, Marketing and advertising insights in 2018? Increase sales and overall revenue?
Visit here for plenty of insights and examples into Marketing, the 9 P's, targeting or "People," product and services, promotion, pricing, and advertising strategies. Plus true, researched marketing insights and fun, insightful, advertising trivia.
For the past 48 years, I have been a Marketing professional, a certified Forensic Marketing Expert, Marketing and Advertising consultant with Londre Marketing Consultants, LLC plus I teach and give seminars on Marketing, Super Bowl spots, global Marketing, Promotion and Advertising.
I also like giving to MBA candidates, law schools and attorneys my presentations on "What is Marketing? What is Advertising?"
Eleven years ago, I created and own a copyright for the Marketing concept, the Nine P’s/9 P's of Marketing ©2007, which augments the Marketing Mix or the 4P's (Product, Price, Promotion and Place) by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
In the late 60's I was first taught in Marketing 307 that the "customer," or potential purchasers, buyers are king or kings, but they or consumers are missing as one of the P's, in the 4P's. For marketing professionals, the "target market," "People," buyers, potential buyers and users are more prominent. They have their own "P." It's "People," in the 9P's of Marketing.
The Nine P's/9P's of Marketing help brand managers, marketing managers, companies, firms, business owners and business managers to find marketing problems, to identify and create Marketing opportunities or solutions, in a number of areas.
The utilization of the 9P's of Marketing help, develop and guide a company or a firm's marketing objectives, strategies, tactics and solutions.
The Nine P's can be truly insightful, in many ways and in many possible tactics and actions. They will help build revenue, manage costs more effectively.
I consult, teach and work as a Marketing, business and Advertising expert using many Marketing concepts, standards of practice and practices, including the Nine P's/9P's of Marketing.
So, what is Marketing, you and others may ask? Marketing is a planning and execution process that involves a product or service's attributes, research, distribution, pricing, partnerships or alliances, promotion and more.
In my presentations, I detail that advertising is only a small percentage of the answers to marketing problems. All of the Marketing activities and tasks must work together to assure successful marketing practices. Firms, associations and companies with the most effective marketing efforts try to thoroughly understand their potential buyers and customers ("People") and the marketplace.
Companies and new product/service development pros create products and services to meet market needs. These firms and others use marketing research and channels for understanding and communicating to market segments, a target market or audience ("People" in the 9P's of Marketing).
In the study and practice of Marketing, Marketing manager and brand agents develop planning, objectives, strategies and tactics.
For any size firm and entrepreneurs, the 9P's of Marketing include important components, parts, elements, actions, tactics and efforts.
Let's start with planning, research, one of the nine P's and also with targeting, "People," one of the other nine elements or components:
- Planning starts with research and researching.
- This element of planning in the nine P's is a method for achieving an end, and, looking at the eight other parts, can be a detailed formulation of a program of action. I like using a phrase from John Wooden; he said "Failure to plan is planning to fail."
- Developing and transforming marketing objectives into marketing strategies to tactics, marketing management and managers must make basic decisions on marketing targets (“People”), marketing mix, pricing, distribution, marketing budgets/expenditures and marketing allocations.
- Review dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels, promotion, media and sales areas. And more under the 9Ps of Marketing
- People .
- Product and Services:
- Place (Distribution):
- Price or Pricing:
- There are eight (8) major, strategic components or communication elements which are personal and non-personal communication activities, under "promotion." .
- The activities that communicate the merits of the overall product include:
- Personal Selling/ Sales Force: Sales persons
- Helpful hint: Listen more than you talk. People who listen more, learn more, plus helps you position your service/product/solution or offering.
- Advertising is paid media. There's an expression "It is only creative if the product or service sells." I wanted to add "It is only good media spending if it sells."
- Sales Promotion
- Collateral Materials
- Direct Marketing (also referred to as Action or Direct Response Advertising)
- Interactive/Internet/Web, Digital Media, Social Media:
- Events and Experiences
- Public Relations/PR
- Here are some strategic questions under Promotion:
- What should you promote? Strategic copy points. Limited and exclusive may be important, keywords or selling copy.
- Evaluate the eight different elements under Promotion and your brand's practices. Ask is there a better way? A different promotional mix. There has to be a better way.
- What are your costs in dollars and manpower or person power? Ask "Is there a different way or ways to budget?"
- Look at different strategic partners? Their costs?
- To whom should you target and promote? Under "People/"Targeting, target market, audience with media falls here.
- You can differentiate with price. Discounting? Special sales? What economic and discount levels should you offer? Look at revenue versus costs.
- What form or combination of promotion should you offer? Features?
- How frequent? Add media planning here.
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 40+ stimulating questions and answers at Londre Marketing Consultants, LLC.