Marketing strategies use smart, right timing and a whole lot more.
I have a few choice Marketing Straegy lines I use in class and with clients.
- Be sure the company is taking good care of their customers (People), and having the right Planning and targeting (People), the right Product or Service, right Place or distribution, right Price, right Promotion, right Partners, and the right Presentation, with the right amount of Passion in the 9P’s of Marketing.
- The right Marketing belief or practice is not merely an idea the mind possesses; it is an idea that possesses the minds of each individual employee in trying to satisfy the consumer.
- As Management guru Peter F. Drucker once said: “The aim of Marketing is to know and understand the customer so well that the product or service fits him (her/it) and sells itself.
So what is United doing now with this "basic economy" announcement and why introduce “basic economy” fares in 100 markets.
With all of the news does it make sense for United to announce these new fares which strip away perks such as overhead bin storage (bringing on bags) and mileage credits?
They just may start the United news spin cycle again with a ton of publicity, which may be negative.These “basic” economy are designed to compete with low cost carriers. Put that under “price” and competition in the 9P’s of Marketing. I know they have done planning but the timing could be better.
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I am a senior Forensic Marketing Expert, Marketing and Advertising consultant with Londre Marketing Consultants, LLC plus I teach Marketing, global Marketing and Advertising.
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 (Product, Price, Promotion and Place) or, known as the "4P’s" by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
In the late 60's I was taught In Marketing that the "customer," or potential purchasers, buyers are king, but they are missing as one of the P's, in the 4P's. It's prominent and its own "P" in the 9P's of Marketing.
The Nine P's/9P's of Marketing help companies, firms and business managers to identify marketing opportunities, solutions and find marketing problems and opportunities in a number of areas. They help, develop and guide a company or the firm's marketing objectives, strategies, tactics and solutions.
The Nine P's can be truly insightful, in many ways.
I consult and teach using many Marketing concepts and practices, including the Nine P's/9P's of Marketing.
Marketing is a planning and execution process that involves a product or service's attributes, pricing, distribution, partnerships/alliances and promotion. All of these activities must work together to assure successful marketing practices. Companies and firms with the most effective marketing efforts try to thoroughly understand their customers and the marketplace. Companies and new product/service development professionals create products and services to meet market needs. These firms and others use marketing research and channels for understanding and communicating to a target market or audience ("People" in the 9P's of Marketing).
In the study and practice of Marketing, Marketing and Brand Managers develop objectives, plans, strategies and tactics.
The Nine P's of Marketing include these important components, elements and efforts. Let's start with "People, one of the nine elements or components. :
- "People" or targeting has almost always been left out of the traditional "Marketing Mix." Almost every diagram includes the four P's with "Consumer" or "People" or "Potential Buyers" in the middle of the circle. In Marketing, from my education, training, research and analysis plus testimony, there needs to be great focus on the "Customer," or "People."
- "People," market segments utilizing demographics, geographics, psychographics, behavioral characteristics and technographics are a vital component of the 9P's of Marketing. Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- Simply it's about Segmentation and Targeting. Add Positioning and you have STP, as a start.
- Developing and transforming marketing objectives to marketing strategies to tactics, marketing management must make basic decisions on marketing targets (“People”), marketing mix, marketing budgets/expenditures and marketing allocations.
- It’s dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels, promotion, media and sales areas.
- Product and Services:
- The goods and service combination the firm offers to the target market, including variety of product mix, features, branding, designs, packaging, sizes, services, maintenance contracts, warranties and return policies.
- A product (service) is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.
- Place (Distribution):
- The company’s activities that make the product available, using distribution and trade channels, roles, coverage, assortments, locations, inventory and transportation characteristics and alternatives.
- Offering the right product at the right PLACE, at the right time, at the right price.
- Please consider, develop and review store and non-store, e-commerce and “brick and mortar” factors, considerations, objectives, strategies and tactics, including “Partners.”
- All aspects regarding pricing. “Pricing” is the sum of the values that customers exchange for the benefits of having or using the product or service.
- The amount of money a consumer is willing to pay to obtain the product. Pricing includes wholesale/retail/promotional prices, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods and credit terms.
- Pricing decision making also involves adjusting prices concerning the competitive environment, economic situations and involve buyer perceptions.
- Eight (8) major, strategic components: The communication elements include personal and non-personal communication activities. Activities that communicate the merits of the overall product, which include:
- Personal Selling/ Sales Force: Sales persons: Listen more than you talk. People who listen more, learn more, plus helps you position your service/product/solution or offering.
- 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
- Here are some strategic questions under Promotion::
- Evaluate the eight elements and your practices and ask is there a better way? What are your costs in dollars and manpower or person power and ask "Is there a different way or ways?" Different partners? Costs?
- What should you promote?
- To whom should you promote?
- What economic and discount levels should you offer?
- What form of promotion should you offer? Features?
- How frequent?
- Also know as Alliances.
- It is important to partner with firms that have similar corporate philosophies, who have agreed upon objectives and strategies.
- The “P” or “Presentation” is the act of presenting any of the different 9P’s© and/or components to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, employees, partners, and/or others.
- Look at “real” product and service experiences.
- I place “events and experiences” also under Promotion.
- While traditional marketing is based on target audience impressions/ views/ clicks/ exposure, experimental marketing involves engaging with consumers. Enabling consumers and “allowing” them to feel the brand.
- Those intense, driving or overmastering feelings, emotions in the planning, developing, pricing, promoting, partnering, selling and overall marketing of products or services.
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 38+ stimulating questions and answers at Londre Marketing Consultants, LLC.
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