Want to know one of the biggest nightmares in advertising and in the Super Bowl--- Pets.com.
Success was short-lived for pets.com; their business model could only “sustain” for only ten months. As 2000 began Pets.com was a high-flying dot-com, with 300 employees and a sock puppet mascot. Netted $82.5 million in their IPO. Seventeen dot-coms were part of “The Dot-Com Super Bowl,” including RIP e-stamp, computer.com and lifeminders.com.
Pets.com spent $55.3 million in advertising, mostly on TV and generated only $5.8 million in sales. Pets.com's cost of goods was $13.4 million, more than 2X their actual sales of $5.8 million. Pet Smart reportedly bought pet.com's web address for only $375K in 2001.
I use examples to teach. and gave a presentation this week at Ucla. I presented at Ucla my presentation on “Confusion between Marketing & Advertising: What is Marketing? Advertising? Use of Media and Social Media. Plenty of Examples.” The UCLA’s Graduate class was Television & New Media's Business and Legal Issues. I broke down the 9P's of Marketing showing them my use as both a Marketing expert or consultant and a teacher of Marketing, Business Strategies and Advertising.
There are a number of important strategic philosophies and practices guide Marketing planning, efforts and/or Marketing relationships/partnerships. In the Nine P’s© 2007, “Product” is one of the significant components and strategies. In Marketing, the variable "Product" includes new product development, product mix, features, designs, packaging, sizes, services, warranties and return policies.
I have taught global studies, Marketing, global communication, and advertising for 38 years. For my clients, in the courtroom and in the classroom, we define "Product" of the Nine P's as:
- A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. (Kotler)
- A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed or sold through the same types of outlets, or fall within given price ranges. The major product line decision involves product line length (the number of items in the product line.
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I am a senior Forensic Marketing Expert, Advertising/Marketing consultant with Londre Marketing Consultants, LLC plus I teach Marketing and Advertising. I own a copyright for this concept, the Nine P’s/9 P's ©2007, which augments the Marketing Mix (Product, Price, Promotion and Place) or the 4P’s by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
The Nine P's/9P's help identify marketing problems in a number of areas and help develop marketing’s objectives, strategies, tactics and solutions. The Nine P's are insightful. In Marketing. the "Customer," or potential customers are king, but are missing in the 4P's.
I consult and teach using the concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, Marketing and Brand Managers develop plans, strategies and tactics. The Nine P’s include these important components:
- People (Segmentation and Targeting) There needs to be more 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. Once a target market is chosen, the organization can develop its marketing strategies to target this market segment. There are still questions: Can the segments be accessed? Marketing strategies need to be adapted for the different tiers or segments. Instead of viewing the market as a uniform group of customers with similar potential, the firm needs to view them as distinct groups or segments with differing potential.
- Place (Distribution)
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 54 stimulating questions and answers at Londre Marketing Consultants, LLC. Here to help. All the best.