This morning PricewaterhouseCoopers (PwC) issued an apology after a major screw up with the wrong Oscars best picture envelope and announcement.
I use the nine P's of Marketing to show and illustrate examples of the elements and parts of marketing.
There was a doozy from last night in the Academy Awards, regarding "Presentation," under the nine P's of marketing
What is the essence of accounting: Accuracy, right?
What is "presentation?"
“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.They may be
symbols or images that represent something; a descriptive or persuasive account
(as a sales person of the product or service).
Something I say is set forth for the
attention of mind. Well, this doozy was in front of an audience in 225 countries Actually, a TV audience of 100 million in 225
countries.
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.
You can feel the pain at PwC right now in all of their business dealings with all of their associates at their clients.
At PricewaterhouseCoopers, it's been called the "most spectacular blunder" in the history of the Academy Awards when the
Oscar for best film was mis "presented to La La Land, not to the actual winner, Moonlight. It was 83 years in the making.
The company has promised to investigate their error. Really, the brand is affected. How many actions can they take? We'll see I see the jokes for next year, already in my head.
Visit here for more examples and insights into Marketing, targeting or "people," promotional and advertising strategies, Plus true, researched marketing insights and advertising trivia.
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
- For PwC it's their clients and associates who may be quizzed and mocked today.
- "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.
- Planning:
- Research.
- 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.”
- Price:
- 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.
- Promotion:
- 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.
- Advertising
- 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::
- What should you promote? Accuracy, oh for sure.
- To whom should you promote? Their clients, potential clients.
- What economic and discount levels should you offer?
- What form of promotion should you offer? Features?
- How frequent?
- Partners:
- Also know as Alliances.
- It is important to partner with firms that have similar corporate philosophies, who have agreed upon objectives and strategies.
- Presentation:
- 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.
- Passion:
- Those intense, driving or overmastering feelings, emotions in the planning, developing, pricing, promoting, partnering, selling and overall marketing of products or services.
