Under "Place" and "Price," two of the Marketing Mix Variables and Two of the nine P's of Marketing.
What is "Place" it's the variable and combination of parts in getting the Product or Service to consumers ("People.") or users. Distribution. Logistics.
What is "Price?" It's all aspects regarding pricing.
You need to factor in tariffs.
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The amount of money a consumer is willing to pay to obtain the product or service.
Pricing includes wholesale/retail/promotional prices, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods and credit terms.
“Price” decision making also involves adjusting prices concerning the competitive environment, economic situations and involve buyer perceptions.
Summing up, “Pricing” is the sum of the values that customers exchange for the benefits of having or using the product or service.
The Nine P’s include these important concepts, practices and components:
- People (Segmentation and Targeting)
- In my 9P's, I stress that firms need to look and analyze potential, new, existing and repeat customers and users.
- Product and Services
- Place (Distribution)
- Price or Pricing
- Planning and Research. From the founder of Intuit, Scott Cook, said: " A brand is no longer what we tell the consumer it is -- (maybe from Marketing Research never was is my comment) it is what consumers (“People” in the 9P’s) tell each other it is.
- Promotion:
- There are eight (8) major, strategic components or communication elements which are personal and non-personal communication activities.
- The activities that communicate the merits of the overall product 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: Like Super Bowl advertising in February for Super Bowl LVIII on CBS.
- 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
- With inflation at increasing higher levels, we are seeing brick and mortar retailers needing physical traffic to survive. Gas prices at record levels are keeping customers from driving more. One stop shopping is more important than ever.
- Partners/Alliances
- Presentation:
- The act or acts of strategically 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.
Presentation aspects may be signs, symbols or images that represent something; a descriptive or persuasive account (as a sales person of the product or service). Something set forth for the attention of mind of your targets ("People") and media audiences.
- Passion/Branding
You may not know that Google, Facebook and Amazon attract 46 cents of every dollar spent by advertisers. In fact, Google and Facebook are the dominant digital advertising market vendors in the US, accounting for a combined 48.4% of total digital ad spending. Think about this expression "It is only creative if the product or service sells." I wanted to add "It is only good media spending if it sells."
I am an experienced, senior Forensic Marketing Expert, Advertising expert, Advertising/Marketing consultant with Londre Marketing Consultants, LLC.
The Nine P's/9P's of Marketing help identify marketing problems in a number of strategic areas and help develop profitable marketing’s objectives, strategies, tactics and solutions. The 9P's are insightful. The nine P's were created for the digital age.
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 54 stimulating questions and answers at Londre Marketing Consultants, LLC.