I have been collecting a few recent business stories in the news, and applying them to the Nine P’s/9P's.
Here are a few examples of the Nine P’s ©2007, which break down business problems into possible Marketing solutions and into Marketing objectives, strategies and tactics to solve your business, marketing issues.
Examples:
- Product and New Product Development: From Wire, they reported that Google's decision to take Android away from Andy Rubin and give it to Google Chrome OS executive Sundar Pichai is the CEO's desire improve the company and development. "There's no longer room for separate fiefdoms within Google, and the company's days as a sort of corporate grad school -- with lots of tinkering, disparate technology paths, and a deep-seated love for goofing off -- are over," Tate writes. New product develop involve all of the Nine P's. (Link to Wired)
- Promotion/People: Advertising is one component of the Marketing Mix and the Nine P’s. Remember the rock ‘n’ roll, “super,” spectacular outdoor boards on Sunset Blvd. in Los Angeles. I read recently that there is a book of photography of these famous boards; it’s called Rock ‘n’ Roll Billboards of the Sunset Strip (Angel City Press). Sometimes the audience was only the artists or band such as The Doors, Elton John, Beatles and Donna Summer, among others.
- Price: Price Less Foods sells groceries at cost. From a recent Supermarket News, markets in Virginia and Tennessee are selling their groceries at cost, and these grocers are adding on a charge of 10% fee per basket. In marketing, “Price” includes all aspects regarding pricing. The amount of money a consumer is willing to pay to obtain the product or service.
- People/Segmentation: Target market and/or segmentation consists of a set of buyers who share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels.
With Obama’s win last November and the fighting in Congress they will assist/increase the ratings for Fox News. The re-election of President Barack Obama and the GOP's loss is going to strengthen the network's role as "the voice” of the opposition. With more viewers, the station will generate more revenue.
- Product: Doesn’t this one seem late?
It’s reported that Yahoo will relaunch its Yahoo email product. It’s the second time in six years, with last year being the first time in five. Yahoo is trying to compete with Gmail. Seems too late to me. Most people are happy with Gmail and I know of few who are happy with AOL.
- Promotion/Advertising/Media:
One more example: Media firms want to be paid for more ad views. It includes “time-shifted” viewing, which could increase measures of program viewership by 30% to 40% during a week.
The networks currently get to monetize some of that time-shifting viewing. What is called “C3 ratings” -- the average commercial ratings plus three day of time-shifted viewing – it’s the way media is measured and the currency through which the TV networks get paid from the advertisers, agencies and media buying services. This metric started in early 2007. There's still other viewing that goes “un-paid” -- in days four, five, six and seven after a program's initial airing. Research has shown live plus seven days accounts for 90% of all viewing.
One fix is inserting fresher spots known as “dynamic ad insertion.”
I developed and own a copyright for the concept, the Nine P’s/9 P's ©2007 (
Link to 9P's), which augments the Marketing Mix and 4P’s by the American Marketing Association, Neil Borden and Jerome McCarthy):
1. Planning or Marketing Process: To develop and transform marketing objectives to marketing strategies to tactics, marketing management must make basic decisions on marketing targets, 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.
2. People/Prospects (Target Market)
• Target Market consists of a set of buyers who share common needs or
characteristics that the company decides to serve. Market targeting can be
carried out at several different levels.
• A product focusing on a specific target market contrasts sharply with one
following the marketing strategy of mass marketing.
• Defining a target market requires Target Market consists of a set of buyers
who share common needs or characteristics that the company decides to serve.
Market targeting can be carried out at several different levels.
• A product focusing on a specific target market contrasts sharply with one
following the marketing strategy of mass marketing.
• Defining a target market requires market segmentation; the process of
segmenting the entire market as a whole and separating it into manageable
units based on demographics, geographics, psychographics, behavior,
technographics or technographical characteristics.
• Segmentation is an important Marketing concept; the market segmentation process includes:
o Determining the characteristics of segments using Geographic, Demographic, Psychological, Behavioral and/or Technographics or Technographical Segmentation in the target market(s).
*Separating and targeting these segments in the market based on those characteristics.
*Checking to see whether any of these market segments are large enough to support the
organization's product.
*Once a target market is chosen, the organization can develop its marketing strategies.
3. Product: The goods and service combination the firm offers to the target market, including variety of product mix, features, designs, packaging, sizes, services, warranties and return policies.
The major product line decision involves product line length (the number of items in the product line. A company’s product mix has four important dimensions: width (number of different product lines), length (number of items a company carries within the product lines), depth (number of versions offered for each product in the line), and consistency (how closely related the various product lines are in end use, production requirements, distribution channels, or in any other way).
“Product” includes packaging, as a subset of the total offering. Brand managers use packaging as a badge, enhancing the product’s value. A Product or service also should have Purpose, which is discovering the product’s real value, use, difference, reason, or function for the consumer and user.
4.
Price/Pricing: All aspects regarding pricing. 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.
• Prices are a key positioning factor and must be decided in relation to the target market, the product and service assortment mix, and the competition. All retailers would like high turns x earns (high volumes and high gross margins), but the two don’t usually go together. Most retailers fall into the high-markup, lower volume group (fine specialty stores) or the low-markup, higher-volume group (mass merchandisers and discount stores). (Kotler and Keller)
5.
Place/Distribution: The company’s activities that make the product available, using distribution and trade channels, coverage, assortments, locations, inventory and transportation characteristics and alternatives. Typical supply chain consists of four links in the chain: Producer/Factory/Manufacturer, Distributor, Wholesaler, Retailer supplying the consumer and user.
6.
Promotion: The communication element includes personal and non-personal communication activities. Activities that communicate the merits of the overall product, which include:
• Personal Selling/ Sales Force;
• Advertising; Sales Promotion; Collateral Materials; Direct Marketing (also referred to as Action or Direct Response Advertising; Interactive/Internet/Web, Digital Media, Social Media – Interactive/online; Events and Experiences; Public Relations
7.
Partners/Strategic Alliances: Marketers can’t create customer value and build customer relationships by themselves. They work closely with other company departments (inside partners) and often with partners and alliances outside the firm. Changes are occurring in how marketers connect with their suppliers, channel partners and others. A joint partnership; the joint relationships, partnerships and strategic alliances. The relationship existing between two parties; a relationship resembling a legal partnership and usually involving close cooperation between parties having specific and joint rights and responsibilities as a common enterprise. Usually plural or “Partners,” not Partner.
Partnership and cooperative agreements are formed that enable parties to bring their major strengths to the table and emerge with better planning, products, services, promotion, distribution and ideas than they could produce on their own.
8.
Presentation: The “P” is the act of presenting any of the different 9P’s© to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, employees, and/or partners. They are symbols or images that represent something; a descriptive or persuasive account (as a sales person of the product). Wal-Mart and retailers want a better integration of its retailing in store and online. Something set forth for the attention of mind.
The Internet changed everything especially in the “presentation” of the different P’s. Another part of “presenting” is the big picture perspective of corporate social responsibility (CSR) which refers to consideration of, and the firm's responses to issues, beyond narrow economic, technical and legal requirements. These objectives and firm strategies of accomplishing social benefits along with the traditional economic gains which the firm is seeking is vitally important to the “presentation” to the constituents, different Publics and to the world.
9.
Passion: Intense, driving or overmastering feelings, emotions in the marketing and selling of products or services. Emotional, as distinguished from reason and rational decision-making; A strong liking for or devotion to some activity; Deep interest in your partnership/presentation of any of the 9P’s© to any target or partner.
For more on the Nine P’s and other marketing resources, go to http://www.LondreMarketing.com/stimulating_articles.php (
Link).
