A lot will be talked about this week, on Super Bowl Week, about money and salaries.
What about a football? The NFL cost or “Price,” of throwing a football into the stands by a player It’s determined by the NFL and the NFL Players Assn.
What the NFL cost or the “Price” of throwing a football into the stands
by a NFL payer? It’s
determined by the NFL and the NFL Players Association.
It’s
negotiated and teams can’t just make things or the price up.
If a
player throws the football into the stands, the cost is a fine of $7,017 for
the first offense.
Do you need a better understanding of all areas of Marketing? The nine P's of
Marketing give you framework for success.
I consult, teach and work as a Marketing, Business and Advertising expert using
many Marketing concepts, standards of practice and practices, including
the Nine P's/9P's of Marketing in court.
As a brand manager, entrepreneur, business owner or advertising agency professional,
do you need more business, Marketing and advertising insights?
The 9P's is a framework; it includes targeting or "People," planning,
product and services, promotion, pricing, partnership strategies,
"Place," Passion and Presentation. Plus true, researched marketing
insights and fun, insightful, advertising trivia.
For the past 48 years, I have been a Marketing professional, a certified, credentialed Forensic Litigation consultant
(CFLC), a Marketing and Advertising consultant with Londre Marketing
Consultants, LLC plus I teach and give seminars on Strategic
Marketing, the nine P's of Marketing, Branding, Super Bowl spots, Global
Marketing, Promotion and Advertising.
I also present to MBA candidates, law schools and attorneys my "What
is Marketing? What is Advertising?" lecture and talk. I have plenty
of examples. This semester I I will be presenting at Loyola Law School,
Pepperdine University and Woodbury University.
Twelve years ago, I created and own the marketing objectives, strategies and
tactics practice of the 9P's of Marketing. The Nine P’s/9 P's of
Marketing ©2007 augments the Marketing Mix or the 4P's (Product,
Price, Promotion and Place) by the American Marketing Association, Neil Borden
and Jerome McCarthy in the study and practices of a copyrighted Marketing
concept. I've added "People," "Passion,"
"Planning" and "Partners" and
"Presentation."
In the late 60's I was first taught in Marketing 307 at USC that the
"customer," or potential purchasers, buyers are king or kings, but
potential consumers are missing as one of the P's. With the addition of
"People," I expanded and developed the additional concepts under the
nine P's.
For marketing professionals, targeting or the "target market,"
"People," buyers, potential buyers and users are more prominent in my
marketing model or theory. These potential buyers have their own
"P." It's "People," in the 9P's of Marketing.
Marketing is considered an expense and
especially at the end of the year, going into the fourth quarter may be one of
the first line items cut by companies when they are facing difficulties and
tightening budgets. The utilization of the
9P's of Marketing helps, develops and guides a company or a firm's
marketing objectives, strategies, tactics and solutions. The Nine P's can be truly insightful, in many
ways and in many possible tactics and actions.
They will help build revenue, manage costs, more effectively.
So, you and others may ask "What is
Marketing?"
Marketing is a planning and execution process that involves a product or
service's attributes, research, distribution, pricing, partnerships or
alliances, promotion and more.
In my Marketing presentations and talks, I detail that advertising is only a
small percentage of the answers to marketing problems. All of the Marketing
activities and tasks must work together to assure successful marketing
practices. Companies, firms and associations with the most effective
marketing efforts try to thoroughly understand their potential purchasers,
buyers and customers ("People") in your marketplace.
Companies and new product/service development pros create products and services
to meet market needs. Solving consumer "problems."
These firms and others use marketing research and channels for understanding
and communicating to market segments, a target market or audience
("People" in the 9P's of Marketing).
In the study and practice
of Marketing, Marketing managers and brand agents develop planning,
objectives, strategies and tactics.
For any size firm and entrepreneurs, the 9P's of Marketing include important
components, parts, elements, actions, tactics and efforts.
Let's start with planning, research, one of the nine P's and also with
targeting, "People," one of the other nine elements or components:
- Planning as in Marketing Planning and Research:
- Planning starts with research and researching.
- This element of planning in the nine P's is a
method for achieving an end, and, looking at the eight other parts;
your insights can start a detailed formulation of a program of
action. I like using a phrase Benjamin Franklin supposedly once
said:“If you fail to plan, you are planning to fail.”
o
Look at developing and
transforming marketing objectives into marketing strategies to tactics.
o
Marketing management and
managers must make basic decisions on marketing targets (“People”), marketing
mix, pricing, distribution, marketing budgets/expenditures and marketing
allocations.
- Review dividing the total marketing budget among the
various tools in the marketing mix and for the various products,
channels, promotion, media and sales areas. And there's more under the
other 9Ps of Marketing
- People
- "People" or targeting has almost always been
left out of the traditional "Marketing Mix," almost every
diagram includes the four P's with Product, Promotion, Place and Price.
- Place "consumer" or "People" or
"potential buyers" in the middle of a circle. Find information
or data on them. Add the other components in the nine P's. In
Marketing, from my education, training, research and analysis plus
testimony, there needs to be greater focus on the buyer, "customer,"
or "People," in both planning ad implementation.
- Look and analyze your potential, new, existing and
repeat customers and users.
- To understand your "People" or your market
segments, you may need to utilize many characteristics, including:
- Demographics (such as age, family size, family
life cycle, gender, income, occupation, education, religion, race,
generation, nationality, social class (is also sometimes put under
psychographics.)
- Geographics (By
region, city, metro size, density, climate; plus, by countries and
territories.)
- Psychographics (Social class--Lower lowers to Upper uppers. Social
class is also under demographics; Lifestyle-- achievers, strivers, and
strugglers; Personality-- Compulsive, gregarious, authoritarian, and
ambitious; Lifestyles/Attitudes/Interests and Opinions)
- Behavioral (Occasions (regular occasions, special occasions,
holidays, vacations); Orange juice for breakfast, Mother’s Day, Father’s
Day; Benefits (quality, service, economy, convenience, speed---Quality,
Time, Money); User status (nonuser, ex-user, potential user, first-time
user, regular user); Usage rate (light, medium, heavy user); Loyalty
status (none, medium, strong, absolute); Readiness attitude toward product
(aware, interest, desire, intending to buy); Attitude toward product
(enthusiastic, positive, indifferent, negative, hostile).
- Technographics or technographical
characteristics. Understand your potential consumer. Remember, in the
back of your mind, that the reason technology is phenomenal is because
it displaces years, or centuries, of previous technology. Consumers may
or may not have the skills. Think employees here too. The reason
technology skills are transitory is because they will almost certainly be
displaced, too. Think employees here too, which may be a
vital component or components of the 9P's of Marketing.
- Once a target market is chosen, the organization can
develop its marketing strategies to target a market segment or marketing
segments.
- Simply it's about Segmentation and Targeting. Add
Positioning and you have STP, as a major first or second step, which may
need for your firm to do more research and planning. .
- Product and Services:
- It's 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.
- It's 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.
- Place (Distribution):
- Consider, develop and review store and non-store
options, e-commerce and “brick and mortar” factors, geographic
considerations, objectives, strategies and tactics, including with your
“Partners, too.”
- It's your offering of the right product at the right
PLACE or location, at the right time, at the right price. It's the
company’s activities that make the product available, using distribution
and trade channels, roles, coverage, assortments, locations, inventory
and transportation characteristics and alternatives.
- Price or Pricing:
- Simply it's the amount of money a consumer is willing
to pay to obtain the product. But "price" is so much
more. “Pricing” is the sum of the values that customers exchange for
the benefits of having or using the product or service.
- Pricing decision making involves adjusting prices
concerning the competitive environment, economic situations and involve
buyer perceptions. Simply, all aspects regarding pricing.
- Pricing or "Price" also includes
wholesale/retail/promotional prices, discounts, trade-in allowances,
quantity discounts, credit terms, sales and payment periods and credit
terms.
- Promotion:
- I teach and consult that there are eight (8) major,
strategic components or communication elements which are personal and
non-personal communication activities, under "promotion."
.
- The activities that communicate the merits of the
overall product include:
- Personal Selling/ Sales Force: Sales persons. Your
sales force.
- Helpful consulting tip or hint: Listen more than you
talk. People who listen more, learn more, plus helps you position your
service/product/solution or offering.
- Advertising is paid media. There's an expression
"It is only creative if the product or service sells." I
wanted to add "It is only good media spending if it
sells."
- 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
- What some strategic questions under Promotion?
- What should your company promote? Strategic copy
points, for your product or service.
- Evaluate the eight different elements under Promotion
and your brand's practices. Ask is there a better way? A
different promotional mix. There has to be a better way.
- What are your costs in dollars and manpower or person
power? Ask "Is there a different way or ways to budget, your
promotional dollars?"
- Look at different strategic partners? Their costs?
- To whom should you target and promote? Under
"People/"Targeting, target market, audience with media falls
here. Have you noticed that you may watch what you want to watch in
TV programming when you want to watch it and anywhere, any screen? That
affects media planning.
- You can differentiate with price. Discounting?
Special sales? What economic and discount levels should you offer? Look
at revenue versus costs.
- What form or combination of promotion should you
offer? Features?
- How frequent? Add media planning concern.
- Partners:
- Working with others and organizations which take part
in an undertaking with another or others, in a business or company with
shared risks and profits. Also referred to as Alliances.
- With "Partners" and your Marketing efforts,
it is vitally important to partner and align with firms that have similar
corporate philosophies. Simple but complex and difficult, have agreed
upon objectives and strategies.
- Presentation:
- This “P” or “Presentation” is the act of displaying,
using, presenting, and putting forward any of your efforts utilizing the
other 9P’s© and/or components to your customers, suppliers, wholesalers,
retailers, sales force, marketing intermediaries, clients, employees,
partners, and/or others.
- Be sure to look for real” product and service
experiences.
- This "P" helps you enable consumers and
“allowing” them to feel the brand. As part of "presentation," I
also place “events and experiences” under Promotion.
- While traditional marketing is based on target
audience impressions/ views/ clicks/ exposure, experimental marketing
involves engaging with your potential consumers.
- Passion:
- This "P" are those intense, driving or
overmastering feelings, emotions in the planning, developing,
implementing and executions of pricing, promoting, partnering, selling
and overall marketing of products or services.
So with AIDA, there's a marketing, advertising and communication model which has been around for a long time. It begins with creating Awareness and goes to four stages.
So with AIDA, there's a marketing, advertising and communication model which has been around for a long time. It begins with creating Awareness and goes to four stages.
