Have you seen the inflation and inflated prices for cars, used and new, plus for used or new car parts.
Using my 9P’s, I’m seeing car dealers paying record prices for used cars.
And who do these car dealers sell to? Consumers and “people” at higher prices. It takes about a month or two to hit the car lots.
The jump was 5.3% in the prices dealers are paying for used cars in the wholesale market, August to September.
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. They were created for the digital age.
I consult and teach using these Marketing concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, brand, advertising and marketing managers develop plans, strategies and tactics. 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)
- All aspects regarding pricing. 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.
- 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: 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
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 54 stimulating questions and answers at Londre Marketing Consultants, LLC.