Value is at the center of everything in Marketing.
Marketing should be driven by satisfying customers needs and wants.
Marketing is involved with product, price, place or distribution and promotion.
Those are the four P's or the Marketing Mix.
I added People or potential customers, Planning, Partners, Presentation and Passion to the four P's. I call this Marketing design, concept or model the nine P's of Marketing.
Customer value or "people" value is centered around Marketing's creating, communicating, delivering and exchanging value.
Value is equal to the benefits the customer or "people" receive minus the price and hassle.
Value is what the customer gets by purchasing and consuming the company's product or offering.
Creates --- Satisfy --- Aim
The company creates. The customer determines the value received.
The goal of marketing is to create a profitable exchange for consumers/customers or "people."
Simply Marketing is a philosophy of seeking to satisfy customers or "people" in my 9P's.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.
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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
- Under the 9P's, 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.
- 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)
- I’m finding that “People” or potential customers in my 9P’s, actual consumers are no longer buying “Products” and services based solely on “Price” and product quality.
- An IBM study found that Nearly six in 10 consumers ("People") surveyed are willing to change their buying habits to reduce environmental impact. They found that over 70% would pay a premium of 35%, on average, for brands and products that are sustainable and environmentally responsible.
- 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
- 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
- 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.
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