You make decisions on what planning and marketing research you need to do.
There are different Product and new Product development strategies.
Targeting or People. Defining a target market or persona requires market segmentation; the process of segmenting the entire market as a whole and separating it into manageable units based on:
- Demographics. Demographic marketing segmentation is looking at the potential or actual buyer’s age, family size, race, occupation, generation, religion, gender, family lifecycle, ethnicity, nationality, income, education, social class. The demographics may be segmented into several markets to help an organization target its consumers more effectively.
- Geographic segmentation could be nation, country, region, city, density, climate. ▪
- Psychographics is the science of dividing into groups on psychological/personality traits, lifestyle or values. People in the same demographic groups may be very different in their psychological profiles.
- Behavioral segmentation, marketers divide buyers into groups based on knowledge of, attitude, use of or response to a product or service. User status could include occasions, nonusers, ex-users, readiness to buy and loyalty status. Could be enthusiast, traditionalist, or overwhelmed just to name three.
- Technographics or technographical characteristics. Understanding 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. ▪
Pricing decision making
Promotion. I break this element into eight parts. Advertising is just one of the eight under Promotion and Promotion is just one of the 9P's of Marketing
- 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
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."
Passion. Having your team all on the same page.
Presentation and Branding issues. Plenty of decisions
Partners. Which partners and alliances do you need to make.
Place and distribution to get and increase the product's availability
Six key points:
- Get all of the information you can
- Consider all of the options
- Weigh the pros and cons of each option
- Make a decision and stick to it.
- Make them group and team goals.
- By the way, sometimes there are not easy answers, so go back and access generating more input from others. Involve them. Communication is EVERYTHING. .
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.