And this is one of the reasons I created the Nine P’s. “People” or Targeting was slightly forgotten in the Marketing Mix, and is a major, significant part of the Nine P’s of Marketing.
I noticed a story on Hershey filing for a heat-resistant chocolate patent. Interesting. I would put that under "Product, in the 9P's of Marketing.
"Product is referred to as:
- Product: 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. (Kotler)
- Look at branding; brand equity; brand name; quality; unique selling proposition (USP) and unique value proposition (USP); newness; complexity; physical appearance; packaging; labeling; ingredients; maintenance and service contracts; and others.
- A product line is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed or sold through the same types of outlets, or fall within given price ranges. 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).
- 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.
It's competitively tough out there. Beware.
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I am a senior Forensic Marketing Expert, Advertising/Marketing consultant with Londre Marketing Consultants, LLC plus I teach Marketing and Advertising. I own a copyright for this concept, the Nine P’s/9 P's ©2007, which augments the Marketing Mix (Product, Price, Promotion and Place) or the 4P’s by the American Marketing Association, Neil Borden and Jerome McCarthy in the study and practices of Marketing.
The Nine P's/9P's help identify marketing problems in a number of areas and help develop marketing’s objectives, strategies, tactics and solutions. The Nine P's are insightful. In Marketing. the "Customer," or potential customers are king, but are missing in the 4P's.
I consult and teach using the concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, Marketing and Brand Managers develop plans, strategies and tactics. The Nine P’s include these important components:
- People
- It's about Segmentation and Targeting, but chocolate in many forms are a "people" favorite. I remember Snickers being the official snack for the Olympics.
- "People" or targeting has almost always been left out of the traditional "Marketing Mix." Almost every diagram includes the four P's with "Consumer" or "People" or "Potential Buyers" in the middle of the circle. There needs to be more focus on the "Customer," or "People."
- "People," market segments utilizing demographics, geographics, psychographics, behavioral characteristics and technographics are a vital component of the 9P's.
- Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- There are still more questions:
- Can the segments be accessed?
- Marketing strategies need to be adapted for the different tiers or segments.
- Instead of viewing the market as a uniform group of customers with similar potential, the firm needs to view them as distinct groups or segments with differing potential.
- Product
- Place (Distribution)
- Price
- Planning
- Promotion
- Partners
- Presentation
- Passion
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