Did you hear that airfares are 10% cheaper than last year and they are at their lowest levels in six years.
From the US DOT (Department of Transportation) they announced that second-quarter results for the average domestic airfares, they were down nearly 10%. Plus more good news that the average airfare is at its lowest price since the end of 2010.
Under my copyrighted concept of the 9P's of Marketing (c) 2007, I identify "Price or Pricing, As all aspects regarding pricing. The amount of money a consumer is willing to pay to obtain the product.
Pricing includes wholesale/retail/promotional prices, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods and credit terms.
Pricing decision making also involves adjusting prices concerning the competitive environment, economic situations and involve buyer perceptions. “Pricing” is the sum of the values that customers exchange for the benefits of having or using the product or service.
Deceptive and misleading pricing practices may lead potential buyers and consumers to believe they will get more value and a better price than they will actually receive.
Consider, develop and review store and non-store, e-commerce and “brick and mortar” targeting, marketing mix, pricing factors, considerations, objectives, strategies and tactics, including “Partners.”
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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 of Marketing ©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 of Marketing help identify marketing problems and opportunities in a number of areas and help develop marketing’s objectives, strategies, tactics and solutions. The Nine P's can be insightful.
In Marketing. the "Customer," or potential customers are king, but are missing as one of the P's, in the 4P's.
I consult and teach using the Marketing concepts and practices of the Nine P's/9P's of Marketing.
In the study and practice of Marketing, Marketing and Brand Managers develop objectives, plans, strategies and tactics.
The Nine P's of Marketing include these important components or elements:
- Planning
- People
- Potential airline travelers. It's about Segmentation and Targeting. Add Positioning and you have STP.
- "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 of Marketing. Once a target market is chosen, the organization can develop its marketing strategies to target this market segment.
- Product and Services
- Place (Distribution)
- Price
- Promotion:
- Eight (8) major, strategic components: The communication elements include personal and non-personal communication activities. Activities that communicate the merits of the overall product, which include:
- Personal Selling/ Sales Force
- Advertising
- 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
- What should you promote? Price, destination, or both? Plus there's more.
- To whom should you promote?
- What economic and discount levels should you offer?
- What form of promotion should you offer? Features?
- How frequent?
- Partners:
- It is important to partner with firms that have similar corporate philosophies, who have agreed upon objectives and strategies.
- Presentation:
- The “P” or “Presentation” is the act of presenting any of the different 9P’s© and/or components to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, employees, partners, and/or others.
- Look at “real” product and service experiences. I place “events and experiences” also under Promotion. While traditional marketing is based on target audience impressions/ views/ clicks/ exposure, experimental marketing involves engaging with consumers. Enabling consumers and “allowing” them to feel the brand.
- Passion:
- Those intense, driving or overmastering feelings, emotions in the planning, developing, pricing, promoting, partnering, selling and overall marketing of products or services.
Or for more fun, marketing strategies/tactics and facts: Go to Marketing Trivia with 38+ stimulating questions and answers at Londre Marketing Consultants, LLC. Here to help. All the best.