- WHAT SHOULD WE MEASURE WHEN WE EVALUATE OUR MARKETING EFFORTS?
- WHAT IS THE VALUE OF A CUSTOMER?
- DOES CONTENT MARKETING WORK?
- WHAT IS THE DIFFERENCE BETWEEN A BRAND, BRANDING, A PERSONAL BRAND AND A COMPANY/PRODUCT NAME?
- WHAT IS GROWTH HACKING?
- HOW MANY « P » CAN BE FOUND IN THE MARKETING MIX?
- THE CUSTOMER VALUE CHAIN
- HOW CAN YOU PROTECT YOUR UNIQUE PRODUCT OR SERVICE?
- CONFERENCE ON FINANCING - MAY 2, 2017
- WHAT IS DRIP PRICING?
- WHICH AMOUNT SHOULD YOU CHOOSE FOR YOUR PRICES?
- DETERMINING YOUR HOURLY RATE BASED ON THE VALUE YOU THINK YOU HAVE
- IS LOWERING YOUR PRICES A GOOD IDEA?
- TO OFFER OR NOT TO OFFER FINANCING?
- HOW TO PROTECT YOURSELF AGAINST EXCHANGE RATE RISKS
- WHEN IS A GOOD TIME TO INCREASE YOUR PRICES?
- DEMAND BASED PRICING
- WHAT IS A LOSS LEADER?
- HOW TO ORGANIZE A DRAW THE RIGHT WAY?
- HOW TO HAVE REMOTE EMPLOYEES
- IS IT GOOD TO BE FIRST IN A MARKET?
- THE THREE TYPES OF CUSTOMERS
- EXPORTING TO MEXICO - QUERETARO REGION
- DEFINING BUSINESS SUCCESS
- ARE YOU USING REBATES? WATCH OUT FOR THESE
- IS THE CUSTOMER ALWAYS RIGHT?
- EXPORTS AND QUEBEC COMPANIES
- COWORKING SPACES
- YOUR PLACE OF BUSINESS AND INTERNET
- WHY IS SOCIAL MEDIA IMPORTANT FOR YOUR BUSINESS?
- HOW TO USE FREEBIES
- WHAT IS THE MAGICAL FORMULA FOR HAVING SUCCESS IN BUSINESS?
- DO YOU HAVE EXPERIENCE IN MY FIELD?
- WHEN CAN WE STOP OUR MARKETING?
- WHAT IS A CALL TO ACTION?
- WE ARE ALL SALESPEOPLE; HERE'S HOW TO GET THERE
- HOW CAN MARKETING AND SALES COLLABORATE?
- HOW TO SELL MORE TO YOUR EXISTING CLIENTS
- WHAT IS CROSS-MARKETING?
- WHY SHOULD I SEGMENT?
- WHO IS RESPONSIBLE FOR MANAGING YOUR COMPANY'S IMAGE?
- HOW TO CHARGE FOR YOUR PRODUCTS / SERVICES?
- HOW TO DEFINE YOUR PRICING STRATEGY: PRICE POSITIONING
- HOW TO DEFINE YOUR PRICING STRATEGY: MARKET PRICING
- WHAT PRICE SHOULD YOU SELL AT? - COST-BASED PRICING
- WHAT IS A PRODUCT?
- HOW TO MARKET YOUR NEW BUSINESS?
- IS BUYING A FRANCHISE A GOOD WAY TO START A BUSINESS?
- HOW SOCIAL MEDIA HAS CHANGED WORD-OF-MOUTH
- HOW SOCIAL MEDIA HAS CHANGED PUBLIC RELATIONS
- WHAT IS BRANDING?
- WHY INCREASING SALES IS NOT THE SOLUTION
- HOW TO SELECT YOUR COMPANY NAME?
- WHY HAVING A WEBSITE IS ONLY THE BEGINNING?
- WHAT IS MARKETING?
- HOW TO MAXIMIZE THE VALUE OF YOUR SOLE PROPRIETORSHIP BUSINESS
- WHY SELLING IN MEXICO?
- LOW COST MARKETING INITIATIVES
- WHY IS PRODUCT DIFFERENCIATION IMPORTANT?
- hOW TO PRESENT OUR COMPANY
- WHAT IS THE DIFFERENCE BETWEEN MARKETING AND PUBLICITY?
- 50% OF YOUR ADVERTISING BUDGET DOES NOT PRODUCE AS MUCH AS THE REST
- RIGHT SELL AND OVER DELIVER
HOW MANY « P » CAN BE FOUND IN THE MARKETING MIX?
It is well known that some marketing experts do their self-promotion through new expressions or ways of doing things that are supposed to reinvent marketing.
While the Internet has a very strong influence on current marketing practices, should the traditional marketing model be revised?
Initially, the marketing mix consisted of 4-Ps:
- – Product;
- – Price;
- – Place; and
- – Promotion.
But now some gurus see up to 10-Ps in the marketing mix definition. Here are the most popular "Ps" and their definitions:
- – People: the role of people in defining and carrying out the marketing effort;
- – Process: the customer's value chain;
- – Physical environment: the place where the product/service is acquired (brick-and-mortar or online selling point);
- – Prelude: refers to all pre-action planning efforts;
- – Postlude: refers to measuring the results of the marketing effort that were deployed;
- – Positioning: how our offer differs from what is out there in the marketplace;
- – Packaging: the physical appearance of the product;
- – Predictions: the importance of quantifying and defining objectives and results.
What about these new additions to the traditional model? Personally, I think the « P» for people is an important addition. It reflects a change in the way today’s companies do business. Previously companies « pushed » products or services to consumers after careful analysis and evaluation. Now this model is much less unidirectional. Through the Internet the consumer is much more involved in the developmental and promotional aspects of the product/service. The same goes for employees who are now seen as brand ambassadors by several companies. Therefore you will find 5-Ps in my marketing plans.
As for the other « Ps », they are already within the original « Ps ». However it is interesting to get to know them because their emphasis is an important part of your marketing strategy.
Another model that was proposed by US marketer Robert Lauterborn in the 90's is that of the 4-Cs. It can be summarized as follows:
- - Convenience would replace Place;
- - Cost would replace Price;
- - Communication would replace Promotion;
- - Customer needs would replace Product.
In this new model one can feel that the customer is the central focus of the business, and developing a customer-centric approach rather than doing promotion is important. I think that by considering the « P » of people, we manage to do that.
In conclusion, regardless of the number of « Ps » that you use, or the model you choose in your marketing plan or strategy, it is important to consider all the variables that affect your business and market. If you have any questions or comments, please do not hesitate to contact me.
Stéphane Elmaleh-Riel, B.Ed., MBA
----- Additional reading: