6 Ps of Marketing to Grow Your Business
The financial and strategic objectives of the business are dealt with here. It is also seen whether these objectives are achievable and realistic or not. The metrics of financial performance are also seen and appropriated in this division.
Brands can also use pricing to send a particular message to their prospective customers, as it can change the way your entire marketing mix is perceived. This can consequently affect the decision-making process of customers. For instance, there is the perceived notion that high pricing means high quality, while low pricing means that you are a low-cost brand.
Considering that most of a company’s budget is wrapped up in operating expenses such as materials, manufacturing, salaries, and utilities for growing a business. The quality of your final results and consistency should help set you apart from your competitors. Having processes in place that work and adhered to makes for an efficient operation. Like all HR strategies, ensure they have clear responsibilities, are trained well in their area and are rewarded for performance achievements. Your management team also plays a key role in direction and motivation. Cate Costa of New Venture Mentor hasproduced a comprehensive videoon how to implement the 4Ps for a small business owner.
Research your competitors or conduct a strategic swot analysis in order to find out what they are charging and how they are winning customers. Promotion – All communication channels used to advertise to your intended customers . Complement your 6 p marketing mix by okslides.com with additional marketing models from our Marketing PowerPoint Templates or our Business PowerPoint Templates.
For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed they are still receiving a “physical product” by this definition. People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director.
Bad training or customer service processes may have led to the incident where a passenger was dragged out of the United Airlines plane due to overbooking. Process can start from Manufacturing your product with the right suppliers to your Customer service process when a customer demands a refund. The 6Ps are the most common way to audit your marketing strategy. You can simply check against each of these Ps to see if you have satisfied its requirements.
As Marketing mix 4P is becoming an old trend, and nowadays, marketing business needs deep understanding of the rise in new technology and concept. So, 3 more new P’s were added in the old 4Ps model to give a deep understanding of the concept of the marketing mix. A product is a commodity, produced or built to satisfy the need of an individual or a group. The product can be intangible or tangible as it can be in the form of services or goods. It is important to do extensive research before developing a product as it has a fluctuating life cycle, from the growth phase to the maturity phase to the sales decline phase. It can take at least six months before your marketing strategies yield tangible results, and it takes time to get it right, but once you do, be consistent.
I definitely would not be in for a 20 to 30-minute drive unless the restaurant had a special kind of significants to me. The low end restaurant is targeting different customer segments in comparison to the high end restaurant. Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways relevant to marketing. Segments will differ based on their age, gender, income, educational level and many other variables.
As marketing evolved, University Professors also believed elements were missing. E. Jerome McCarthydeveloped the original concept of the marketing mix over 40 years ago. The next viable step is to calculate the total fixed and variable costs involved in making the products. The six Ps contain all the four Ps of marketing – product, price, place and promotion.
This means that while you create the perfect product for your customers, generate promotion strategies, and get a place for selling, you should be setting the price. The pricing in your marketing mix depends on market share, supply, cost, materials, competitive prices, product branding, and customers’ perceived product value and price. In any market, competitors are click away, and one way to stay ahead is to provide competitive prices. Cost represents the total cost of ownership for a product or service. The marketing mix is a remarkable tool for creating the right marketing strategy and its implementation through effective tactics. The assessment of the roles of your product, promotion, price, and place plays a vital part in your overall marketing approach.
A market development strategy is when a company wants to attack new markets with the same product/service. Market penetration is the strategy to adopt when a company wants to acquire more customers in the same market by using the same product/service. A differentiator offers unicity and doesn’t copycat competitors. It sells a distinct and excellent experience for which consumers are willing to spend more.
It involves selling the same product at different prices and times, based on the current demand. When creating a value proposition, it’s also important to look within your company. Focus on the benefits offered by your company, the products you are selling, and the costs involved. The price of our product and the value customers place on your products also matter.
Have you considered online applications as a place in your marketing mix. Product – The actual product or service you wish to exchange for currency. The first two slides of this template contains the main 6P’s Model, and an awesome table, to describe each of the P’s in the context of the presenters speech. Later, there is one slide for each P, to elaborate according the product or marketing plan being displayed. This layout is extremely flexible and allows he presenter to order the lecture according to own priorities.
The first step to developing competitive intelligence is to know who your competitors are. It’s more advisable to collate your competitors extensively, starting with your five most important and direct competitors. There should also be pricing execution, covering the price level, realization, and differentiation.