On a nearly daily basis I hear people saying that they need to do more marketing, but in most cases what they actually mean is ‘I need to do more promotion.’
The current definition of Marketing from the CIM is ‘Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably.‘ As you can see from that definition, it covers a lot more than promotion.
Since the mid 20th Century Marketeers have been using a model called the Marketing Mix to help with marketing decisions which simplifies the marketing definition to ‘marketing is putting the right product in the right place, at the right price, at the right time.‘
The mix is commonly known as the 4 Ps which consist of Product, Place, Price and Promotion. In services marketing this is often expanded to 7 Ps adding Physical evidence, People and Process.
Product refers to an item that satisfies a consumers needs or wants. Products can be tangible such as goods, or intangible such as ideas, experiences or services.
Price refers to the amount a customer pays for the product.
Place refers to how the customer gets access to the product.
Promotion refers to marketing communications – including elements such as social media, advertising, public relations, sales promotion, direct marketing, etc.
Physical evidence refers to any physical item that is used in the service or reminds customers of the service.
People refers to the the staff who deliver the service and any interactions between them and customers.
Process refers to the mechanisms through which the service is delivered.
The 4 (or 7) Ps should be used when building a marketing plan. Once you have defined your business objectives it is time to develop a marketing mix that will achieve those objectives. This will ultimately give you your marketing strategy.
Implement, monitor, feedback and modify! It is vital that any organisation keeps an eye on any changing trends and requirements, whether they be internal or external, as the marketing mix needs to stay relevant.
Absolutely ~ we have over 25 years of experience in developing and implementing Marketing Plans for organisations of all sizes. Please contact us for a no obligation first meeting where we can discuss your requirements and help you achieve them.