1. Planning or Marketing Process:
To develop and transform marketing objectives to marketing strategies to tactics, marketing management must make basic decisions on marketing targets, marketing mix, marketing budgets/expenditures and marketing allocations. It’s dividing the total marketing budget among the various tools in the marketing mix and for the various products, channels, promotion, media and sales areas.
2. People/Prospects (Target Market)
► Target Market consists of a set of buyers who share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels.
► A product focusing on a specific target market contrasts sharply with one following the marketing strategy of mass marketing.
► Defining a target market requires market segmentation, the process of segmenting the entire market as a whole and separating it into manageable units based on demographics, geographics, psychographics, behavior, technographics or technographical characteristics.
► Segmentation is an important Marketing concept; the market segmentation process includes:
ü Determining the characteristics of segments using Geographic, Demographic, Psychological, Behavioral and/or Technographics or Technographical Segmentation in the target market(s).
ü Separating and targeting these segments in the market based on those characteristics.
ü Checking to see whether any of these market segments are large enough to support the organization's product.
ü Once a target market is chosen, the organization can develop its marketing strategies to target this market.
3. Product:
The goods and service combination the firm offers to the target market, including variety of product mix, features, designs, packaging, sizes, services, warrantees and return policies.
Ê A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. (Kotler)
Ê A service is any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything. (Kotler)
Ê “Product” includes packaging, as a subset of the total offering. Brand managers use packaging as a badge, enhancing the product’s value. Here’s an example: in fall 2008, McDonald's scrapped and changed its package design across 118 countries, 56 languages. Packaging can increase the perceptions about the quality of the product.
Ê 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.
4. Price:
All aspects regarding pricing. The price consumers are willing to pay. Retail price/wholesale, discounts, trade-in allowances, quantity discounts, credit terms, sales and payment periods.
5. Place/Distribution:
The company’s activities that make the product available, using distribution and trade channels, coverage, assortments, locations, inventory and transportation characteristics and alternatives. Typical supply chain consists of four links in the chain:
j Producer/Factory/Manufacturer
k Distributor
l Wholesaler
m Retailer supplying the consumer and user.
6. Promotion:
The communication element includes personal and non-personal communication activities. Activities that communicate the merits of the overall product, which includes:
þ Personal Selling/ Sales Force
þ Advertising--Mass or nonpersonal selling: TV, radio, magazines, newspaper, outdoor/outof- home (OOH).
Advertising is structured and composed non personal communication of information, usually paid for and usually persuasive in nature, about products (goods, services) and ideas by identified sponsors through various media. (Contemporary Advertising, 13the, Arens, Weingold, Arens, 2011)
Advertising is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor. (Principles of Marketing, 14e, Kotler and Armstrong, 2012). Ads can be a cost-effective way to disseminate messages, whether to build a brand preference or to educate people.
þ Sales Promotion--Trade deals, samples, coupons, premiums, tie-ins, p-o-p, displays, sweepstakes, allowances, trade shows, sales rep contests, events/experiences and more.
þ Collateral Materials--Booklets, catalogs, brochures, films, sales kits, promotional products and annual reports.
þ Direct Marketing (also referred to as Action or Direct Response Advertising)--online, direct mail, database management, catalogs, telemarketing, and direct-response ads. Includes Interactive/Internet/web
þ Events and Experiences
þ Public Relations--press releases, publicity. Securing editorial space, as opposed to paid space--usually in print, electronic or Internet media. Promote or “hype” a product, service, idea, place, person or organization, internal communication, lobbying. PR involves a variety of programs designed to promote or protect a company’s image/reputation or individual products.
7. Partners:
Marketers can’t create customer value and build customer relationships by themselves. They work closely with other company departments (inside partners) and often with partners and alliances outside the firm. Changes are occurring in how marketers connect with their suppliers, channel partners and others. A joint partnership; the joint relationships, partnerships and alliances. The legal relationship existing between two parties; a relationship resembling a legal partnership and usually involving close cooperation between parties having specific and joint rights and responsibilities as a common enterprise. Usually plural or “Partners,” not Partner.
From Philip Kotler: Value chains, of suppliers, distributors and customers. Partnering with specific suppliers or distributors create a value-delivery network; also called a supply chain. Partnership Marketing; Partner Relationship Management.
8. Presentation:
The acts of presenting any of the 9P’s© to your customers, suppliers, wholesalers, retailers, sales force, marketing intermediaries, clients, and/or partners. A symbol or image that represents something; a descriptive or persuasive account (as a sales person of his product). Something set forth for the attention of mind.
9. Passion:
Intense, driving or overmastering feelings, emotions in the marketing and selling of products or services. Emotional, as distinguished from reason and rational decision-making; A strong liking for or devotion to some activity; Deep interest in your partnership/presentation of any of the 9P’s to any target or partner.
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