Have you ever wondered why most marketing executives don’t possess an actual degree in Marketing. Most have a bachelor degree in Management, Engineering, Finance, or Journalism. So how do they lead a marketing team without a degree in the specific discipline? We can only hope that there were some basic marketing classes required within the course requirements. If not, an option would be to offer marketing classes to managers and ensure they understand the basic concepts discussed in Marketing 101. Don’t be shocked if you speak with some marketers who are not educated on the basic concept of the 4 P’s of Marketing…yet running marketing teams for large-scale companies. It’s time we get back to basics and keep our marketing executives focused on Marketing 101!
Do you know the 4 P’s of Marketing? And don’t forget about the 5th P!!
Your marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. The 4 P’s of Marketing is your marketing mix or the heart and soul of Marketing. Marketing would not exist without the 4 P’s. Why are they so important? The 4 P’s provide the guidelines necessary to develop, sell, and promote a particular product.
- Product – The company’s core product and/or service needs to be highlighted correctly in all marketing promotions. It’s important for marketers to be aware of the bells and whistles of the product and how customers will benefit from using it. The goal is to learn about the product and be able to highlight the benefit to the customer. Another important aspect of the Product “P” is to understand what features are important to your customers and deliver them successfully. This “P” includes packaging, warranties, R &D, and forecasting. It also includes researching new technology and keeping up with it. A possible job in this area would be a Product Manager. The main goal of the Product Manager is to develop the go-to-market strategy for their particular product. They are experts on a particular product and can be technical at times. The marketing team can pick their brains and get information on how to market the product.
- Place – So you have a great product to sell…but where are you going to sell it? This P is important and can’t be overlooked. You really only have a few choices….You can sell direct or indirect…you can give options to your customers including online availability, in-store only, phone, fax, etc. Whichever way you choose make sure it works for you! Don’t be afraid to test different avenues and see what works best for your company. All marketers should know how customers can purchase the product. A possible job in this area would be a Channel Marketing Manager. This job consists of working with channel partners (resellers) and ensuring a good relationship. The Channel Marketing Manager would need to provide marketing tools to their partners and help them promote their products to the end user.
- Price – How do you want to price your product/service? Are you looking to be on the higher end or the lower end? Is your goal to be known as high quality, high price, or average price, average quality? All these questions need to be answered by pricing managers. Some product managers can get involved in pricing their products. This “P” can make or break the success of a product. You can have the best marketing campaigns…but if the price is too high and extremely higher than your competitors, you may have priced yourself out of the marketplace.
- Promotion – Most marketers would agree that this is their favorite ‘P”. It’s the P that puts it all together with creative marketing campaigns. The promotion includes your actual marketing tactics which can consist of social media marketing, print and on-line advertising, trade shows, PR, direct marketing, personal selling, telemarketing…It’s all in the Promotion “P”! Once you have the other P’s in place, you can start working on promotion.
And the 5th P is…………..Positioning is a new approach to communication, advertising and marketing. It is an organized system for finding a window in the mind of your prospect in order to position effectively their product/service – against its main competitors. How you position your product/service is crucial to your brand image. Your positioning statement should show the uniqueness about your product or company. How will your customer benefit from using your product/service? What are the attributes of your product and how will it solve their problem or pain point?
Taking the right product to the right place at the right price is a huge challenge for marketers. By taking it back to Marketing 101, marketing executives can ensure that they have the pieces in place to be successful.
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About Monique Merhige
Infusion Direct Marketing's founder Monique Merhige has over 15 years of marketing communications experience with technology companies ranging from small service firms and equipment manufacturers to a 1.5 Billion dollar division of Motorola. Monique is an Adjunct Professor of Marketing at Dowling College in Oakdale and Brookhaven. She holds a Bachelor Degree in Marketing and an MBA in General Management.