Anyone in business studies will probably have done one semester in the Marketing Management syllabus back in college. Traditionally, the tools and techniques used are referred to as the Four-Ps of marketing. In his book, ” Basic Marketing: A Managerial Approach “, E. Jerome McCarthy had introduced Seven-Ps model way back in 1960. Do not be surprised in few more a years to come, someone will be coming up with few more Ps in their marketing research doctoral thesis when they find tangible P-words and what you should do with it.
However, in today’s marketing arena, it has boiled down to Eight-Ps as listed below.
Products
How can you develop your products or services?
What your target customer wants? How does it fair against competitors? How often do I need to update my products or services?
Price
How can we change our pricing model?
What will someone pay? Am I to price it higher or lower that my major competitors? Is my product value better for higher pricing?
Place
What distribution channels are there for customers experiencing your products or services?
Online, Social Media Channels, Franchise Stores, WhatsApp Messaging or Direct Approach?
Promotion
How will your customer find out about your products or services?
Demographic, geographical, psychological approach? Are you providing enough information to target clients?
People
Who are your well trained employees to execute these tasks?
Are they experienced and creative enough? Do they have the right skill sets? Are they happy being at work?
Physical Evidence
How assuring are you to your customers?
Do you have a suitable environment or office? Is your online store well designed for quick access and purchase?
Partners
How reliable are your business associates or partners?
Are they having similar goals or marketing plans? Do they have the arms reach to your target clients? Are they committed?
Process
How effective are your operational channels?
Are you responding quickly enough? Is your customer service reflecting good disposition when making calls? Are customers annoyed?
You might be wondering by now, what is the Ninth-P? It’s Pluto. When it was discovered in 1930, it was called the ninth planet in our solar system. In 1978, when Charon was discovered, Pluto’s status was being questioned. Charon is Pluto’s largest moon. In early 2000, the International Astronomical Union (IAU). Before you ask me further, this is not the United Federation of Planets in Star Trek series.
The IAU adopted three requirements that identifies a planet. Firstly, it has to have a stable orbit around the sun. Secondly, it must be a spheroidal shaped body or mass. Lastly, it must have sufficiently massive and comparable orbital with other planets.
Now, why I said Pluto? It starts with a P-word. I hope to see a smile on your face by now. The following is my three fundamental requirements, to identifying the factors of marketing.
I call it, Pluto Factors to Marketing© .
1. You will need to have a stable decision maker within your management team to go with your strategic proposals.
2. You and your team need to be having a well-rounded experience or market exposure maturity.
3. Your organization will need to show its foundation and market presence in par and well above your competitors.
Marketing fundamentals remain the same. The audience are the ones demanding changes.
Maximus @ MaximusPrimo.com
