The traditional four P’s of marketing that are taught in school are Product, Price, Promotion and Place and are considered the elements of a marketing mix. The product is the goods or services that are being produced, the price is what the customer pays, the promotion is how you communicate the message of your product to the consumer and place is where the customer can acquire the product.
Because the four P’s are so often referenced in marketing circles, lately it seems writers are coming up with new versions of the P’s. I found an article in DOME Connection, September/October 2011 by Mark Potter that I thought was worth sharing. In it he describes strategic marketing P’s that are important to the prosperity of any organization. He came up with four strategic P’s. Here they are.
Four Strategic Marketing P’s.
1. Probe-Take time to find potential markets through market research.
2. Partition-Also known as segmentation, companies determine characteristics in potential prospects and clients that can lead to success. Determine certain variables in customers and then put them in similar groups so you can stand for someone.
3. Prioritize-Decide the best groups to pursue. How can you best serve and profit from the segmented groups?
4. Position-This is the “bridge from strategy to offering”. Once you decide which groups to go after, define who you are to them like “a low cost leader” or “high quality supplier”.
How will you implement the new P’s in your business? It’s that time of year to look ahead toward 2012. Start thinking about it now and here’s to your success.
ASK ME HOW YOUR BUSINESS CAN BE A PART OF THE UPCOMING HOLIDAY TV SHOW HOLIDAY DREAMS
