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Marketing is Spelled with a "P"

DATE PUBLISHED: October 14, 2011
 
Do you know the four "P's" of tactical marketing? They're not the ones taught in Marketing classes - these work in the real world, and can make all the difference in your marketing tactics.

If you took marketing courses in college, you probably remember having the “four P’s of strategic marketing” drummed into your brain: Probe, Partition, Prioritize and Position. Just in case you’ve forgotten, Probe is for market research – looking at as much data and information as you possibly can. Partition is all about segmenting your market. Prioritize is where you determine which targets to pursue – and you do this AFTER you probe and partition. (But you knew that!) Finally, there’s Position, and this is probably the most critical: defining who YOU are to your target. Are you the “low price leader, the quality standard or just about any other statement that defines who you are?

Well, now that I’ve brought back those wonderful memories of Marketing 101, there are some other “P’s” that you should know about. Call these the four P’s of tactical marketing, and realize that they work in tandem with the original four P’s described above.

First up on the stage is Product. Yep, it’s what you produce. But you can no longer build something and try to sell it. Today, you have to find out what people are looking for, and then source the product from someone, somewhere. Or, build what people are looking for. Otherwise, you’ll be dead in the water.

The next new P is Price. Just remember that Price is NOT about affordability, it’s about value. Because if you don’t understand that the client attaches a value to products, you’re going to be in trouble. Big trouble.

Third up is Place. Where do prospective buyers get the product? Is it online? Through a distributor, or a brick and mortar store? Place plays a big role in the overall marketing equation, so be sure to give a lot of thought to the “where” that prospects have to go to purchase what you’re selling.

Finally, there’s Promotion. And while a lot of people confuse Promotion with marketing they’re not all the same at all. Promotion goes beyond telling you what the product is, what it costs, and how to get your hands on it. Promotion is about communicating with your audience and motivating them to take action.

So there you have it. The four, no, make that the eight P’s of marketing. See why marketing is spelled with a “P?”

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