Customer Success 360:

Marketing Strategy

The 4 Ps of Marketing Strategy

Product, Pricing, Promotion, Placement

 

Vadim Kotelnikov personal logo Vadim Kotelnikov, Founder, Business e-Coach

"Make it simple. Make it memorable. Make it inviting to look at. Make it fun to read." ~ Leo Burnett

Marketing Mix 4 Ps of Marketing Market Research Marketing Mix Pricing New Product Development Marketing Mix: 4Ps of Marketing Strategy

The Four Ps of Marketing Strategies

  1. Product strategies

  2. Pricing strategies

    • Defining the value of the product to the customer and pricing in terms of value rather than cost

    • Selecting the pricing strategy (skimming, market penetration, comparable pricing, etc.)

    • Creating extra benefits (smart discounting, premium pricing, free services, etc.)

  3. Promotional strategies

     

     

  4. Placement strategies

    • Specifying geographic region or industry and how the environment in which the product is sold in can affect sales.

    • Specifying the market segment (teenagers, adults, families, business people, etc.)  >>>

    • Choosing the distribution channels (point-of-sale placement, retaining, online selling, etc.) and deciding the levels of customer service.

The Four Ps

Your marketing mix, also known as "the offering", is a combination of marketing tools that are used to satisfy customers and company objectives.

Virtuoso Marketing

Marketing strategies are generally concerned with four Ps: product strategies, pricing strategies, promotional strategies, and placement (distribution) strategies.

Customer Value Proposition

The 4 Ps Questions

Product: Does your company create what its targeted customers want? What does the customer want from the product/service? What needs does it satisfy? What features does it have to meet these needs? How and where will the customer use it? How is it differentiated versus your competitors?  >>>

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Pricing: What is the value of the product or service to the buyer? How much are the targeted customers willing to pay for the product? Is the customer price sensitive? How will your price compare with your competitors?

 

 

Promotion: How are the chosen target groups are informed or educated about the company and its products? How and when can you get across your marketing messages to your target market? How do your competitors do their promotions?

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Sell Benefits

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Placement: Where do buyers look for your product or service? Are your products available at the right place, at the right time, in the right quantities? What do your competitors do, and how can you learn from that and/or differentiate?

Benefit from Your Competitors

Jack Welch's 5 Strategic Questions

SIVA a Customer-driven Approach

In the consumer-driven approach, consumer wants and deep motivators are the drivers of all strategic marketing decisions. No strategy is pursued until it passes the test of consumer research, experimental beta testing, or test marketing. Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers. The starting point is always the consumer. The rationale for this approach is that there is no point spending R&D funds developing products that people will not buy. History attests to many products that were commercial failures in spite of being technological breakthroughs.

Customer Success 360

A formal approach to this customer-focused marketing is known as SIVA (Solution, Information, Value, Access). This system is basically the four Ps renamed and reworded to provide a customer focus. The SIVA Model provides a demand/customer centric version alternative to the well-known 4Ps supply side model (product, price, placement, promotion) of marketing management.

Product Solution
Promotion → Information
Price → Value
Placement → Access