Module 4: Marketing Strategy and 7P

• The marketing strategy is the foundation of a marketing plan. It should be drawn from market research and focus on the product mix in order to achieve maximum profit and sustain the business.
• Product

  • To begin with, develop the habit of looking at the product as an outside marketing consultant brought in to help the company decide whether or not it's in the right business at this time. Ask critical questions such as, "Is the current product or service, or mix of products and services, appropriate and suitable for. the market and for the customers of today?"
• Price

  • The second P in the formula is price. Develop the habit of continually examining and re-examining the prices of the products and services to sell for making sure they're still appropriate to the realities of the current market. Sometimes there is a need to lower the prices. At other times, it may be appropriate to raise the prices. Many companies have found that the profitability of certain products or services doesn't justify the amount of effort and resources that go into producing them.
• Promotion

  • The third habit in marketing and sales is to think in terms of promotion all the time. Promotion includes all the ways to tell customers about the products, or services and how to market and to sell Small changes in the way the product is promoted and sold will lead to dramatic changes in the results. Even small changes in the advertising can lead immediately to higher sales.
• Place

  • The fourth P in the marketing mix is the place where the product or service is actually sold.
  • Develop the habit of reviewing and reflecting upon the exact location where the customer meets the salesperson. Sometimes a change in place can lead to a rapid increase in sales, Sell the product in many different places.
• Packaging

  • The fifth element in the marketing mix is the packaging. Develop the habit of standing back and looking at every visual element in the packaging of the product or service through the eyes of a critical prospect. Remember, customers form the first impression within the first 30 seconds of seeing the product or some elements of the company.
• Positioning

  • The next P is positioning. Positioning develops the habit of thinking continually about how the products are positioned in the hearts and minds of your customers. How do customers think and talk about the products even if it is not present? How do customers think and talk about the company?
• People

  • The final P of the marketing mix is people. Develop the habit of thinking in terms of the people inside and outside of the business who are responsible for every element of the sales, marketing strategies, and activities, It's amazing how many entrepreneurs and business people will work extremely hard to think through every element of the marketing strategy and the marketing mix, and then pay little attention to the fact that every single decision and policy has to be carried out by a specific person, in a specific way.