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The Standard Four Ps Of Marketing
by
Gregory J. Pollack
Whether your customers
are Baby Boomers, Echo Boomers, Gen X-ers or Gen Y-ers, or even
Seniors, one thing is sure: They know and understand much more
about marketing than ever before.
Call today's consumers more fickle. Call them more curious.
Call them more educated. Or call them more in touch with what
they want. Maybe it's a combination of all of these elements.
The bottom line is this: To meet and exceed the growing challenges
that today's consumers inflict upon a brand, marketers must
find the right balance of marketing tools and program elements
to create and deliver the right product or service to consumers
at the right price, right location, right time, and with the
right features and attributes.
Otherwise, the consumer (or buyer) is just not interested.
And oh, by the way, one more thing...to add one more element
of complexity: Marketers must constantly adapt to changing consumer
demands, consumer tastes, shifting customer priorities, economic
downturns, economic upturns, savvy consumers and buyers just
looking for something new. Thus, marketing always has to adapt
to change.
And every time marketing adapts, there is another plan, another
approach, another way of looking at things, another way of creating
excitement and, most important, another way to capture the attention
of consumers and customers alike.
But before marketing can affect a change with either a new
product offering, or reinvigorate a new brand, there's one constant.
In marketing, it's the "Four Ps".

The standard Four Ps of the marketing mix—Product, Price,
Place (distribution) and Promotion—are often viewed singularly
and in more of a silo approach. But we're finding more and more
that each cannot work alone. In fact, it would be challenging
to look at them just as independent functions of the marketing
mix. By integrating these traditional tools to adapt to today's
constantly changing and fluctuating marketplace, marketers can
be more productive in the overall process.
Rapid Market Penetration
Rapid Market Penetration is an integrated, three-phase process
that simply makes each function more relevant for marketers.
Rather than looking at each marketing mix element individually,
each phase of the process combines the use of multiple marketing
elements to help marketers develop more intelligent marketing
programs for today's increasingly competitive marketplace.
Under the Rapid Market Penetration model, the first phase,
Strategic Marketing Analysis, includes looking at every element
of the marketplace. From such economic factors as the market,
industry growth and size to the number of competitors and their
market share, Strategic Marketing Analysis helps you determine
what has worked versus what has not, what competitive forces
are inherent in the marketplace or industry, who are your potential
customers and consumers, and how can you reach them.
Essentially, in this first phase, the issue of Product, Price
and Place (distribution) all come together tangentially to identify
if there is in fact an opportunity or void to fill. You also
could sum this up as an "Opportunity Analysis" phase.
The second phase is Market Entry Strategy. This is the point
after which you have already answered the questions "Is
there an opportunity?" and "Is there a need?"
and now must move on to actually developing the strategy. During
the Market Entry Strategy phase, product strategies are reviewed,
including what the product or service offering will look like,
what key benefits it will deliver to the consumer or user, what
its price will be, how to get customers, where the product will
be sold and how to penetrate distribution channels.
Like the initial phase, Market Entry Strategy utilizes many
key elements of the marketing mix and relies heavily on the
Product, Price, and Place (distribution). In addition, Promotion
elements are reviewed during this second phase as developing
integrated marketing programs and sales support materials for
the selling process are crucial.
In the third phase, Strategy Implementation, everything comes
together and the consumer actually sees the product or service.
Three key elements in this phase include (1) looking at new
products, services, and brand extensions to support a long brand
lifecycle, (2) developing an integrated marketing program and
plan including advertising, promotions, and public relations,
and (3) finally the creation of selected partnership marketing
programs.
It is important to note that the Strategy Implementation phase
uses all of the Four Ps in concert with one another:
- New Products are reviewed and planned.
- Pricing remains a key concern, can be massaged to constantly
be competitive, and can include customer and consumer incentives.
- Placement (distribution) is always top of mind as key marketing
communication drivers help to gain and maintain distribution.
- Promotions are used to introduce consumers to a product
or service by inducing trial and eventually building customer
loyalty.

Using the Rapid Market Penetration process will allow marketers
to view all of the Four Ps of the marketing mix together to
better understand whether there is a need or opportunity for
their product or service, what that product or service will
look like, who it will appeal to, and finally how to get consumers
to buy or use the product or service.
In today's busy world of brand marketing, utilizing the strength
of this Rapid Market Penetration process will help marketers
plan better, get to market faster and remain even more competitive
in today's constantly changing marketplace.
Gregory J.
Pollack is founder and president of PBM Marketing Solutions,
Los Angeles. He can be reached at gpollack@pbmmarketing.com.

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