The 4 P’s of Marketing

(The Original Marketing Mix)

The old Marketing Mix is defined by ‘company performance elements’ that influence whether or not consumers purchase goods or services.  Those four key elements are “The 4 P’s of Marketing”: Product, Price, Place and Promotion.

While the elements below represent the traditional marketing mix, our marketing experts understand there are several more elements to be considered when developing a marketing plan, especially for services-based companies.

PRODUCT

The aspects of the actual goods or services and how they relate to the end-user’s wants and needs. These are generally supported by such factors as warranties, guarantees, and customer support.

PRICE

The final price for a product or service, including discounts and rebates. Price is usually a monetary value, but can also be other factors that are exchanged for the product e.g. time, energy, or attention.

PLACE

References the channel thru which the product or service gets to the consumer, e.g. retail or online, etc and, the geographic region, industry, or target segment (young adults, families, business people). These factors and market environment affect sales.

PROMOTION

This refers to the various methods of promoting the product, brand, or company, e.g. advertising, Internet Marketing, branding, public relations, promotions and personal selling.

Additional 7 P’s of Marketing

(The New Marketing Mix)

With the introduction of the Internet, eCommerce, eMail, Social Media and Digital advertising, marketing has far surpassed the original “4 P’s of Marketing”. The New Marketing Mix includes an additional “7 Ps” that must be factored into the marketing plan as well to ensure all channels are covered.

PURPOSE

Probably one of the most important aspects of the new marketing paradigm in the social generation is “Purpose Marketing”. What does your company stand for? WHY is it in business? What drives the culture? Is it socially conscious and give back, or does it only “take” from society.

PEOPLE
(Brand Evangelists)

Any person or employee who comes into contact with customers will have an impact on that customer’s experience with the brand. Whether involved in sales, service or support of the product or service, employees are considered by customers to be inseparable from the total service. We can do tests to ensure yours are well trained, highly motivated and possess the personality for the job.

PERSONALIZATION
(Direct and Database Marketing)

Technology and instant communication enables us to consume and deliver custom products and services through the use of the Internet. Early examples included Dell and Amazon.com, but this concept has evolved to include fashion, automotive, furniture and more.

PROCESSES
(Internal and external)

Extremely important to customer satisfaction are the processes involved in providing a product or service and how employees conduct themselves. Our marketing consultants love to optimize business processes in order to save your company time, money and increase both internal and external target audience satisfaction.

PROOF
(Testimonials and Case Studies)

Unlike a physical product, a businesses service can rarely be experienced first-hand before it is delivered. This makes it an intangible item and means that potential customers perceive there to be a greater risk in using the service. To improve the chance for success, The TagTeam Creative Advertising Agency will work with your company to develop physical evidence, or proof, that the service provides value. Tactics include online or physical demonstrations, case studies or client testimonials through your website or your social media profiles.

PARTICIPATION
(Focus Groups)

The Internet allows customers to interact with and participate in the operation and evolution of brands by providing direct and immediate input on how products and services are designed, developed and deployed. This is through online focus groups and the democratization of information, customers can even affect which marketing they feel is best to persuade their peers.

PEER-TO-PEER
(Social Media)

Networks and communities of like-minded or like-interested people, either online or offline that share ideas, information and advocate for a cause. Passively marketing through these communities by intelligently interacting with them and providing value is a more effective marketing strategy (in this environment) that traditional marketing. The social media marketing consultants at TagTeam Creative Advertising Agency can walk you through this potential minefield to engage consumers in these social environments, affect P2P conversations, build loyalty and potentially leverage or initiate viral marketing opportunities.

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