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4 P’s and Small ‘m’ Marketing

4 P’s and Small ‘m’ Marketing. Ted Mitchell. Big and Small ‘m’ Marketing. Big M marketing is Strategic Marketing Focus on Market Creation, goals and long term profits, organizational and competitive philosophy SBU/Portfolio management, large scale a llocation of resources

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4 P’s and Small ‘m’ Marketing

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  1. 4 P’s and Small ‘m’ Marketing Ted Mitchell

  2. Big and Small ‘m’ Marketing • Big M marketing is Strategic Marketing • Focus on Market Creation, goals and long term profits, organizational and competitive philosophy • SBU/Portfolio management, large scale allocation of resources • Small m marketing is Marketing Management • Focus on operational and short range objectives and tactics, • Segmentation, Targeting, Positioning • Managing the 4 Ps of Marketing to a targeted segment • Marketing Metrics for Management

  3. 4 P STRATEGY INCLUDES CHOICES ABOUT • TARGET MARKET and Positioning • PRODUCT and Services • PLACE and Supply Chain • PROMOTION and Relationship Building • PRICE and Revenue management • GOALS • OBJECTIVES and Metrics • CONTROL and Feedback

  4. Four P’s of Marketing Management • The Marketing Mix is • Price and Payment System • Product, Services and Solutions Delivered • Promotion, Communication and Relationship Management (include packaging, branding, sales force management • Place of Distribution, Logistics and Supply Chain Management

  5. Customer Centered Planning Customer

  6. Controllable Product Place Customer Promotion Price

  7. Non-controllable Variables Demographics Political Social Product Place Customer Suppliers Promotion Price Legal Cultural Technology Competitors

  8. UNCONTROLLABLE • CONSUMER VALUES & TASTES • DEMOGRAPHICS • CULTURE AND SOCIAL INFLUENCES • COMPETITION • CHANNEL RELATIONSHIPS • INFLATION • UNEMPLOYMENT • GNP GROWTH • VALUE OF DOLLAR • PATENTS • RAW MATERIAL SHORTAGES

  9. Blending of Variables Non-controllable Variables ??? Demographics Political Social Product Place Customer Suppliers Promotion Price Legal Cultural Technology Competitors

  10. SUGGESTIONS FOR THE FIFTH P

  11. Not Included in the Mix • Profit • Power • Politics • Policies • Production • Publics • Patents

  12. THE CHOICE OF TARGET MARKET IMPLIES • MEASURED DEMAND OF ALTERNATIVE SEGMENTS • SEGMENTED THE MASS MARKET • DID MARKET RESEARCH • STUDIED BUYER BEHAVIOR • ADOPTED A CUSTOMER ORIENTATION

  13. PRODUCT • NEW PRODUCT DEVELOPMENT • PRODUCT LIFE CYCLE STRATEGIES • PRODUCT LINE MANAGEMENT • BRAND MANAGEMENT • COST OF PRODUCTS • FEATURES & QUALITY • WARRANTY • INSTALLATION • SERVICE ....

  14. PLACE • CHANNEL DESIGN • VMS MANAGEMENT • LOGISTICS Supply Chain Management • RETAILING • COST OF DISTRIBUTION • MARKET EXPOSURE • PUSH OR PULL

  15. PROMOTION • AUDIENCE RESPONSE BEHAVIOR • SALESFORCE MANAGEMENT • ADVERTISING MANAGEMENT • PUBLIC RELATIONS • PROMOTIONS & SPECIALS • TARGET AUDIENCE • OBJECTIVES • COST OF ADVERTISING

  16. PRICE • DEMAND BASED • COST BASED • COMPETITIVE BASED • OBJECTIVES • POLICY ON LEVEL, FLEXIBILITY • DISCOUNTS & ALLOWANCES • LIFE CYCLE CHANGES

  17. Alternative Business GOALS • PROFIT • GROWTH • DIVERSIFICATION • LEADERSHIP

  18. Goals Have Two Aspects 1 A Goal is a statement that tells us how to evaluate alternative strategies 2 We can choose which goals we wish to pursue. That is to say, a goal is also an element of choice.

  19. Objectives An objective is a statement that operationalizes your goals. Objectives Tells Us What To Measure Objectives Tells Us How Much Is To be Expected

  20. OBJECTIVES • IF THE GOAL IS PROFIT THEN OBJECTIVES MIGHT BE • 15% RETURN ON INVESTMENT • 20% RETURN ON SALES • $3.00 EARNINGS PER SHARE • 32% MARKET SHARE • Different Ways to measure Profit • Different Amounts of Profit To Be Expected

  21. CONTROL • EVALUATE PROGRESS • are we achieving our objectives • FEED BACK SYSTEM • are the objectives and goals still appropriate

  22. IF A MARKETING STRATEGY INCLUDES CHOICES ABOUT • TARGET MARKET • PRODUCT • PROMOTION • PRICE • GOALS • OBJECTIVES • CONTROL THEN HOW MANY STRATEGIES ARE THERE?

  23. CONSIDER TWO CHOICES UNDER EACH COMPONENT

  24. TARGET MARKET • OLD VERSUS NEW • PRODUCT • HIGH VERSUS LOW QUALITY • PROMOTION • MASS ADV. VERSUS DIRECT MAIL • PRICE • HIGH VERSUS LOW PRICE • GOALS • PROFIT VERSUS GROWTH • OBJECTIVES • ROI VERSUS SALES • CONTROL • CENTRALIZED VERSUS LOCAL

  25. 2X2X2X2X2X2X2X2=256256 STRATEGIESPEOPLE HAVE TO SIMPLIFY THE DESCRIPTION OF STRATEGIES!!

  26. How to explain what your doing • To your customers • To your banker • To your employees • To your family • To your competitors • To your supplies • To your channel members • To your government

  27. Generic 4 P strategies • Every day low prices • Easy to Buy, Easy Credit • Easy to Find, Convenient • High quality, High value • Biggest selection • Have it your way, mix and match • Fast delivery • Quality guaranteed • Satisfaction guaranteed

  28. What is Big M and small m Marketing? • What are the 4 P’s of Marketing? • What types of choices are in a marketing mix strategy? • Why are profit and politics not elements of the marketing mix?

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