Create Your Digital Profile

Excerpt from NottHeads Inc. Workshop - How to market yourself

The Marketing Mix model (also known as the 4 P’s) is used by marketers as a tool to assist in implementing the marketing strategy. Marketing managers use this method to attempt to generate the optimal response in the target market by blending 4 (or 7) variables in an optimal way. It is important to understand that the marketing mix principles are controllable variables. The marketing mix can be adjusted on a frequent basis to meet the changing needs of the target group and the other dynamics of the marketing environment.

Product	Historically, the thinking was: a good product will sell itself. The question on product has become: does the organization create what its intended customers want? Define the characteristics of your product or service that meets the needs of your customers.	Functionality, Quality, Appearance, Packaging, Brand, Service, Support, Warranty
Price	How much are the intended customers willing to pay? Here we decide on a pricing strategy - do not let it just happen! Even if you decide not to charge for a service (a loss leader), you must realize that this is a conscious decision and forms part of the pricing strategy. Price has also an irrational side: something that is expensive must be good.	List Price, Discounts, Financing, Leasing Options, Allowances,
Place	(How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Public Relations, etc. Promotion has become the most important P to focus on.	Locations, Logistics, Channel members, Channel Motivation, Market Coverage, Service Levels, Internet, Mobile
Promotion	(How) are the chosen target groups informed or educated about the organization and its products? This includes all the weapons in the marketing armory - advertising, selling, sales promotions, Public Relations, etc. Promotion has become the most important P to focus on.	Advertising, Public Relations, Message, Direct Sales, Sales, Media, Budget

The function of the Marketing Mix is to help develop a package (mix) that will not only satisfy the needs of the customers within the target markets, but simultaneously maximize the performance of the organization. There have been many attempts to increase the number of P's in the marketing mix by adding the following 3 additional P's:

5. People: All people directly or indirectly involved in the consumption of a service are an important part of the extended marketing mix. Knowledge Workers, Employees, Management and other Consumers often add significant value to the total product or service offering.

6. Process: Procedure, mechanisms and flow of activities by which services are consumed (customer management processes) are an essential element of the marketing strategy.

7. Physical Evidence: The ability and environment in which the service is delivered, both tangible goods that help to communicate and perform the service and intangible experience of existing customers and the ability of the business to relay that customer satisfaction to potential customers.

The content presented here is part of a 4 Hour workshop entitled "Creating A Digital Profile" by NottHeads Inc.