Tor Kjølberg

19 April 2024

… and other important letters of alphabet

About myself

• Tor Kjølberg
• Editor for Daily Scandinavian
• Exploring new markets
• Some extra words about myself

The “P”s

Main “P”s

• Product
• Place
• Price
• Promotion

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Extra “P”s

• People
• Process
• Physical evidence

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Product

How will I differentiate my product?

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Differentiation is a broad issue that includes any way that a marketer can distinguish his product from the field.

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Consequently there are many ways to do it.

Examples of product distinguish options

• Features – Capabilities
• Fit – Tailoring
• Styling – Functional, visual
• Reliability – Warranties, return policies
• Packaging – Color, size, shape, protection
• Sizes – Clothing, appliances, computers, and luggage sizes
• Service – Timelines, courtesy, accuracy
• Brand naming – Labeling

Product

In many cases the so-called brand equity of one product can be transferred to the new products using a brand or line extension strategy.

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The extension of any one of these product differentiation techniques affects the entire marketing process.

Place

What distribution strategy should I use?

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• Exclusive – Sell in only one outlet in each market
• Selective – Sell in only a few outlets in each market
• Mass or intensive – Sell in as many outlets as possible

Promotion

The promotion mission for your product must be consistent with the buying process outlined in your customer analysis.

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• Awareness – Inform about product, prompt a need message
• Interest – Provide compelling message, solve a need
• Trial – Motivate action
• Repurchase – cue to buy, increase usage
• Loyalty – Reinforce brand or image, special promotion

Promotion

Strategy – Push or Pull?

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• Advertising
• Personal selling
• Sales promotions
• Public relations
• Direct selling

Price

What should my price be?

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• Skimming
• Penetration
• Price / Quality relationship
• Meet competition
• Meet profit goals based on the size of the market
• Price based on the elasticity of the buyer

People

Internal

• Produces the goods – roles
• Provide services – roles, scripts
• Manage daily operations – management, social interactions

External

• Partners – Relationships
• Customers – Relationships, branding

Process

That’s about your activities. You should try to make process streamlined and build a competitive advantage of it.

• Simplify – make processes simple to understand and perform
• Convenient – make processes convenient
• Reduce waiting time

Physical evidence

This refers to all existing and potential features customers see when engaging with your business.

Physical evidence:

• is the tangible proof that establishes credibility
• includes the look and feel of your business branding
• spans the physical and digital environment

Physical evidence

Physical evidence may be:

• a retail store
• interior design
• a business website
• online ratings and reviews
• the uniforms and behaviour of employees.

Consider everything about your business that can be seen or otherwise observed, and how it can help to reinforce your brand and elevate your business.

Bonus:

Marketing mix wheel

Bonus: Marketing mix in the internet era

How could we improve our marketing mix, using interwebs?

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Links

• https://www.business.qld.gov.au/running-business/marketing-sales/marketing/strategy-planning/marketing-basics

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• https://www.santanderopenacademy.com/en/blog/the-7-ps.html

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• https://www.smartinsights.com/marketing-planning/marketing-models/how-to-use-the-7ps-marketing-mix/

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Feedback, Thoughts, Questions, Thanks!

Tor Kjølberg

dailyscandinavian.com