6P Marketing Strategy - Grade: B+ PDF

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6P Marketing Strategy...

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Marketers are no stranger to the concept of 6P: Proposition - Product - Place - Price Package - Promotion. 6P of a brand as a guideline to help direct marketing activities in the right direction. Of course, 6P is not everything, with different industries will lead to different ways of using words. There are several industries that not only have 6P but 7P, even 8P! However, no matter how many P's, think simple: 6P = Value. Each P represents the values that businesses can bring to the Consumer. A Brand creates value. Brand gave that value to the user. Users pay for Brand. Brand received the money and increased the volume. This is how businesses operate. For a marketer, mastering 6P will help the activities to be consistent and effective, helping Marketing optimize 2V - Volume for businesses and Value for consumers. So, what role does each P play in that story? Let's find out: 1. Proposition - The "promise" of the brand Proposotion - also known as brand positioning - is Brand's promise for its Consumer. The proposition represents all the "personalities" of a brand and how the brand crept into Consumer Insight to satisfy their needs. A good brand is a brand that says what Consumer likes and needs, and creates a good platform for Volume in the future. The fact that Nike left the slogan "Just do it" made users more powerful, confident, overcoming their own inertia to do what they wanted. With this value, Nike's brand promise has been maintained for 20 years and has contributed to increasing the volume for its business. But Proposition must be understood if it is meaningless to stand alone. Good positioning should be expressed by good communication messages, good packaging, good prices, suitable selling points and most importantly, adequate product quality. Without Proposition, the brand is difficult to exist in the long term, but without the support of the following 5P, Brand will be like a ward speaker, only draw "beautiful words or ideas" that no one understands and nobody believes. 2. Product - "Quality is gold!" "Product is king!" How and how the product is released to the market, the first thing to ensure, the product must be of good quality. This is a direct value to consumers.

In extreme words, if the product is not good, Marketing can "entice" people to buy for the first time, but most likely will not have the next time. A bowl of pho even with flashy advertising, running many TVCs, is known by many people but the quality is not good, users will not get much value that it brings. As a result, the volume of the business will not be high. 3. Place - Not just a selling point When it comes to Place, we don't just talk about where to sell products, it covers all the activities happening at the point of sale, all the messages / activities / Deals that Brand brings to Shopper to remind about the product and create a buying incentive. For example, consumers watch TVC, advertise online and love a new bottled tea. However, when they go to convenience stores to find a purchase, they don't see it, or they see a similar tea but more attractive poster and banner. Failure in operations at the point of sale will cause the volume to be adversely affected. 4. Price - How to "worth the money for rice" Price is very flexible but also extremely sensitive. A product if it is too expensive will make consumers falter before withdrawing money to buy, too cheap, it will make Consumer feel suspicious. Therefore, price is the "most powerful" factor affecting Volume and Brand's Value. There are many different types of prices. From the proposed selling price of Brand, the price for Retailer, the price on the shelf, ... But Marketers need to always remember: No matter how many prices you have, the most important thing is Percieved values - how Consumer receives price fixing. A pair of 20,000,000 VND shoes may be cheap but the 20,000-dollar toothpaste may be expensive, 90% Consumer does not remember the exact value of the item they buy. The most important thing is to rely on the remaining P, Marketer must let Consumer feel "worth the money". 5. Packaging - "Good wood" must "good paint" Nice or bad packaging will affect the likes or dislikes from consumers. Besides, for retailers, when displaying goods on shelves, if the design, the style of the packaging is too fussy, it takes a lot of display area, they may not put them on the counter shelves These factors are worth considering because it will affect Volume.

6. Promotion - "Storyteller" for the brand A good product, no matter how great it is, only that Brand knows, consumers do not know, there is no meaning or value. Promotion is a bridge to bring all the specials from the remaining 5P to Consumer, helping to raise the brand, making Consumer see the product "worth the money", thereby understanding and loving Brand. In order to do that, Brand needs to know how to communicate that product on the right channel and say exactly what. Volume will come from Brand's right to implement communication activities, to the right target audience, and with the right message. In companies with multiple media channels or product groups, there will be additional Media manager positions....