“4 P’s to help you create great Products or Services (Innovation) , Manage the processes to do this – including Marketing to your Target Market.” Peter/CXO Wiz4.biz
Topics: Marketing’s 4: Product, Price, Placement & Promotion. Innovation’s 4: Prep, Practice, Persistence, Perserverance, Management’s 5: Plan, Process, People, Possessions, Profit.
What Are the 4 P’s of Marketing? Investopedia
The four P’s are the key factors that are involved in the marketing of a good or service. Often referred to as the Marketing Mix, the four P’s are constrained by internal & external factors in the overall business environment, and they interact significantly with one another.
Understanding the 4 P’s
Before the Internet and greater integration between businesses & consumers, the Marketing Mix helped companies account for the physical barriers that prevented widespread product adoption. Extensions of the P’s include People, Process, Possessions & Profit as important components of marketing a product. (see 4 P’s of Management)
How the Four P’s Work
#1 P: Product
which refers to a goods or service that a company offers to customers. Ideally, a product should fulfill a certain consumer demand or be so compelling that consumers believe they need to have it. To be successful, marketers need to understand the life cycle of a product, & management need to have a plan for dealing with products at every stage of their life cycles.
#2 P: Price
Marketers must link the price to the product’s perceived & real value, but they also must consider supply costs, seasonal discounts, & competitors’ prices. Marketers also need to determine when and if discounting is appropriate. A discount can sometimes draw in more customers, but it can also give the impression of the product being less exclusive or less of a luxury than when it is at a higher price.
#3 P: Place
Place decisions outline “where” a company sells a product & how it delivers the product to the market. The goal of management is to get their products in front of the consumers most likely to buy them.
#4 P: Promotion
Promotion includes advertising, public relations & promotional strategy. This ties into the other three P’s of the Marketing Mix – as promoting a product shows consumers why they need it and should pay a certain price for it. In addition, marketers tend to tie promotion & placement elements together – so they can reach their core audiences.
4 P’s of Innovation – LinkedIN
A lot of Entrepreneurs across many industries, are trying to “innovate” with their business processes & models to be relevant in this new changing world – the Digital World. Organizations are moving from selling Products to offering Solutions, from determining Price to providing Value, from launching Promotion to giving Information and from enabling Physical distribution to providing Access to their customers. How might organizations encourage innovation among their employees and sustain the business growth + most importantly – stay relevant?.
#1 P: Preparedness.
It is about the Mindset change, preparing the mind to be creative, choosing unconventional paths for unearthing innovations. The greatest of the innovations cannot be brought to the market by only conceptualizing them and hoping that they will succeed. Viable & desirable ideas can only be brought to the completion by: having thorough research done, going into the depth of the problem that you want to solve, understanding what exactly your customers want, using best practices from other industries, spending time in creating visual prototypes, storyboards of ideas & validating it with customers for incorporating their feedback – and finally – designing the solution which will solve your customer’s problem.
#2 P: Practice.
Putting things in Practice, is easier said than done. Being curious is the first step towards being creative. Organizations need to find ways to encourage their employees to be curious & open for new ideas. Every one of us possess a unique skill outside of their work. Organizations have to start identifying these skills in their employees & use it to their advantage. The diversity of ideas + “out of the box” execution can do wonders for organizations. Some of the greatest scientific discoveries are result of serendipity – which only strikes when you single-mindedly go after a problem.
#3 P: Persistence.
Doing things like crossing un-chartered paths are no longer a choice, but the need of the hour. Today’s organizations cannot afford to ignore this. Employees need to be encouraged to bring out “out of the box” ideas into the discussion and reward them for doing so.
While taking un-chartered path, organizations are bound to come across challenges. It is essential for businesses to hang in there to overcome them. Encourage your employees to not to give up – in order to succeed in this new Digital World today.
4 P’s of Management – LinkedIN
Management is a process of accomplishing organizational goals. The process of accomplishing goals occurs at the corporate, business, and functional levels of an organization. Organizational goals are set, in order to increase the value of the firm because stake-holders expect growth on their time or $$$ investment on a continual basis.
The 5 P’s of Management provide managers with a framework for making these good choices and for building a process – which creates value for the stakeholders & customers. In todays global economy – where the competition is based on knowledge – the environment is changing rapidly. Employees, suppliers & customers have more knowledge & information than ever before. Therefore, there’s a need for a framework which enables managers to make decisions which lead to value creation. The 5 P’s of management provide such a framework.
#1 P: Plan
Planning is the key to the success of an organization. It is necessary because businesses operate amid uncertainty & risk, + the managers do not have the opportunity of making decisions under a background of certainty. Planning involves: setting clear & realistic goals, organizing business activity based on the revenues forecast, formulating strategies, preparing budgets, & implementing strategies, evaluation & control systems.
#2 P: Process
Business Processes guide the firm in generating revenues, managing costs, & generating profits. Managers select a business model that has the potential of creating value for the shareholders.
Operational processes consist of inputs, outputs & processes that result in an final output (product or service). In the operational process, inputs arise from all the basic business functions, including material, marketing, management, HR & technology – as required. Managers select the appropriate inputs and process modules necessary for the desired output. They structure the modules in the operational process to minimize cost, maximize quality, increase productivity, and generate the desired output (product or service).
#3 P: People
Managers motivate, prepare & assign people to the appropriate positions in the operational process. They build long-term relationships with people who are able to deliver the output required for the product or service. They listen to the people who are buying (customers) or will buy the product or service. They understand the expectations of the people who have a stake in the company and aim to create value that meets their expectations.
#4 P: Possessions
Organizational possessions include Assets & Capital. Organization capital includes human capital, intellectual capital, economic capital, & marketing capital. Managers evaluate the organizational needs & the value of the organizational capital of the firm. They raise economic capital and invest in human, intellectual, & marketing capital. They apply organizational assets & capital in the operational process – in ways that will generate maximum value for the firm.
#5 P: Profits
Good Managers adopt management processes which have the potential of generating long-term profits. They make their decisions based on the understanding that the 1st step in business is to survive, the 2nd is to generate profits, and the 3rd is to create “value” for the stakeholders. They evaluate organizational performance with both qualitative & quantitative measures. Management is not about functions, but rather it is about the process of achieving organizational goals and creating value.
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