Tuesday, October 29, 2013

Paradigm Shift: Goodbye 4Ps of Marketing. Welcome 22P Marketing Model

The 4Ps of Marketing has long been widely used to represent a simple summation of the most basic marketing concepts.

This 22P Marketing Stethoscope represents a paradigm shift in  marketing analysis and provides a systematic approach to tackling today's marketing challenges. Just as a doctor uses a stethoscope to initially diagnose a patient, this simple tool helps in getting to the heart of the problem.

Developed by Prof. Remigio Joseph (Bong) De Ungria for Marketing Management classes in the Ateneo Graduate School of Business

Sunday, May 10, 2009

10 Things You Can Do Tomorrow on a Shoestring Marketing Budget

Regardless of business size, there are 10 things that you can do tomorrow to effectively market on a shoestring budget. Details of these are available during the "Marketing on A Shoestring" seminar.
  1. Google your company’s name, its products, your name and your competitors.
  2. Create a positive 24/7 web presence for your company, products, your name. Set-up multiple and regularly updated websites and blogs.
  3. Develop or join the “nets” that will link you to your customers.
  4. Implement the 13P approach to strategic marketing planning. (See next article below)
  5. Leverage the positive impact of your efforts. Multiply!
  6. Inspire “word of mouth” advertising. Team up with opinion leaders & initiate events that create awareness and encourages trial.
  7. Boost credibility & brand equity. Consider co-branding projects.
  8. Establish long term relationships. Use multiple touch points. Build actionable databases of emails, addresses and phone numbers.
  9. Utilize your unused capacity to encourage product trials.
  10. Measure and analyze cost-benefit of marketing activities.

13P approach to Strategic Marketing Plans (Precursor to he 22P Model)

This was how the 22P Model looked 4 years ago...(2009)...

99% of companies believe that they don’t have enough marketing money to spend. Yet 100% of companies will eventually fail if they don’t spend enough on marketing. So how do you market on a shoestring budget?
I recommend a simplified, but comprehensive approach to your marketing planning. This is often referred to as the 13P’s approach. The first 7 of the 13Ps are related closely to marketing and are discussed here...
  1. Potential Market- Includes Universe of Customers, Competitors and Stakeholders
  2. Primary Target Market- who will benefit most from your product/ service
  3. Position- what unique message are you telling your PTM (primary market)
  4. Product- what needs, wants, expectations does your product solve
  5. Price- how much do you charge
  6. Place- where/how is your product available to its market
  7. Promo- how are you communicating to your PTM (covers advertising, sales promotions, personal selling, public relations and direct marketing)
If you spend time to really put down your 13Ps and compare this to what your primary market can get from its competitors 13Ps, then you have made a major step in identifying how to spend your shoestring marketing budget effectively.