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Successful Marketers Go Through This Model Every Time When Making Decisions

Successful Marketers Go Through This Model Every Time When Making Decisions

If you are new to the term marketing mix, this refers to a foundation concept that determines how brands target customers and achieve their sales objectives. It includes the so-called 4Ps (product, price, promotion and place), which cover broad levels of marketing decision-making and strategy.

What Are the Origins of the Marketing Mix?

The basic premise of marketing has existed for more than 1000 years, but more advanced theories began to emerge in the early 20th century. As a growing number of businesses formed and competition was intensified across multiple markets, however, the need for more strategic thinking emerged and it was in 1960 that the contemporary marketing mix was first published.

This provided a framework for marketing management decisions, while the 4Ps established guidelines that could help to increase efficiency and ROI. This is best applied to product marketing, and it is interesting to note that an expanded version has been developed for brands that are bringing services to market. This includes 7Ps, with the original four complimented by process, people and physical evidence.

The 4Ps Explored

To understand the application and importance of the 4Ps, we need to look at each one in detail. For example:

Product

The focal point of your marketing efforts, product refers to an item or range that meets an existing consumer need or gap in the market. This will drive a number of core marketing decisions, particularly those pertaining to design, packaging, labeling, returns and the management of your product’s life-cycle. These represent strategic elements of your marketing campaign, as they will dictate costs, drive sales and establish your profit margin per unit sale.

The importance of your product cannot be underestimated, while it is crucial that it is designed with a clear focus and to fulfill a specific purpose. As Seth Godin once said [1]; “Don’t find customers for your products, find products for your customers,” and this underlines the process that you should follow when defining your product’s proposition.

Here are some questions to consider when conceiving your product and bringing it to market:

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  • Does it Meet a Need or Fill a Gap in the Market?
  • Does it Solve a Pertinent Consumer Problem?
  • Can it Be Made and Sold for a Profit?

Price

Price usually refers to the amount that a customer pays for your product, while during the concept stage it can be applied to the amount consumers are prepared to sacrifice to for a specific type of product. This is important as it dictates the value proposition of your product and the amount that you should spend on developing it, as it offers a clear insight into how it is perceived in a real-time market.

The retail price that you can sell at will ultimately determine the ROI of your marketing campaigns, while it also underlines the basic purpose of marketing products in the first place. According to Alex Way, the managing director of travel specialists Justflybusiness.co.uk, “brands must also be more savvy and flexible on their pricing structure, while focusing their attention on providing as much tangible and intangible value to their customers”.

Here are some questions to consider when appraising the price of your product:

  • What Profit Margin Does Your Price Allow For?
  • Can the Market Bear Your Proposed Price Point?
  • Do you Have a Tiered Strategy that Includes Wholesale and Retail Prices?
  • Have You Included Rebates for Distributors?
  • How Will Consumers Will be Able to Pay for Your Products?

Promotion

Promotion refers to your core marketing communications, comprising elements such as PR, advertising, direct marketing and sales promotions. It drives decisions relating to the precise nature of each campaign, as you look to create a balanced and integrated campaign that effectively targets specific customer segments and utilizes relevant messaging. Obviously, there is a greater focus on digital marketing in the modern age, but traditional channels such as print and billboard advertising also remain relevant.

Ultimately, it is not the channel that determines the success of your marketing efforts, but the content that drives them. This is a thought echoed by marketing guru David Ogilvy [2], who reinforces the idea that while it is important to target customers through relevant channels you must focus primarily on the messaging used to engage audiences.

Here are some questions to consider when driving individual promotions:

  • What Marketing Channels Do Your Target Audience Use?
  • How Can You Use These Channels to Effectively Showcase Your Product?
  • What is the Core Message That You Want to Communicate?
  • How Often Should You Communicate on Each Platform?

Place

Place refers to the access that customers have to your product, and drives decisions pertaining to distribution. These include the primary delivery method of your product, and the options that will create a seamless and convenient journey for consumers. This is the aspect of marketing that has changed the most in the digital age, with an increasing number of products now sold online and across a global consumer network.

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So while the 4Ps are more important than ever and traditional concepts like selective distribution remain key, the notion of place has evolved to include online stores, social media platforms and even influencer blogs.

Here are some questions to consider when leveraging place in your campaigns:

  • Have You Afforded Your Products as Much Market Coverage as Possible?
  • Have you Considered All Potential Channels Where Your Product Can be Referenced and Sold?
  • Have you Determined a Viable Strategy in Relation to Inventory?
  • How Will You Ship Online Products Once They Have Been Sold?

The Extend 7Ps: How Does This Change the Landscape?

Aside from the changing nature of place, the 4Ps have remained fairly consistent over time. As you can see, however, they are not necessarily suited to the marketing or sale of products, which is why Booms and Bitner proposed extending this model to 7Ps in 1981 [3]and including process, people and physical evidence as part of the mix. There has been further proposals for extension of the model since this time, but the majority of service providers continue to persist with the 7P strategy.

So, let’s explore this in closer detail and determine how these impact on your strategy:

Process

While process has direct links to place, it refers specifically to how your service is delivered from the back-office perspective to the point of sale. This differs from place in that the delivery of your service is usually performed in the presence of the customer, so there must be a keen focus on the quality of service, the speed of delivery and the nature of the interaction that your representatives have with customers.

Here are some questions to consider when considering process:

  • Which Areas of Your Service Involve Human Interaction?
  • Can the Speed of Your Service be Improved by Automation Without Impacting on its Quality?
  • Have You Strived to Simplify the Customer Journey?

People

This is arguably one of the most important elements of your marketing campaigns, whether you are selling products direct to consumers or delivering a professional service. People buy from people after all, so the success of your venture relies on the recruitment and retention of the right people in your marketing and sales departments. This applies to all levels of the businesses infrastructure, from field operatives to strategic managers.

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Here are some questions to consider when managing the people in your marketing teams:

  • Do you Have a Profile of the Type of Marketer You Want to Recruit?
  • Do You Have Your People in the Right Positions?
  • Can You Leverage the Personality of Your Staff to Enhance Your Marketing Efforts?

Physical Evidence

Finally, we have physical evidence, which relates to the corporeal elements that are included in the service that the consumer pays for. This applies even if the bulk of what the consumer purchases is intangible, and it may include examples such as beauty treatments, virtual documents (sent through email) and a haircut. These manifestations are evidence of the service provided, while they can also be used to drive future campaigns and support the quality of your brand as a whole.

Here are some questions to consider when managing the physical evidence and the manifestation of your service:

  • Is Your Service Designed to Deliver the Best Possible Outcome?
  • Have You Factored in Intangible Elements When Costing Your Service?
  • Do You Leverage the Physical Evidence of Your Service to Drive Your Marketing Drives?

In Summary: What Are the 4Cs and How Do They Relate?

As you can see, these principles create separate frameworks that can help brands to successfully market both products and services. You may also have heard about the 4Cs, however, which has provided an alternative outlook for brands and one that has particular relevance in an age where customers have more influence than ever before.

In simple terms, the 4Cs force you to change your perspective as a marketer, as you adopt a consumer-centric outlook and consider your campaigns through the eyes of consumers. This provides a stark contrast to the business-focused nature of the 4Ps, and many experts believe that exploring both simultaneously helps you to create more rounded and effective marketing campaigns.

Here is a breakdown of the 4Cs :

Clients

The alternative to product, client asks you to consider a specific consumer need or demand that exists in the market. This insight then drives the design of your product, which serves as the solution to the issues that you strategically identified.

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Costs

Similar to price, costs relates to the financial development of your product and the impact that this has on customers. The most important aspect of this is appraising the total cost to the consumer, and whether or not this delivers the requisite value.

Communication

This refers to all interactions between your brand and its customers, and more specifically the way in which primary, secondary and tertiary messaging is perceived. The idea of this is to determine how clearly your core message comes across, and whether or not you are effectively engaging target segments.

Convenience

This relates directly to place, as it refers to how and where customers want to purchase your products. Once again, there is heavy focus online here, particularly as customers continue to gravitate towards virtual shopping and fluid e-commerce model (experts estimate that global online sales will reach a staggering $1.915 trillion [4] by the end of 2017).

Clearly, there is a strong relation between the 4Ps and the 4Cs, with the latter simply considering similar marketing elements and decisions from a consumer-centric viewpoint. The difference between the two concepts is defined by the outlook of marketers, of course, with one driving business-focused decisions and the other executing strategies based on the needs of customers.

Given the consumer-centric nature of marketing in 2017, however, it makes sense to apply both while making balanced decisions that optimise savings and increase your ROI simultaneously.

Reference

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Last Updated on April 25, 2019

How to Write a Career Change Resume (With Examples)

How to Write a Career Change Resume (With Examples)

Shifting careers, tiny or big, can be paralyzing. Whether your desire for a career change is self-driven or involuntary, you can manage the panic and fear by understanding ‘why’ you are making the change.

Your ability to clearly and confidently articulate your transferable skills makes it easier for employers to understand how you are best suited for the job or industry.

A well written career change resume that shows you have read the job description and markets your transferable skills can increase your success for a career change.

3 Steps to Prepare Your Mind Before Working on the Resume

Step 1: Know Your ‘Why’

Career changes can be an unnerving experience. However, you can lessen the stress by making informed decisions through research.

One of the best ways to do this is by conducting informational interviews.[1] Invest time to gather information from diverse sources. Speaking to people in the career or industry that you’re pursuing will help you get clarity and check your assumptions.

Here are some questions to help you get clear on your career change:

  • What’s your ideal work environment?
  • What’s most important to you right now?
  • What type of people do you like to work with?
  • What are the work skills that you enjoy doing the most?
  • What do you like to do so much that you lose track of time?
  • Whose career inspires you? What is it about his/her career that you admire?
  • What do you dislike about your current role and work environment?

Step 2: Get Clear on What Your Transferable Skills Are[2]

The data gathered from your research and informational interviews will give you a clear picture of the career change that you want. There will likely be a gap between your current experience and the experience required for your desired job. This is your chance to tell your personal story and make it easy for recruiters to understand the logic behind your career change.

Make a list and describe your existing skills and experience. Ask yourself:

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What experience do you have that is relevant to the new job or industry?

Include any experience e.g., work, community, volunteer, or helping a neighbour. The key here is ANY relevant experience. Don’t be afraid to list any tasks that may seem minor to you right now. Remember this is about showcasing the fact that you have experience in the new area of work.

What will the hiring manager care about and how can you demonstrate this?

Based on your research you’ll have an idea of what you’ll be doing in the new job or industry. Be specific and show how your existing experience and skills make you the best candidate for the job. Hiring managers will likely scan your resume in less than 7 seconds. Make it easy for them to see the connection between your skills and the skills that are needed.

Clearly identifying your transferable skills and explaining the rationale for your career change shows the employer that you are making a serious and informed decision about your transition.

Step 3: Read the Job Posting

Each job application will be different even if they are for similar roles. Companies use different language to describe how they conduct business. For example, some companies use words like ‘systems’ while other companies use ‘processes’.

When you review the job description, pay attention to the sections that describe WHAT you’ll be doing and the qualifications/skills. Take note of the type of language and words that the employer uses. You’ll want to use similar language in your resume to show that your experience meets their needs.

5 Key Sections on Your Career Change Resume (Example)

The content of the examples presented below are tailored for a high school educator who wants to change careers to become a client engagement manager, however, you can easily use the same structure for your career change resume.

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Don’t forget to write a well crafted cover letter for your career change to match your updated resume. Your career change cover letter will provide the context and personal story that you’re not able to show in a resume.

1. Contact Information and Header

Create your own letterhead that includes your contact information. Remember to hyperlink your email and LinkedIn profile. Again, make it easy for the recruiter to contact you and learn more about you.

Example:

Jill Young

Toronto, ON | [email protected] | 416.222.2222 | LinkedIn Profile

2. Qualification Highlights or Summary

This is the first section that recruiters will see to determine if you meet the qualifications for the job. Use the language from the job posting combined with your transferable skills to show that you are qualified for the role.

Keep this section concise and use 3 to 4 bullets. Be specific and focus on the qualifications needed for the specific job that you’re applying to. This section should be tailored for each job application. What makes you qualified for the role?

Example:

Qualifications Summary

  • Experienced managing multiple stakeholder interests by building a strong network of relationships to support a variety of programs
  • Experienced at resolving problems in a timely and diplomatic manner
  • Ability to work with diverse groups and ensure collaboration while meeting tight timelines

3. Work Experience

Only present experiences that are relevant to the job posting. Focus on your specific transferable skills and how they apply to the new role.

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How this section is structured will depend on your experience and the type of career change you are making.

For example, if you are changing industries you may want to list your roles before the company name. However, if you want to highlight some of the big companies you’ve worked with then you may want to list the company name first. Just make sure that you are consistent throughout your resume.

Be clear and concise. Use 1 to 4 bullets to highlight your relevant work experiences for each job you list on your resume. Ensure that the information demonstrates your qualifications for the new job. Remember to align all the dates on your resume to the right margin.

Example:

Work Experience

Theater Production Manager 2018 – present

YourLocalTheater

  • Collaborated with diverse groups of people to ensure a successful production while meeting tight timelines

4. Education

List your formal education in this section. For example, the name of the degrees you received and the school who issued it. To eliminate biases, I would recommend removing the year you graduated.

Example:

Education

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  • Bachelor of Education, University of Western Ontario
  • Bachelor of Theater Studies with Honors, University of British Columbia

5. Other Activities or Interests

When you took an inventory of your transferable skills, what experiences were relevant to your new career path (that may not fit in the other resume sections?).

Example:

Other Activities

  • Mentor, Pathways to Education
  • Volunteer lead for coordinating all community festival vendors

Bonus Tips

Remember these core resume tips to help you effectively showcase your transferable skills:

  • CAR (Context Action Result) method. Remember that each bullet on your resume needs to state the situation, the action you took and the result of your experience.
  • Font. Use modern Sans Serif fonts like Tahoma, Verdana, or Arial.
  • White space. Ensure that there is enough white space on your resume by adjusting your margins to a minimum of 1.5 cm. Your resume should be no more than two pages long.
  • Tailor your resume for each job posting. Pay attention to the language and key words used on the job posting and adjust your resume accordingly. Make the application process easy on yourself by creating your own resume template. Highlight sections that you need to tailor for each job application.
  • Get someone else to review your resume. Ideally you’d want to have someone with industry or hiring experience to provide you with insights to hone your resume. However, you also want to have someone proofread your resume for grammar and spelling errors.

The Bottom Line

It’s essential that you know why you want to change careers. Setting this foundation not only helps you with your resume, but can also help you to change your cover letter, adjust your LinkedIn profile, network during your job search, and during interviews.

Ensure that all the content on your resume is relevant for the specific job you’re applying to.

Remember to focus on the job posting and your transferable skills. You have a wealth of experience to draw from – don’t discount any of it! It’s time to showcase and brand yourself in the direction you’re moving towards!

More Resources to Help You Change Career Swiftly

Featured photo credit: Parker Byrd via unsplash.com

Reference

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