However, over the last 10 years, I’ve added a few more Ps to my list. These additional Ps have helped me provide a more thorough Marketing Audit and effective marketing mix. The 10 Ps have uncovered additional sales building opportunities and cost savings for our brands.
Here is my entire list of 10 Ps and a few related questions (certainly not an exhaustive list) to ask of your brand. Good luck with your answers!
10 Ps of Marketing
- Product – Discuss and review needs and opportunities pertaining to design, technology, usefulness, convenience, value, quality, packaging, branding, sizing etc.
- Price – Discuss price strategies such as cost-plus, loss leader and more. See ‘How to Get Your Pricing Right.’ And, discuss potential cost increases (cost of goods, labor, insurance, taxes) and sales impact.
- Place – Discuss and review needs and opportunities with regard to retail operations, wholesale, mail order, internet, direct sales, multi-channel, USA vs. Europe, headquarters etc.
- Promotion – Review special offers, BOGOs, advertising, endorsements, direct marketing, free gifts, Groupon etc. See ‘Think and Plan for Christmas in July.’
- Promise – Discuss and review whether or not you’re truly delivering on a unique brand promise. And, if you don’t even have one – get one.
- Positioning – Discuss and review ways in which your customers position you (it’s all about them and their beliefs not yours), where you want to be positioned (e.g., low cost provider) and plans to get there.
- People – Review needs and opportunities regarding culture, employees, interns, management, customer service etc.
- Performance (Proof) – Discuss and review ways you can prove your brand promise. Are you using testimonials, have you won meaningful awards. Success begs Trust – how to you prove your trustworthiness?
- Process – Discuss and review checklists and critical paths of making things, delivering things, hiring people. Look for ways to speed up processes and decrease error rates.
- POW – Discuss and review unique ways to surprise and delight customers that make you special in their eyes. Work to bulletproof your dramatic difference.
I hope you find this exercise helpful in building your brand and helping you to uncover sales building and cost savings opportunities!