Marketing Disciplines
by Mark Jordan

Is there anything more that can be said about marketing that has not already been said?  Probably not, but there sure is a lot worth repeating.  Let’s start with the question what is marketing anyway.  The British Chartered Institute of Marketing (CIM) defines marketing as: The management process for identifying, anticipating and satisfying customer requirements profitably.  What processes do you have in place for accomplishing this mission?  Do you clearly understand your target market’s purchasing habits?

The first step in achieving greater marketing success is a quick refresher course on exactly what marketing is.  Do you remember the four P’s of marketing?  Traditionally, the marketing mix has been defined as the four P’s:  Product, Price, Place, and Promotion.

1.     Product is the actual service or product that is offered.

2.     Price, of course, deals with the optimum pricing of the service or product.

3.     Place relates to the distribution channels used to deliver the product or service.

4.     Promotion is the method(s) used to communicate with the customer.

Needless to say, it is critical to have the appropriate marketing mix to best capitalize on your target market.  When was the last time you assessed your marketing mix?  If the answer is “I am not sure” then it probably makes sense to carve out some strategic planning time, and evaluate where you stand in this vital area.

The first step is always the hardest, so let me help you get started with some basic questions related to each element of the mix.

Product
What exactly are you selling?  Spend some time on this one, since the answer may not be as obvious as you think.  For example, consider a drill manufacturer.  They are not really selling drills.  They are selling the ability to make holes.

Who is the user of your offering?

What will it accomplish for the client?

Price
What formula are you using for pricing?

Do you know what your product or service cost you?

Do you know exactly what you need to charge in order to make a profit?

Do you know your client's perceived value of your product or service?

Place
Where will your offering best sell?

How does the customer buy your product or service?

Promotion
What are you doing to influence behavior regarding your product or service?

How will people find out about your offering?

As you read through these questions, you quickly realize the key is information.  To make effective decisions, you need accurate information.  When was the last time you gave your customers a real opportunity to provide you with useful marketing input?  An easy first step toward gaining valuable customer insight is a survey.  A survey can be a priceless tool in determining the optimum marketing mix.  Some sample marketing survey questions are:

Why are you buying our product or service?

What is our product currently missing that you wish it had?

Are there other services you would like to buy from us not currently offered?

Surveys create participation which leads to a new kind of dialogue with customers.  They foster an open and useful exchange of information.

Before you launch into your marketing planning, a word of caution.  Most businesses spend the bulk of their time and energy on the first three P’s and frequently devote little attention to the last P – Promotion.  Promotion is very simply all the resources available to promote your product or service – efforts such as advertising, public relations, news, events, etc.  Do you have a comprehensive promotion plan in place, or do you just rely on one or two elements of marketing communications?  Is your message clear, consistent, and are you gaining maximum results?

As you consider your next step in evaluating your marketing mix, remember your goal should be to use as many different types of promotional efforts as possible.  Your final product will be an integrated marketing campaign with a strong promotional effort woven into the fabric of everything you do.

Mark Jordan is Managing Partner of Vercor.  Mark brings a unique, multi-disciplined approach to the mergers and acquisitions arena by drawing on his advanced tax strategies, estate, and financial markets knowledge. He also holds an MBA, BS in Business Administration, and numerous designations. He can be reached at 770-399-9512 or mark@vercoradvisor.com.