You Forgot the Product or Service and Price

I’m not sure what’s being taught in marketing classes these days, but Smita Singh, writing in the Huffington Post (I didn’t know they covered business) has some new ‘P’s in the marketing equation: Purpose, Positioning, Personality.

Wow. Several marketing mavens are turning over in their graves.

Personality? Sounds like something you would bring personally. However, Apple has injected personality into its products, so I’m not completely opposed. But, in a B2B environment?

Purpose is good: you should explain in ad copy, social media and elsewhere what your product or service does. And how it’s different or better, and why one should buy it.

Positioning is good, or where your product or service stands in the in the marketplace, on a perceptual basis. So keep that one.

But she forgot anything about the product or service, or what you’re offering. It’s what you normally put in promotional literature, but she forgot that one, too.

Price was dropped on the floor, too. You DO have to charge something for your product or service, and hopefully you’ve researched it to position well in the marketplace.

Anyway, there are more ‘P’s (some of my marketing buddies have used as many as nine of them) and you should take a look at your product or service to see how you’re doing.

This entry was posted in Entrepreneurship, focus groups, Internet Marketing, Marketing, social media marketing. Bookmark the permalink.

One Response to You Forgot the Product or Service and Price

  1. asechmentor@gmail.com says:

    And now comes Price Intelligently CEO Patrick Cambell with his paen to pricing being paramount. I guess he didn’t read my earlier blog.
    Let’s clear the air here: traditionally, there are five p’s: product, price, promotion, positioning and another one (ok commenters, go for it).
    Campbell does have a point in his article about the importance of customer surveying, but he takes forever to make it, and misses the perceptual part of surveying entirely.
    When you’re setting prices, especially for goods or services that have no clear competition, part of your survey (which might be left to focus groups) is to determine how the good or service is perceived for worth. For example, if you develop a widget that saves $100,000 to its potential purchaser, you’re underpricing it if you only ask $10,000. You could ask $25,000 and look like a hero to your potential customers. All these approaches are contained in our American School of Entrepreneurship A series, or startups. Check ’em out.

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