Loading...

Marketing analytics: a practical guide to real marketing science by Grigsby Mike

Marketing analytics: a practical guide to real marketing science by Grigsby Mike

Author:Grigsby, Mike
Language: eng
Format: epub
Publisher: Kogan Page
Published: 2015-06-03T00:00:00+00:00


The four Ps of strategic marketing

Segmentation is part of a strategic marketing process called the four Ps of strategic marketing, coined by Philip Kotler. Kotler is probably the most widely recognized marketing guru in the world, essentially creating the discipline of marketing as separate from economics and psychology. He wrote many textbooks including Marketing Management (1967), now in its 14th edition, which has been used for decades as the pillar of all marketing education.

Most marketers are aware of the four Ps of tactical marketing: product, price, promotion and place. These are often called the ‘marketing mix’. But before these are applied, a marketing strategy should be developed, based on the four Ps of strategic marketing.

Partition

The first step is to partition the market by applying a (behavioural) segmentation algorithm to divide the market into sub-markets. This means recognizing strategically that one size does not fit all, and understanding that each segment requires a different treatment to maximize revenue/profit or satisfaction/loyalty.

Probe

This second step is usually about additional data. Often this may come from marketing research, probing for attitudes about the brand, its competitors, shopping and purchasing behaviour, etc. Sometimes it can come from demographic overlay data, which is especially valuable if it includes lifestyle information. Last, probing data can come from created variables from the database itself. These tend to be around velocity (time between purchases) or share of products penetrated (what per cent does the customer buy of category X, what per cent of category Y, etc.), seasonality, consumer confidence and inflation, etc.

Prioritize

This step is a financial analysis of the resulting segments. Which are most profitable, which are growing fastest, which require more effort to keep or cost to serve, etc.? Part of the point of this step is to find those that we might decide to DE-market, that is, those that are not worth the effort to communicate to.

Position

Positioning is about using all of the above insights and applying an appropriate message, or the correct look and feel and style. This is the tool that allows the creation of compelling messages based on a segment’s specific sensitivities. This marketing communication is often called marcom. This incorporates the four Ps of tactical marketing.



Download



Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.
Popular ebooks
Influence: The Psychology of Persuasion by Robert B. Cialdini(3771)
Man-made Catastrophes and Risk Information Concealment by Dmitry Chernov & Didier Sornette(3734)
The Miracle Morning by Hal Elrod(3360)
The Hacking of the American Mind by Robert H. Lustig(3064)
Pre-Suasion: A Revolutionary Way to Influence and Persuade by Robert Cialdini(2908)
Unlabel: Selling You Without Selling Out by Marc Ecko(2560)
Who Can You Trust? by Rachel Botsman(2483)
Kick Ass in College: Highest Rated "How to Study in College" Book | 77 Ninja Study Skills Tips and Career Strategies | Motivational for College Students: A Guerrilla Guide to College Success by Fox Gunnar(2452)
Hidden Persuasion: 33 psychological influence techniques in advertising by Marc Andrews & Matthijs van Leeuwen & Rick van Baaren(2365)
Purple Cow by Seth Godin(2354)
Ogilvy on Advertising by David Ogilvy(2127)
This Is Marketing by Seth Godin(2098)
The Marketing Plan Handbook: Develop Big-Picture Marketing Plans for Pennies on the Dollar by Robert W. Bly(2073)
The Power of Broke by Daymond John(2036)
I Live in the Future & Here's How It Works by Nick Bilton(2005)
The 46 Rules of Genius: An Innovator's Guide to Creativity (Voices That Matter) by Marty Neumeier(1996)
Draw to Win: A Crash Course on How to Lead, Sell, and Innovate With Your Visual Mind by Dan Roam(1985)
Building a StoryBrand by Donald Miller(1933)
Market Wizards by Jack D. Schwager(1892)
SEO 2018: Learn search engine optimization with smart internet marketing strategies by Adam Clarke(1849)