The Six P's of Marketing Success

The Six P's of Marketing Success

By Mike McLoughlin,
Youth With A Mission, Marketplace Mission
Visit the Scruples Small Business Forum at www.scruples.net for more information.

A Definition of Marketing:

Marketing is the process by which sellers, Person Number Two, Promote and sell their goods & services, Product, to buyers, Person Number One, in the marketplace, Place, for a Price.

1. Person Number One: The customer.

Who is it?

Have you talked to your potential customers and done some customer research?

Why not make a list of friends and survey them?

Do you keep a list of your regular customers?

How do you keep in contact with your regular customers?

What methods do you have to analyze your customers purchasing habits?

How did your customers find out about you?

Do you regularly survey your customers?

A Brief Customer Survey

What is it that they want in this product?

Why are they buying it?

Where is it most convenient for them to buy it?

When is it most convenient for them to buy it?

How much are they willing to pay for it?

Are they satisfied with the business where they currently buy it?

If not, why not? What is it you could do to satisfy their needs?

Are there other goods or services they would like to buy from you?

2. Product:

What is it? Describe its benefits.

What is unique about the product that makes it stand out from other similar products?

Why should the customer buy your product and not a competitor’s product?

Why does the customer need your product?

How is your product packaged? Are the benefits clearly written on the package?

Where is the product located in the store? Is it easily seen and reached? Where is it in relation to other complimentary products?

Do you have product literature/posters available?

Are there a variety of complimentary products?

3. Price:

How do you set the price? Prices reflect the volume of business and must be set to cover variable costs and fixed costs with a just profit.

a. Based upon the cost so as to cover overhead and provide for a profit.

b. Based upon the market price.

c. Based upon the Sales Strategy to develop increased volume.

What is a fair and reasonable price for the value of the product to the customer?

How much profit do you need to cover your time and costs and to reinvest in the business?

Is that a just profit?

4. Place of Business:

The three most important success factors in Marketing: Location, Location, Location.

Where have you chosen to do business?

Why?

How much customer traffic is there?

How easy is it for the customer to find?

How does your location make it more convenient for the customer?

Is there parking for the customer?

Where are your competitors located? Why?

Is your location near transport?

5. Promotion & Sales:

What name have you chosen for your business? How does your name clearly communicate what it is that you do in business?

How do your customers buy similar products?

How should your product be sold?

Advertising? Word of mouth?

Do you have a business card?

Product Display?

Have you considered selling old stock at a reduced price?

6. Person Number Two: The Seller.

That’s you!

How do YOU as a person make a difference to your business?

Who do you know who can help you?

Why would the customer buy from you?

How does your customer view the service they receive from you?

Have you asked them their opinion of your product or service?

Do customers feel that you would listen to their feedback?

What policy do you have in place when a customer expresses dissatisfaction in their purchase? What can you do to make them happy?

What goes around comes around. Do you have a good business reputation?

NOTE: Answering the questions stated in the 6 P’s of marketing will help you to clearly define what business you are in. You cannot be all things to all people. It is very important for small business people to know that specific area of the market that they will target their business efforts towards. Please do not try and be all things to all people.

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