Tuesday, July 23, 2024

Strategizing on Kotler's 4ps of marketing

Every generation needs a revolution - an entrepreneurial revolution

No its not the Phil govt program vs poverty  -  Pantawid sa poverty program.  

Philip Kotler popularized the 4ps of marketing:

     Product
     Price
     Promotion
     Placement

Of course, marketing must remember that you sell in order to have margins for future costs.  It is no brainer if you give away your products

A good marketing program is an interplay of these elements, not equal but one or two greater emphasized than others

They used to say that build a better mousetrap, and the buyers will come to your door.  Product strategy rarely works by itself alone  It is true that when you have a quality and durable product people will buy your product.  

But you need this to be affordable also (price)  You cant price yourself out of the market.  

You need to promote -  advertise, give discount, conduct events to make your product to be known to many.

And lastly you have to have a channel:
      .1.  Brick and mortar store
       2  DM
       3.  Facebook
       4.  Affiliate marketing
       5.   Sales force

Again you cant be all to every buyer at the same time.  You cant make a nice product, sell this cheap, advertise this heavily, pay tops in commission to agens Just choose one or two and pour your resources into this.   

Strategy is a choice of resources to employ to achieve your objectives.  

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