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From Our Expert Marketing Panel - February 2006

During the past decade or so small to medium businesses and entrepreneurs are increasingly depending on market analysis and competitive strategy formulation. This is to ensure success in their mission of making beneficial products and services available to people.

Potential customers are being constantly bombarded with distracting messages by your competitors. There is too much 'noise' out there!

Thus today, strategic marketing is needed to stay ahead of your competition. How do we do this? By beginning with the basics of course!

The 6Ps of Marketing

1. PEOPLE

How well do you know your customer and your potential market? What are their characteristics - likes and dislikes, male or female, age groups, ethnic backgrounds, professions and incomes and their emotional and intellectual levels?

2. PRODUCT

Does your product or service reflect the necessities, urgencies, comforts or luxuries of your client base? Does your product or service support their lifestyle or solve a problem? Are there ways in which you can innovate or customize your product or service to most satisfy those asking for it?

3. PLACE

Ensure that the location and image (interior design, ambience) of your business or store is relevant to the kinds of consumers you want to attract. How would you display your products to trigger desire and, ultimately, purchases? What are your distribution channels? Do you include the Internet?

4. PRICE

Have you properly valued your product or service? Have you considered various novel payment programs?

5. PROMOTION

Create ads that reflect your image and motivate your customers to buy. Appeal to their emotions first and their wallet second. Remember, with proper branding, you are selling the experience of your product, not just the product itself.

6. PUBLICITY

Establish your image through public relations. Build consumer confidence through media coverage of your business or store. Publicity campaigns conducted professionally using an agency is a cost-effective way to communicate with your consumer base and to the market at large.

Regards,
Expert Marketing Panel
a5MEDIA Inc.

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From Our Expert Marketing Panel - February 2006

The 6Ps of Marketing