The marketing mix: 4 P’s of marketing

While 5 P’s of marketing are the heart of organizations, 8 P’s of sales are core requirements to keep pumping that heart.

Many organizations combine marketing and sales efforts to win over their competitors. Organizations when effectively use marketing and sales mix can attain long-lasting success. Top management should have the knowledge about effective sales and marketing mix strategy.

Why organizations’ failed in the market even though they have strong products?

Many organizations have excellent marketing strategy but they cannot penetrate in the markets. The culprit for that could be the failure of sales team’s execution of strategies. Product, Price, Place, Promotions and Positioning are 5 P’s of marketing and pillar of the organization’s vision. Organizations are always revolving around 5 P’s and reshape strategy whenever it requires. To achieve higher margin and penetrate in the market is very arduous tasks even for the innovators. Strong marketing strategies are very much useful for organizations to breathe and survive in competitive market, but execution of strategies by sales team is also significant for organizations’ success.

Organizations should know why they have products and how it is beneficial for the customers. If marketing team knows the requirements of customers and device their strategies accordingly, they will definitely win over their competitors. Innovators always set their price higher to recover their ROI and their penetration in the market makes them earn high profits. I show that those believe that their products are different from their competitors; they win over them even if their prices are much higher than their competitors. They design their products and strategies such a way that their competitors never do. Also when they rich to the saturation point they expand their products in new market with new promotional strategies. Positioning is most important factors for organizations’ success. Their positioning is always align with their products and vision. For example, Novo Nordisk’s positioning changing diabetes changing lives aligns with their product portfolios and vision. They are highly committed to change lives of people with diabetes and advocate their commitment by innovating new and different ways of treating diabetes. At Zydus Wellness, they look at health in a holistic fashion. Their products aim to achieve their vision by setting a benchmark in the industry.

Why it is important to cultivate those 8 P’s in sales team? 

As I mentioned 8 P’s as core requirements for organizations to keep pumping their heart, the difficult task here for organizations is to infuse those 8 P’s in sales team.

8P’s for sales are as follows:

1) PASSION:  Passion is the most important attributes of effective sales people. Without passion one cannot make sales approach effectively. Thorough knowledge about products shows the passion of sales people. Without products knowledge one cannot make sales call effectively. History has created many passionate leaders like Mahatma Gandhi, Dhirubhai Ambani, Jack Welch and Abraham Lincoln. I termed all of them as effective sales people driven by their passion.

2) PERSISTENCE: Persistence is the second most important attribute of good sales people. Effective sales people are always persistence in their purposes, actions and hence in their performances.

3) PROACTIVENESS: The successful sales people are always proactive. Indeed, Proactiveness is the most feasible attribute of successful sales people. They are always ready to serving in difficult and uncertain situation.

4) BEING PERSONAL: Being Personal or having interpersonal skills is also the most important characteristics of good sales people. Successful sales people like to be personal. They never copy other people to represent themselves. They have different personality than that of others.

5) POSITIVE: Be positive is an ancient proverb we use to listen many a times from surrounding people. Being positive is the most remarkable characteristic of successful sales people. They are not only optimistic but also positive.

“A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort.”- Herm Albright.

6) BEING PREPARED: Sales people should always be prepared for any change. They should be prepared to deal with complexity between new strategy and adoptions of strategy in the market. In short, they tend to change their communication in accord with situations.

7) PROFESSIONALISM: Being professional is the most important part of sales people. They have to develop professional relationship with clients. Even though they have good personal relationship with clients, successful sales people should always deals professionally with them.

8) PURPOSE: The last but not least important attribute of effective sales people is purpose. Without purpose you can go nowhere. The planned intention can lead a sales people to the mountain peak. J.F. Kennedy said: “Efforts and courage are not enough without Purpose.”

In conclusion, it is important for organizations’ to revolving around 5 P’s but also important for them to infuse those 8 P’s in sales team to avoid the perils and hence achieve lasting success.

I accommodate every comment as a way of self-improvement, so feel free if you have any comment and suggestions on my blogs.

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How competitive is the health care industry? Is there a need for monitoring the activities of rivals? How much attention should healthcare organizations devote to monitoring competition?

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The health care industry is very competitive and the need for monitoring the activities of rivals should be the prime concern for the healthcare marketers. For heath care marketers it is essential to identify and assess their competitors very accurately. The threat is very high for healthcare marketers from their competitors. It is difficult to closely monitor the actions of rivals and proactively address developing issues for healthcare marketers.
If marketers fail to identify competitors, they inadvertently afford the unidentified rivals with the strategic advantage of operational secrecy. Because of that, the competitors secure the market share. They are not defining the competitive field and make the error in assessing the competitors.
Donald Lehmann and Russell Winer developed a diagram that depicts levels of market competition. There are four competitive levels like product form, product category, generic and budget in the diagram. These four levels are depicted by for centric circles that surround the product under evaluation. The inner level of the circle represents more competitive products than outer levels that represent less comparable products.
The health care marketer should closely monitor the competitors and attention required should be a top priority for them. Healthcare marketers can simply assess the competition by following steps.

  •  Identify the product offering to be evaluated
  •  Construct the levels of competition diagram,
  • Identify product form, product category, generic, and budgeted competitors, and
  •  Place the identified competitors on the diagram accordingly.

These resulting levels of completion diagram should be then used to gain insight into product competition. So, health care marketer should be attentive to monitor competitive activity.

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