I love to teach those new to marketing about the principles of marketing and this semester is no different. And while I like the classic textbook, fillled with information and descriptions of the 4P's: Product, Price, Placement and Promotion I cannot help but want to have them think differently about the "P's".
Take Product, for example, and begin to think more about the needs and wants of the Customer - This is "C1". What about Price, young marketers today are bombarded with "SALE" signs everywhere. Online, printed material and in-store tags are covered with them - so it is no wonder why some of my students believe that dropping the price is what a marketer should do as step 1. So for "Price", lets first think about the value curve and what ask yourself: "What will the customer pay for and what is the overall Cost-to-Serve?", this is "C2".
Start with these 2P's and think differently about what Product and Price really mean to a marketer.
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