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10 P's Add to toolbox

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The aim of marketing is to attract enough quality attention from consumers to encourage them to buy, and ideally to keep them buying regularly.

There are many methods used to attract this attention by covering all the10 P’s.

Simply put the P’s are the variables, which need to be specifically tailored by YOU to YOUR specific product and customer – 4P’s of Marketing

 

 

The basic 4P’s cover:

  • Product/Service: what is it exactly that your customers are paying you for/buying from you
  • Price: the monetary value that your product/service costs, your pricing strategy
  • Place: location (online, in store, location of stores) where your product/service can be bought
  • Promotion: how and where you get your message out about your business (Facebook ad, press release in a newspaper)

Apple’s 4P’s Marketing mix

The remaining 6 P’s of Marketing have been developed over time in order to accommodate the evolving market place. 

The market place changes according to the level of competition and consumer buying habits.  

This means start up companies now use an additional 6 P’s in order to ensure they are able to provide a better service based product/service to their consumers that engages with the customer in order to help provide a unique experience that encourages repeat sales:

Additional 6 P’s:

  • Process: how easy and consumer friendly is the customer buying process and usage of product/service, for example how simple is it to pay for your product online when buying from a company like Amazon
  • Physical Assets: which includes all the touchpoints that your customer will experience they buy, such as your shop floor window displays or a try before you buy product/service trial
  • People: the human factor that is part of the shopping experience, such as the level of customer service and skill of your employees who sell your product/service
  • Participation: level of engaging the customer pre and post purchase, such as asking for their advice when creating your service/product and feedback once it has been bought 
  • Personalisation: how carefully the product/service is tailored to the customers’ individual needs, e.g buying a smartphone with the price plan, storage facility, camera quality and other functionalities that you specifically require
  • Perception: what does the customer think of your product/service, what words and experiences can they associate with it

Resources

 


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