Marketing Models, Laws & Rules
6 Examples of Marketing Models that Help Executives Make Better Business Decisions
Laws, rules and models used by the world’s most successful companies to optimise their marketing.
Product Analysis: The Concept of “Total Product’
Why do people choose to buy products that are more expensive? Why do others buy cheap and nasty? What is it that people are actually buying? The physical product? The service? By conducting a product analysis you can discover new insight into your business and your industry.
Truly objective product analysis can open minds to new product development and brand management concepts, opportunities and courses of action your firm may never before have considered.
The Buyer Readiness Model
In understanding the buyer decision making process, selection of communication strategy becomes a crystal clear process. Advertising and integrated marketing communications MUST be matched to your buyer readiness stages.
Your target audience needs to be AWARE of your product before they can possibly develop an INTEREST, DESIRE and consequent DECISION TO BUY.
Your marketing communications must be “in sync” with your target audience, or your marketing communications, no matter how good, will be inefficient or simply will not work in increasing your sales.
Porters Five Forces
Michael Porter is one of the heroes of 20th century marketing theory. The 5-forces model is used to evaluate industry attractiveness. Essentially, more attractive industries share these five traits. Of course, other issues apply, but in essence, this model is great for determining whether or not “the grass is greener on the other side of the hill”.
Ansoff Analysis allows management to focus marketing and management direction. Different strategic initiatives exist for each quadrant, so once the objective is identified the strategies and issues immediately become evident..
What are the obstacles? What level of investment is likely? What is the likely learning curve? Are we using existing or new channels, abilities, knowledge?
The 22 Immutable Laws of Marketing
Developed by Trout & Reiss in the early 1990’s. The Immutable Laws of Marketing offer profound guidelines for management and planning marketing strategies. Very poignant for c-level executives and strategic and marketing governance decision-making.
STP (Segmenting, Targeting and Positioning)
The most powerful tool in the marketing manager’s arsenal is segmentation.
The STP process ensures business stay on target and their marketing maintains optimal efficiency.
Once you apply STP scientifically, you begin to produce “Pearl after “Pearl”, and leave your competitors to sell their Dinosaurs, develop their Ostriches and play with their Flamingos.
Is your Marketing Planning Utilising Advanced Marketing Science?
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