WINNING THE BATTLE FOR YOUR CUSTOMER

Abstract

The competition for the consumer's mind involves broadening the scope tools used to reach that consumer. Conventional marketing wisdom is that marketing strategy planning consists of two stages: 1. Determining the target market(s) and, 2. Determining the marketing mix to reach these target markets. Although the classic marketing mix of the right product, at the right place, at the right price, and with the right promotion is well known, it is target marketing that is the subject of this article. Through the use of three sophisticated concepts, the marketing manager can compete successfully for the consumer's mind. These three P's of marketing, which can be added to the well‐known four P's of the marketing mix—Product, Price, Place, and Promotion—can enable the marketingmanager to have an easy‐to‐remember mnemonic devicefor the business marketing plan. These three P's are 1. Personality, which became noticeable in the early 1980s; 2. Psychographics, which first attracted attention in the middle to late 1960s; and, 3. Positioning, which has been around since the early 1970s. These three P's lend themselves to presenting products to your customers in a language that speaks directly to their minds.