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Marketing SCENE: The Must Knows of Marketing

May 13, 2014

The Must Knows of Marketing: Back to Basics
by Laura Schmitz

From time to time, it’s good to go back to the marketing basics. We get so involved in the technology of marketing we lose sight of the customer.

The customer thinks about products in terms of features and benefits. The old Four P’s (features) and Five F’s (benefits) make up the traditional marketing mix. The P’s are variables marketing managers can control to best satisfy the target market. The F’s represent how people feel about their purchase decision. I like to call them the Demographics (the hard facts) and the Psychographics (the buying emotion).

Features (The 4 P’s) – The Demographics – Attributes of the product/service

PRODUCT – Tangible product or service itself.
PRICE – How much a consumer pays.
PLACE – Where the product or service is sold.
PROMOTION – Amount and nature of the marketing activities.

Benefits (The 5 F’s) – The Psychographics – What’s in it for me?

FUNCTION – How does the product or service solve the customer’s problem or fill the customer’s needs?
FINANCES – How will the purchase affect their overall financial situation – not just the price, but other savings or increased productivity?
FREEDOM – How convenient is it to purchase and use? How will they gain more time and less worry in other aspects of their business or lives?
FEELINGS – How does the product or service make the customer feel about themselves and how does it affect and relate to their self-image? Do they like and respect the salesperson and the company?
FUTURE – How will they deal with the product or service and the company over time? Will support and service be available? How will the product or service affect their lives in the coming years and will they have an increased sense of security about the future?

So consider the P’s of your product and the F’s of your target market and create a message for them that answers, “What’s in it for me?”

And remember features TELL, benefits SELL!

For more info click here: Back to Basics