According to the Chartered Institute of Marketing in the UK, reviewing the last 100 years, there are 12 to consider, as below, in no particular order. 7 Ps – marketing mix
Product, Price, Place, Promotion, People, Process and Physical evidence – these elements of the marketing mix form core tactical components of a marketing plan.
Unique Selling Proposition is the concept that brands should make it clear to potential buyers why they are different and better than the competition.
Boston Consulting Group Matrix This model categorises products in a portfolio as Stars, Cash Cows, Dogs and Question Marks, by looking at market growth and market share.
Brand positioning map
This model allows marketers to visualise a brand’s relative position in the market place by plotting consumer perceptions of the brand and competitor brands against the attributes that drive purchase.
Customer Lifetime Value
Customer Lifetime Value is the concept used to assess what a customer is worth, based on the present value of future revenue attributed to a customer’s relationship with a product.
Growth strategy matrix
Ansoff’s matrix identifies alternative growth strategies by looking at present and potential products in current and future markets. The four growth strategies are market penetration, market development, product development and diversification.
Ansoff’s matrix identifies alternative growth strategies by looking at present and potential products in current and future markets. The four growth strategies are market penetration, market development, product development and diversification.
This model shows the steps a person takes before becoming loyal to a brand as they move through the stages of prospect, customer, client, supporter and advocate.
PESTLE
As an extension of the traditional PEST model, this analysis framework is used to assess the impact of macro-environmental factors on a product or brand – political, economical, social, technological, legal and economic.
Porter’s Five Forces
The five forces are Rivalry, Supplier power, Threat of substitutes, Buyer power and Barriers to entry and are used to analyse the industry context in which the organisation operates.
Product Life Cycle
This model plots the natural path of a product as it moves through the stages of Introduction, Growth, Maturity, Saturation and Decline.
Segmentation, Targeting and Positioning
This three stage process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy tailored for the chosen target group.
PESTLE
As an extension of the traditional PEST model, this analysis framework is used to assess the impact of macro-environmental factors on a product or brand – political, economical, social, technological, legal and economic.
Porter’s Five Forces
The five forces are Rivalry, Supplier power, Threat of substitutes, Buyer power and Barriers to entry and are used to analyse the industry context in which the organisation operates.
Product Life Cycle
This model plots the natural path of a product as it moves through the stages of Introduction, Growth, Maturity, Saturation and Decline.
Segmentation, Targeting and Positioning
This three stage process involves analysing which distinct customer groups exist and which segment the product best suits before implementing the communications strategy tailored for the chosen target group.
SOSTAC
This acronym stands for Situation, Objectives, Strategy, Tactics, Actions, Control and is a framework used when creating marketing plans.
This acronym stands for Situation, Objectives, Strategy, Tactics, Actions, Control and is a framework used when creating marketing plans.
Paul Curtis
Business Growth Architect
(http://bizdom.com.au)
Business Growth Architect
(http://bizdom.com.au)