Despite the many changes that affect marketing today, it's easy to get trapped in the past. People are comfortable with traditions, even when they stop working as well as they once did. In the field of marketing, this approach will only leave you trailing behind more innovative competitors. Let's look at the benefits of moving from the traditional "4 P's" to the "4 M's" for modern strategic marketing. These four factors are still relevant for marketing. Certainly, you need to know what you're selling, how much to charge, where to sell it and how to promote it.
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Identifying Internal Resources required
It picks up on five different internal elements of the marketing plan which need to be addressed if the plan is going to be successful. The five elements need to be considered as assets which the organisation has committed to its current marketing strategy and they include Manpower Staffing , Materials Production , Machinery Equipment , Minutes Time and Money Finances. The model itself can be used in a number of different ways. It can be used as an auditing tool as part of the strategic planning process in order to analyse the internal elements which are supporting the current marketing strategy. Once identified an assessment can then take place in order to help make a judgement as to whether those assets are being used to their best advantage. It can also be used as a resource planning tool as part of the controls and measurement section of a typical marketing plan. It can be used alongside appropriate marketing metrics that can be set in order to measure and monitor implementation of the plan similar to a Balanced Scorecard , i. Manpower refers to the human resources committed to implementing either an existing or new marketing strategy. This could then be subdivided into specific HR assets, which can be directly attributable to a particular strategy, but which can also include indirect assets.
Digging into the 4 Ms of Today’s Marketing Mix
Typically when we say a company is focused on tactics first, rather than strategy, what we mean is that company is starting from a media point of view. Business owners and marketers who focus on media first tend to become frustrated because they spend a lot of time and money developing content but they are seeing the results they want. Some companies focus on delivering a message that is all about them. Their marketing materials focus on their accomplishments and qualifications. This type of marketing assumes that if one lays out a logical argument for why they are the right choice, people will automatically buy from them.
Marketing is the bridge between the organisation and its customers—a relationship that leads to providing a business with cash flow. The way a company defines marketing shapes how it organises its marketing. This is crucial if you want to build a strong brand and a successful marketing strategy.