While working on my MBA, I learned that the essentials of the marketing mix focused on the 4 Ps—Product, Price, Place, and Promotion. The Marketing Mix has been instrumental in forming the core positioning for products in the marketplace for more than half a century.
Marketers, however, need to expand their vision to include the new 4 Ps—Pearls, Pumps, Purses, and Power. To capture the $0.85 that women spend out of every dollar spent, it is time to rethink not only what marketing departments are doing but also what business schools are teaching.
To ensure that current marketing strategies are providing the best results possible, it is essential that they be continually evaluated and analyzed.
Consumers, especially women, aren't static, and marketing efforts shouldn't be, either. Even though large amounts of money are frequently spent on research, development, and advertising, companies often miss the boat. Their ship has come in, but they don't know it...
One of the worst marketing strategies that surfaced in the mid-50s—and, unfortunately, is still around—is Pink.
Pink is not a marketing tactic, it is a color. While everything from automobiles to typewriters to tools and guns have turned pink in pursuit of women, most have been extremely unsuccessful in their efforts. In fact, many have lost the very customers they were seeking.
Misguided strategies die hard. Even today, as sports teams realized they could greatly increase their merchandise sales by making team apparel in sizes that fit women—an excellent discovery and one that should be incredibly lucrative—many are making the apparel in pink rather than the team colors. That makes no sense to me.
Take the first step (it's free).
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