An effective marketing plan must cover a number of the most important points. As it is listed by Mohr, J., Sengupta, S., and Slater, S. (2010, pp. 43-44), market analysis, company analysis and marketing strategy are among the paramount parts to be discussed in the marketing plan. Marketing strategy is mainly based on the 4P’s, which are Product, Price, Promotion and Place (Distribution). All these elements are interrelated and create a so-called marketing mix, which defines company’s success. In the 3M Greptile Grip Golf Glove (3M) case, each of the 4P’s elements was described as follows:
Product – a newly designed and comfortable in use golf glove, designed by the company created its image; but over 50,000 innovative products all over the world made its products desirable not only for golf players (Barnes, 2004, n.p.).
Price – although 3M set fair prices, their Penetration Pricing strategy allowed them to increase retail prices from $11.95 to $15.95 per pair of gloves (Barnes, 2004, n.p.).
Promotion – numerous brands and icons, like Scotch, Post-it, Scotchgard, Thinsulate, Scotch-Brite, Filtrete, Command and Dyneon help the company’s management to deliver their mission and vision to their customers, and thus people in more than 200 countries around the world rely on the company’s image and reputation (Barnes, 2004, n.p.).
Place (Distribution) is a location at which a product becomes available for a consumer (Mohr, Sengupta, & Slater, 2010, p. 43). Hence 3M’s distribution channels are chain stores and athletic retailers nationwide as well as its online store (Barnes, 2004, n.p.).
I would say, 3M’s success lies in the fact that their management applies an extended marketing mix approach, based on the 7Ps, which includes 3 more elements, besides the 4 above mentioned, namely: People, Process, Physical environment (Goi, 2009, p.14). This makes 7P marketing mix more people oriented, and thus closer to a consumer, which is crucial in the modern competitive market, where strong relations are more beneficial than any advantage in the business process.
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Goi, C.L. (2009) A Review of Marketing Mix: 4Ps or More? International Journal Of Marketing Studies. (1) vol. 1. Available at: http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.656.1894&rep=rep1&type=pdf
Barnes, M. (2004). 3M introduces golf glove with 3M Greptile Grip; ‘Get a grip’ on your game. 3M News. Available at: http://news.3m.com/press-release/company/3m-introduces-golf-glove-3m-greptile-grip-get-grip-your-game
Response to Claudia Trejos
Product is a base component of any marketing mix. Before starting a new project, managers must be sure they will deliver goods that customers want and need to purchase, goods that will be different from other substitutes in the market, and that will add some value for its owners (“Marketing Mix Definition of the 4P's and 7P's”, n.d.). Hence, it is a great idea to describe, how Greptile Grip Golf Glove is useful for the customers. Their pricing strategy also appeared to be beneficial for the company, thus increasing retail prices was justified and necessary. Meanwhile, promotion and place elements of the marketing mix require some improvements. Defining target audience is useful for choosing the right niche in the market and hence, creating the most effective channels for distribution (Mohr, Sengupta, & Slater, 2010, p. 43). Meanwhile, promotion must be based on building strong and client oriented relations, which will support potential and current clients with the up to date information about the 3M’s products.
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Marketing Mix Definition of the 4P's and 7P's (n.d.) Available at: http://marketingmix.co.uk/
Response to Bradley Borsuk
Understanding company’s background and history of its foundation is crucial for building further marketing plans as this allows the management to define weak and strong side of the business. Therefore, brief overview of how 3M seized its opportunity to enter into the new industry is a great choice. Creating a right product mix requires to diversify and increase the depth of the product line (“Marketing Mix Definition of the 4P's and 7P's”, n.d.). It also demands to use new high technological processes so that to provide consumers with the goods demanded. And, as it was depicted in the company’s description, 3M produces highly requested items in the market. However, its management should focus more on a promotion part of a 4P marketing mix. This stage includes but is not limited to public relations and publicity strategies, personal selling, advertising strategies, etc. (Mohr, Sengupta, & Slater, 2010, p. 44) To summarize, the company has lack of communication with its loyal and potential clients, which must be improved.
References
Mohr, J., Sengupta, S., and Slater, S. (2010) Marketing of High-Technology Products and Innovations. 3rd ed. Upper Saddle River, NJ: Pearson Education, Inc. ISBN-13: 978-0-13-604996-8
Marketing Mix Definition of the 4P's and 7P's (n.d.) Available at: http://marketingmix.co.uk/
