Stakeholder Analysis and 4P Marketing Essentials

Stakeholder PRO

Get to know stakeholders better — relative importance, power & interests — better managed relationships — risks identified.

• Make better strategies & decisions.
• Greater acceptance of organisation actions by stakeholders.

Cons:

• Best done on a continuous basis.
• Assessment or analysis may be subjective.
• Maybe not all stakeholder interests can be met at the same time — focus on the most important stakeholders; balance and reconcile all interests according to importance or urgency.

4P — Product / Service

1. What does the customer want from the product, plan, or service?
2. What features does it have to meet these needs?
3. Are there any features you've missed out?
4. Are you including costly features that the customer won't actually use?
5. How and where will the customer use it?
6. What does it look like?
7. What size, color, and so on should it be?
8. What is it to be called?
9. How is it branded?
10. How is it differentiated versus competitors?
11. What is the most it can cost to provide, and still be sold sufficiently profitably?

Place — Distribution

1. Where do buyers look for your product or service?
2. If they look in a store, what kind?
3. How can you access the right distribution channels?
4. Do you need to use a sales force?
5. What do your competitors add to your personal learning plan, and how can you learn from that and/or differentiate?

Price

1. What is the value of the product or service to the buyer?
2. Are there established price points and plans for products or services in this area?
3. Is the customer price sensitive?
4. What discounts should be offered to trade customers?
5. How will your price compare with your competitors?

Promotion

1. Where and when can you get across your marketing messages to your target market?
2. Will you reach your audience by advertising online, in the press, on TV, radio, or on billboards?
3. When is the best time to promote?
4. How do your competitors do their promotions?

Maslow's Hierarchy of Needs

Physiological Needs / Safety Needs / Social Needs / Esteem Needs / Self-Actualization.

Herzberg's Two-Factor Theory

Studies show job satisfaction and dissatisfaction arise from two separate sets of factors:

Hygiene Factors

• Salary
• Security
• Status
• Working conditions
• Supervision

Motivation Factors

• Achievement
• Advancement
• Growth
• Recognition
• Responsibility
• Type of work