With the urbanization of America, urban markets now have the opportunity to capitalize on the revolutionized urban mindset. As trendsetters, we can provide goods and services that reflect our trends and watch it blend into mainstream society. More and more entrepreneurs can grow their businesses – everyone is wearing urban clothing, carrying two-way pagers and eating in soul food restaurants. What was once considered “cool” for only inner city minorities is now cool for everyone. Many people in rural areas want to be active participants of urban trends. According to UrbanIQ, 59.2 percent of the urban market is composed of Whites. This puts minority owned businesses in a position to compete in majority-dominated markets.
Two major factors of Purpose Media Management marketing services are the recruitment of new customers (acquisition) and the retention and expansion of relationships with existing customers (base management). Once Purpose Media Management has converted the prospective buyer, base management marketing takes over. The process for base management shifts the marketer to building a relationship, nurturing the links, enhancing the benefits that sold the buyer in the first place, and improving the product/service continuously to protect the business from competitive encroachments.
For a marketing plan to be successful, Purpose Media Management utilizes the four "Ps" to reflect the wants and desires of the consumers in the target market. Trying to convince a market segment to buy something they don't want is extremely expensive and seldom successful. Purpose Media Management depends on marketing research, both formal and informal, to determine what consumers want and what they are willing to pay for it.
The Four Ps are:
Product: The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees, and support.
Pricing: This refers to the process of setting a price for a product, including discounts. The price need not be monetary - it can simply be what is exchanged for the product or services, e.g. time, energy, psychology or attention.
Promotion: This includes advertising, sales promotion, publicity, and personal selling, and refers to the various methods of promoting the product, brand, or company.
Placement or distribution refers to how the product gets to the customer; for example, point of sale placement or retailing. This fourth P has also sometimes been called Place, referring to the channel by which a product or services is sold (e.g. online vs. retail), which geographic region or industry, to which segment (young adults, families, business people), etc.
These four elements are often referred to as the marketing mix, which Purpose Media Management uses to craft a marketing plan.
