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cheetah-pictures-113Price, product, placement, promotion. These four areas of concentration have long been held as essential elements in successfully marketing a product or service to the consuming public. Oftentimes simply referred to as the 4 P’s, each of these categories in and of itself are important factors in going to market.

And the degree of focus given to the  group as a whole can mean a great deal to the success or failure of an offering. While these parameters have been sufficient for some time, in the global economy dominated by technology, I believe that a fifth P should be added to the mix called Performance.

One of the by-products of the global economy has been the commoditization of many goods and services.  Take MP3 players for example. There is the Apple IPod, and then a host of alternatives that are thrown into a generic bucket  together.  If you can’t distinguish your product on the traditional P’s, how do you differentiate yourself in the marketplace? One solution to this question is Performance, or rather the level of agility one has to meet the demand of the public.

In the new global economy, a company agile enough to provide the right amount of goods and services at just the right time allows their customers to keep low inventory overhead. That then equates to a major competitive advantage in the marketplace. This in and of itself could be the deciding factor in choosing from whom to buy.

There are several technology based options available to forward thinking suppliers that will allow them to become top players in the Performance category. In the EDI realm, I have seen great results from integrating the 830 Planning Schedule between partners. With this document, not only does your customer have the flexibility to communicate forecasted purchases, but also provides the ability to ask for specific items to be released for delivery at the intervals that meet their business needs.  Along with the 830, transactions such as the 852 Product Activity Data, and 867 Product Transfer and Resale can be leveraged to provide just the right forecast insight into purchasing habits at every level of the supply chain to be able to meet the demands with the proper supplies.

Last modified on Tuesday, 13 March 2012
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