Sunday, June 19, 2005

Financing More Ps in Micro-Finance

As I mentioned, how long can you keep on harping on the four Ps....
Just read about the 8 Ps of Marketing in Micro Finance

Price - Quintessential parameter for this business. You need to decide the price points you can offer, and the corresponding tax rates. You would need to know the demand, and decide the profit/sustainability objective using strategies (like cost- based, cost-plus, demand-based and break- even). It looks at behavioural attitudes, perceived value, prestige etc.

Product/services provided -Proper segmentation of the product, and evaluation of factors like ideas, concept creation, adaptability, cannibalization, sampling, surveys, prototyping, and of course, quality. Is it a new product? What is the advantage it commands, with respect to its competition?

Place/distributions/location of operations - One needs to make sure that the service/product is accessible where and when it is wanted. It includes the spread of the Sales group and POS.

Promotion - What is the target segment you are looking at, and the communication planned for it? This would also include another P - Public Relations.

Positioning - This is somewhat alluded to Promotions and would keep the target customer in mind, and segragate Customers in terms of - Income levels, demography, Family Size, etc.

People - Of course, without them, you leave the transaction complete. Quality needs to be reinforced here, and High Service levels need to be demonstrated.

Process - The Process Description and Functionining got he organization. Turnaround time, processing time, and Arhival and retrieval procedures.

Physical evidence - The Perception of your Office, and the look-and-feel part of it. This would include the Infrastructure and Ambience you plan.

I think, by the time, I redo this exercise, I would have essentially replicated Webster's "P" part !
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