Time to confess that nine years on, and I am (embarrassingly) still addicted to The Apprentice.
And my favourite episodes are the ones where the teams have to bring a product to market. So I was glued to the screen for this week’s scent making challenging.
For a marketer, this is classic 4 Ps stuff. Product, price, place, promotion.
But it raised an interesting question. Which is most important? Indeed, can one be said to be more important than another.
Generally, companies focus massively on the promotion.
If you watched this week’s episode, ‘promotion’ in the classic sense of advertising barely featured.
And what was interesting was that product wasn’t the decisive ‘P’ either. While Team Summit had the more exclusive looking product, they weren’t the ones that won the day.
The key factor in the task was pricing. Setting the right prices and sticking to them. And, arguably, choosing the most likely place(s) to get the prices they were asking for was closely linked to that.
Bloomsbury over Camden Market. Premium hotels over cheap gift shops.
Now, of course, this is only a TV series and you could be forgiven for thinking that the candidates are selected as much (if not more) for their ‘entertainment’ value as their business acumen. Whether any of the products would stand a chance in the real world, without Lord Sugar’s handpicked appointments laid on, is questionable.
But, as Lord Sugar likes to impress on the candidates, the truth about business – and marketing – is often remarkably simple.
And while people like to complicate things, the most successful brands are generally those that get the basics right and stick to them.