Know The Answers with the Four Ps of Marketing
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Everyone is always trying to find the new strategy that will allow them to turn their product from blah into Bam!, but it’s harder than it looks. But you can to produce a product that people want, by answering 20 questions about the four ps of marketing.
By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision
Creating or selecting your product is one of the most important decisions that you’ll make in your business. It’s dictates the type and amount of marketing that you’ll need to make sales.
Your product is the most important part of your business. It partially determines your markeing and how much profit you get. Ask yourself these questions regarding your product:
1. Who is the target market for your product?
2. How well does its features provide target market members’ desired benefits?
3. Does your product have something that competing products do not?
4. Is this product in line with consumer trends?
5. Is the market strong enough to warrant producing your product?
6. How much volume of product will it take to meet demands?
7. What’s the likely time frame for the most orders?
8. What inventory is needed for the product to meet demands?
Once you’ve answered all the product questions, you’re ready to consider the package questions.
Four Ps Of Marketing: 2. Packaging Is The Second Of The Four Ps
Once you know the product, how will you package it to the consumer? There is a saying that you don’t judge a book by its cover, well people do and when the packaging of a product does not match what the consumer wants, they move on. It’s the 10 second sale, and it has to be done right.
Packaging can increase or decrease expenses so it affects the third P of marketing - Price.
So give your package some thought by answering the next four questions.
9. Does the package provide any advantages over your competitors’?
10. Are the dimensions of the packaging appropriate for the product?
11. Does your package provide enough protection for your product?
12. Is your packaging excessive, requiring increased handling?
Now you’re ready to consider pricing your product.
Four Ps Of Marketing: 3. Your Price Must Match Your Market And Product
The price of the product is important. It has a big influence on whether they buy it. Too high and they pass it over, too little and they buy it, but you don’t make enough money. Ask yourself these questions:
13. What price do the forces of supply and demand dictate?
14. Does the price of producing the product decrease as you produce more?
15. How does your price decrease as volume increases?
16. What is the best price for the product?
Now that you’ve answered the first 16 questions, you can start thinking about promoting your product.
Four Ps Of Marketing: 4. The Final P Is Promotion
Promoting a product is how you sell it, so it has to be done right or you won’t sell one product and your business will go under.
The remaining four questions will then leverage your marketing strategy and tactics.
17. How much do should you spend on different promotion tactics?
18. How well does your promotion mix match your business’ other marketing practices?
19. How does the marketing of the product match its current life-stage?
20. Is the promotion in line with what your customer’s want?
After you’ve answered these last four questions, you’ll be ready to develop a marketing plan.
Four Ps Of Marketing: Synopsis
The Four Ps of Marketing build from answering the 20 questions. Answer all of them before deciding on a product, pricing it, packaging it and selling it.
Your answers establish your marketing budget, generate your marketing strategy and reveal the best marketing tactics to jump start your marketing efforts.
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Tags: Marketing