The concept of marketing has evolved and changed over time, but there are certain strategies that are tried and true marketing principles. One such principle is the four ps of marketing approach.
This article provides 20 questions. If you take the time to think about them and answer them in as much detail as possible, it will stimulate your business and help you avoid marketing mistakes.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Product Determines The Rest Of Your Marketing
The product is what makes you money. And how well you market your product determines how much money. A good product puts you on the path to building a good business.
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 consumer?
2. How well does its features provide target market members' desired benefits?
3. Does your product have something that competing products do not?
4. How does your product compare with buying trends, experiences?
5. How intense is the desire for your product?
6. Can the demand of the product meet the supply on hand?
7. What is the time period that the desire will be expressed?
8. What inventory is needed for the product to meet demands?
When you know about your product, you're ready to decide how to package it.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
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.
Your packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.
Asking yourself these questions will help:
9. Will the package catch the attention of the consumer?
10. Are the dimensions of the packaging appropriate for the product?
11. Is the product protected within the packaging?
12. Is there too much packaging or is it too bulky?
Now you're ready to consider pricing your product.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
You'll also need to answer four price questions before making a final price decision.
13. Does the price of the product match the demand of the product?
14. As supply increases, how much does cost per unit decrease?
15. How does your price decrease as volume increases?
16. What is the most affordable price of the product in relation to volume discounts and costs?
Only after you've answered all the questions on product, package and price are you ready to consider what many small business owners consider "marketing."
Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions
To sell the product, you need to promote it. If you don't promote it properly, you want benefit from the full volume of demand.
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 well does your promotion mix match your product, and its stage in the product life cycle?
20. Does your promotion match the needs and desires of the target consumer?
After you've answered these last four questions, you'll be ready to develop a marketing plan.
Four Ps Of Marketing: Synopsis
By answering these questions, you will be able to learn to get the product from conception to sold.
Knowing the answers to these questions means you will have a much better chance of selling it to your target market.
This article provides 20 questions. If you take the time to think about them and answer them in as much detail as possible, it will stimulate your business and help you avoid marketing mistakes.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Product Determines The Rest Of Your Marketing
The product is what makes you money. And how well you market your product determines how much money. A good product puts you on the path to building a good business.
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 consumer?
2. How well does its features provide target market members' desired benefits?
3. Does your product have something that competing products do not?
4. How does your product compare with buying trends, experiences?
5. How intense is the desire for your product?
6. Can the demand of the product meet the supply on hand?
7. What is the time period that the desire will be expressed?
8. What inventory is needed for the product to meet demands?
When you know about your product, you're ready to decide how to package it.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
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.
Your packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.
Asking yourself these questions will help:
9. Will the package catch the attention of the consumer?
10. Are the dimensions of the packaging appropriate for the product?
11. Is the product protected within the packaging?
12. Is there too much packaging or is it too bulky?
Now you're ready to consider pricing your product.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
You'll also need to answer four price questions before making a final price decision.
13. Does the price of the product match the demand of the product?
14. As supply increases, how much does cost per unit decrease?
15. How does your price decrease as volume increases?
16. What is the most affordable price of the product in relation to volume discounts and costs?
Only after you've answered all the questions on product, package and price are you ready to consider what many small business owners consider "marketing."
Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions
To sell the product, you need to promote it. If you don't promote it properly, you want benefit from the full volume of demand.
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 well does your promotion mix match your product, and its stage in the product life cycle?
20. Does your promotion match the needs and desires of the target consumer?
After you've answered these last four questions, you'll be ready to develop a marketing plan.
Four Ps Of Marketing: Synopsis
By answering these questions, you will be able to learn to get the product from conception to sold.
Knowing the answers to these questions means you will have a much better chance of selling it to your target market.
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To read more about answering the 20 questions, see 4 P's of Marketing. And get your free Market Segmentation.
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