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 marketing principle has been used successfully for years, but still many business owners don't understand how it works or how it can benefit them.
What are the four Ps? They are product, packaging, price and promotion.
Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision
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 wants this product?
2. Will this product be what the consumer wants or needs?
3. How does your product compare with competing products?
4. Is this product in line with consumer trends?
5. How intense is the desire for your product?
6. Will enough people want this product to match the supply?
7. What's the likely time frame for the most orders?
8. How much product needs to be in place at any time to meet the desire?
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 package selection may be economical or elaborate. It may contribute to or detract from your business profits.
Asking yourself these questions will help:
9. Does your package offer a distinguishing characteristic?
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?
By answering product and package questions, you'll be better prepared to consider price.
Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A Price
You need to be able to price the product right for the customer. Fail in this and the customer may end up not choosing you because the price is too high and they don't think it is worth it, or it is too low and they think that means the product is cheaply made. 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?
Once you know the answers to questions 1-16, you're ready to consider promotion.
Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions
Promoting or marketing your product will be much easier after you've succeeded in answering the first 16 questions. They form the base of your marketing.
Ask yourself these questions:
17. What percentage of your promotion budget should be advertising, sales, and other 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. Is the promotion in line with what your customer's want?
Once you've answered all 20 questions, you know enough to create a marketing plan.
Four Ps Of Marketing: Summary
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.
Knowing these questions and their answers, will translate into long-term success for your product and your company.
You can get more information on each of the 20 questions at 4 P's of Marketing. You can also get marketing help with free Market Segmentation .
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