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. Product Determines The Rest Of Your Marketing
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. Will this product be what the consumer wants or needs?
3. How does your product compare with competing products?
4. How does your product compare with buying trends, experiences?
5. How much does your market want this 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. Your Package Can Help Sell Your Products
How much thought do you put into packaging your product? Do you realize that your package can give your product a competitive advantage or disadvantage?
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. Does your package provide enough protection for your product?
12. Is there too much packaging or is it too bulky?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
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. Does the price of the product match the demand of the product?
14. How does the cost of producing each unit decrease as volume increases?
15. How does your price decrease as volume increases?
16. At what point does volume costs and volume discounts combine to set the most profitable price?
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
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.
You just have four more questions to complete your analysis of your four ps of marketing.
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. Is your promotion strategy and tactics appropriate for your product's stage in the product life-cycle?
20. Does your promotion match the needs and desires of the target consumer?
Now that you've answered the 20 questions, you have the information you need to develop your 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.
Knowing these questions and their answers, will translate into long-term success for your product and your company.
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. Product Determines The Rest Of Your Marketing
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. Will this product be what the consumer wants or needs?
3. How does your product compare with competing products?
4. How does your product compare with buying trends, experiences?
5. How much does your market want this 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. Your Package Can Help Sell Your Products
How much thought do you put into packaging your product? Do you realize that your package can give your product a competitive advantage or disadvantage?
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. Does your package provide enough protection for your product?
12. Is there too much packaging or is it too bulky?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
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. Does the price of the product match the demand of the product?
14. How does the cost of producing each unit decrease as volume increases?
15. How does your price decrease as volume increases?
16. At what point does volume costs and volume discounts combine to set the most profitable price?
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
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.
You just have four more questions to complete your analysis of your four ps of marketing.
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. Is your promotion strategy and tactics appropriate for your product's stage in the product life-cycle?
20. Does your promotion match the needs and desires of the target consumer?
Now that you've answered the 20 questions, you have the information you need to develop your 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.
Knowing these questions and their answers, will translate into long-term success for your product and your company.
About the Author:
You can get more information on each of the 20 questions at 4 P's of Marketing. And get your free Market Segmentation.
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