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. 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.
When you decide to design your product, you need to ask yourself several questions to ensure that it is successful.
1. Who is the target market for your product?
2. How well does its features provide target market members' desired benefits?
3. How will your product compete with other products?
4. Is this product in line with consumer trends?
5. How intense is the desire for 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?
Now that you know the marketing implications of your product, you need to think about the implications of packaging your product.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
Having the product is only the first part of the battle, now you need to sell the consumer on it, and the front lines of that battle is the packaging.
Your packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.
So give your package some thought by answering the next four questions.
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 the packaging too much or not enough for the product?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Your Price Must Match Your Market And Product
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. Is the price in line with demand?
14. Does the price of producing the product decrease as you produce more?
15. How will you determine how much it decreases in relation volume?
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. Your Promotion Builds From Product, Package and Price
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.
Ask yourself these questions:
17. How should you distribute your promotion budget?
18. Does the promotion match how you market your other products?
19. How does the marketing of the product match its current life-stage?
20. How well does your promotion mix match your target market?
Once you've answered all 20 questions, you know enough to create a marketing plan.
Four Ps Of Marketing: Conclusion
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 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. 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.
When you decide to design your product, you need to ask yourself several questions to ensure that it is successful.
1. Who is the target market for your product?
2. How well does its features provide target market members' desired benefits?
3. How will your product compete with other products?
4. Is this product in line with consumer trends?
5. How intense is the desire for 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?
Now that you know the marketing implications of your product, you need to think about the implications of packaging your product.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
Having the product is only the first part of the battle, now you need to sell the consumer on it, and the front lines of that battle is the packaging.
Your packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.
So give your package some thought by answering the next four questions.
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 the packaging too much or not enough for the product?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Your Price Must Match Your Market And Product
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. Is the price in line with demand?
14. Does the price of producing the product decrease as you produce more?
15. How will you determine how much it decreases in relation volume?
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. Your Promotion Builds From Product, Package and Price
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.
Ask yourself these questions:
17. How should you distribute your promotion budget?
18. Does the promotion match how you market your other products?
19. How does the marketing of the product match its current life-stage?
20. How well does your promotion mix match your target market?
Once you've answered all 20 questions, you know enough to create a marketing plan.
Four Ps Of Marketing: Conclusion
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:
To read more about answering the 20 questions, see 4 P's of Marketing. You can also get marketing help with free Market Segmentation.
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