by Linda P. Morton
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.
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.
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.
Because it is so important, there are twice as many questions about your product than about the other three ps.
1. Who is the target consumer?
Will this product satisfy the needs of your target market?
3. Does your product have something that competing products do not?
4. How does your product compare with buying trends, experiences?
5. Is the market strong enough to warrant producing your product?
6. Will enough people want this product to match the supply?
7. When will the product be requested?
8. How much product needs to be in place at any time to meet the desire?
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
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 packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.
Ask yourself these questions before making your final packaging decisions:
9. Does your package offer a distinguishing characteristic?
10. Are the dimensions of the packaging appropriate for the product?
11. Will the package keep your product save during distribution and storage.
12. Is your packaging excessive, requiring increased handling?
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. As supply increases, how much does cost per unit decrease?
15. How much does the price decrease with volume changes?
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. 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.
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?
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 the answers to these questions means you will have a much better chance of selling it to your target market.
Posted: June 24th, 2008 under Products.
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