Determining your four ps of marketing can greatly boost your marketing. But many small business owners don't know how to start analyzing their four ps of marketing.
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.
What are the four Ps? They are product, packaging, 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 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 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. What is the amount of product that you need to meet demands?
Once you've answered all the product questions, you're ready to consider the package questions.
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.
Ask yourself these questions before making your final packaging decisions:
9. Does your package offer a distinguishing characteristic?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is your packaging excessive, requiring increased handling?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A 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 much does the price decrease with volume changes?
16. At what point does volume costs and volume discounts combine to set the most profitable price?
Once you know the answers to questions 1-16, you're ready to consider promotion.
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 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?
After you've answered these last four questions, you'll be ready to develop a marketing plan.
Four Ps Of Marketing: Summary
Your answers to all 20 questions ground your marketing and maximize your ability to create a strategic marketing plan. Just going through the process of answering them enables you to diagnose potential problems, to see opportunities, and to develop a marketing goal.
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.
What are the four Ps? They are product, packaging, 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 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 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. What is the amount of product that you need to meet demands?
Once you've answered all the product questions, you're ready to consider the package questions.
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.
Ask yourself these questions before making your final packaging decisions:
9. Does your package offer a distinguishing characteristic?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is your packaging excessive, requiring increased handling?
Consider your answers about your product and package before you finalize the price for your product.
Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A 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 much does the price decrease with volume changes?
16. At what point does volume costs and volume discounts combine to set the most profitable price?
Once you know the answers to questions 1-16, you're ready to consider promotion.
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 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?
After you've answered these last four questions, you'll be ready to develop a marketing plan.
Four Ps Of Marketing: Summary
Your answers to all 20 questions ground your marketing and maximize your ability to create a strategic marketing plan. Just going through the process of answering them enables you to diagnose potential problems, to see opportunities, and to develop a marketing goal.
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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