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.
By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Influences Your Marketing Decisions
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 consumer?
2. How well does its features provide target market members' desired benefits?
3. Does your product have something that competing products do not?
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. When will the product be requested?
8. What is the amount of product that you need 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 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.
Asking yourself these questions will help:
9. Does the package provide any advantages over your competitors'?
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 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
You'll also need to answer four price questions before making a final price decision.
13. Is the price in line with demand?
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?
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 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. How well does your promotion mix match your target market?
After you've answered these last four questions, you'll be ready to develop 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.
By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Influences Your Marketing Decisions
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 consumer?
2. How well does its features provide target market members' desired benefits?
3. Does your product have something that competing products do not?
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. When will the product be requested?
8. What is the amount of product that you need 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 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.
Asking yourself these questions will help:
9. Does the package provide any advantages over your competitors'?
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 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
You'll also need to answer four price questions before making a final price decision.
13. Is the price in line with demand?
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?
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 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. How well does your promotion mix match your target market?
After you've answered these last four questions, you'll be ready to develop 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.
About the Author:
To read more about answering the 20 questions, see 4 P's of Marketing. And get your free Market Segmentation. Grab a totally unique version of this article from the Uber Article Directory
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