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.
The four ps of marketing are product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Influences Your Marketing Decisions
The most important thing in your business is the product. Make a product that the customer wants and you will have a successful business. Make something they don't need and you will be out of business fast.
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 market for your product?
Will this product satisfy the needs of your target market?
3. How will your product compete with other products?
4. Is this product ahead, behind or with the consumer trends and times?
5. Is the market strong enough to warrant producing 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. Your Package Can Help Sell Your Products
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 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. Will the package catch the attention of the consumer?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is the packaging too much or not enough for the product?
Now you're ready to consider pricing your product.
Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A Price
You'll also need to answer four price questions before making a final price decision.
13. What price do the forces of supply and demand dictate?
14. Does the price of producing the product decrease as you produce more?
15. How much does the price decrease with volume changes?
16. What is the best price for the product?
Once you know the answers to questions 1-16, you're ready to consider promotion.
Four Ps Of Marketing: 4. The Final P Is Promotion
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 should you distribute your promotion budget?
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. 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: Summary
By answering these questions, you will be able to learn to get the product from conception to sold.
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 Influences Your Marketing Decisions
The most important thing in your business is the product. Make a product that the customer wants and you will have a successful business. Make something they don't need and you will be out of business fast.
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 market for your product?
Will this product satisfy the needs of your target market?
3. How will your product compete with other products?
4. Is this product ahead, behind or with the consumer trends and times?
5. Is the market strong enough to warrant producing 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. Your Package Can Help Sell Your Products
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 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. Will the package catch the attention of the consumer?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is the packaging too much or not enough for the product?
Now you're ready to consider pricing your product.
Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A Price
You'll also need to answer four price questions before making a final price decision.
13. What price do the forces of supply and demand dictate?
14. Does the price of producing the product decrease as you produce more?
15. How much does the price decrease with volume changes?
16. What is the best price for the product?
Once you know the answers to questions 1-16, you're ready to consider promotion.
Four Ps Of Marketing: 4. The Final P Is Promotion
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 should you distribute your promotion budget?
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. 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: Summary
By answering these questions, you will be able to learn to get the product from conception to sold.
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. And get your free Market Segmentation. You are welcome to reprint this article - but get your own unique content version here.
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