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 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.
For that reason, this article provides questions on the four ps of marketing: product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision
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.
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?
Will this product satisfy the needs of your target market?
3. How does your product compare with competing 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. Will enough people want this product to match the supply?
7. When will the product be requested?
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 Is The Second Of The Four Ps
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.
Asking yourself these questions will help:
9. Will the package catch the attention of the consumer?
10. Is the package's size right for the product?
11. Is the product protected within the packaging?
12. Is your packaging excessive, requiring increased handling?
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. Does the price of the product match the demand of the product?
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 most affordable price of the product in relation to volume discounts and costs?
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. What percentage of your promotion budget should be advertising, sales, and other 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: 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 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.
For that reason, this article provides questions on the four ps of marketing: product, package, price and promotion.
Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision
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.
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?
Will this product satisfy the needs of your target market?
3. How does your product compare with competing 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. Will enough people want this product to match the supply?
7. When will the product be requested?
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 Is The Second Of The Four Ps
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.
Asking yourself these questions will help:
9. Will the package catch the attention of the consumer?
10. Is the package's size right for the product?
11. Is the product protected within the packaging?
12. Is your packaging excessive, requiring increased handling?
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. Does the price of the product match the demand of the product?
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 most affordable price of the product in relation to volume discounts and costs?
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. What percentage of your promotion budget should be advertising, sales, and other 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: 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 these questions and their answers, will translate into long-term success for your product and your company.
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