Understanding the 4 P’s of Marketing
When a business is planning its next big move for a product, where do they start? A great way of planning and improving your products is to do so by following the 4 P’s of marketing. Other knows as the marketing mix! The 4 P’s of marketing is crucial for your business because it focuses on the customers needs while sales focuses on the needs of the company. These marketing tools include product, price, promotion, and place!
It is important to define your product before you take any further steps. Ask yourself these questions: What do they do now? Who are their customers? You want your product to outshine all others, so you can receive high profits and high customer satisfaction. Your business needs to have a defined understanding of the functions, look, and feel of the product. Everything needs to be in order for a successful launch of that specific product.
When deciding on a proper price for your product you want to come up with one that can both keep up with the competition as well as not overwhelm your buyers. A good way to do this is to examine the value of the product. Value pricing looks at the value to the customer. This is an excellent way to keep customers coming back as they find interest in the products you are selling as well as meaning.
Competitors have a lot to do with the pricing of products. A great strategy is to find what similar company’s are selling their products for and then examine the numbers to your items. Make sure you do not low prices too much to beat the competition because you can end up losing money in the long run.
Promoting your product is a major aspect of the growth of your business as a whole! You want to leave a positive impression about your products by creating social media platforms specifically for your business. A great way to incorporate your products is to create a content page for the products you offer with a detailed description. You can also promote your products by showing off your amazing reviews online! People are attracted to what others found helpful/useful to them.
The place in which you market your products plays huge role in your products success. You should pick a location that is near your target audience. For example, if you are selling new dog toys it would be a smart idea to locate your business by dog parks, schools, and close to neighborhoods. Think about who will be purchasing these products and go from there!
Make sure your business sticks to the 4 P’s of marketing so you can see your brand grow! 😉