20 Questions to Determine Your Four Ps Of Marketing
Everyone is always trying to find the new strategy that’ll grant 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 consider 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’ll 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 wants this product?
Will this product satisfy the needs of your target market?
3. Does your product have something that competing products don’t?
4. How does your product compare with buying trends, experiences?
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’s 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
Once you know the product, how will you package it to the consumer? There’s 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.
So give your package some thought by answering the next four questions.
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 Choose A Price
You need to be able to price the product right for the customer. Fail in this and the customer may end up not choosing you because the price is too high and they don’t think it is worth it, or it is too low and they think that means the product is affordably made. Ask yourself these questions:
13. Is the price in line with demand?
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 inexpensive price of the product in relation to volume discounts and costs?
Now that you’ve answered the first 16 questions, you can begin thinking about promoting your product.
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.
The remaining four questions will then leverage your marketing strategy and tactics.
17. What percentage of your promotion budget should be advertising, sales, and other promotion tactics?
18. Does the promotion match how you market your other products?
19. Is your promotion strategy and tactics appropriate for your product’s stage in the product life-cycle?
20. Does your promotion match the needs and desires of the target consumer?
Now that you’ve answered the 20 questions, you’ve the information you need to develop your 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.
Your answers establish your marketing budget, generate your marketing strategy and reveal the ideal marketing tactics to jump start your marketing efforts.
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