Questions To Ask For The 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 marketing principle has been used successfully for years, but still many business owners don’t understand how it works or how it can benefit them.
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?
Will this product satisfy the needs of your target market?
3. How will your product compete with other products?
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. How much product needs to be in place at any time to meet the desire?
Once you’ve answered all the product questions, you’re ready to consider the package questions.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
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 package selection may be economical or elaborate. It might contribute to or detract from your business profits.
Asking yourself these questions will help:
9. Does the package provide any advantages over your competitors’?
10. Is your package weight and size appropriate for your 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 take into account pricing 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. How does the cost of producing each unit decrease as volume increases?
15. How much does the price decrease with volume changes?
16. What’s 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 take into account promotion.
Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions
Promoting or marketing your product will be much easier after you’ve succeeded in answering the first 16 questions. They form the base of your marketing.
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 does the marketing of the product match its current life-stage?
20. Does your promotion match the needs and desires of the target consumer?
After you’ve answered these last four questions, you’ll be ready to develop a marketing plan.
Four Ps Of Marketing: Conclusion
By answering these questions, you’ll be able to learn to get the product from conception to sold.
Your answers establish your marketing budget, generate your marketing strategy and reveal the best marketing tactics to jump begin your marketing efforts.
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