Know The Answers with the Four Ps of Marketing | Products

By LindaP.Morton
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Word Count: 615

The concept of marketing has evolved and changed over time, but there are certain strategies that are tried and true marketing principles. One such principle is the four ps of marketing approach.

By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.

The four ps of marketing are product, package, price and promotion.

Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision

The product is what makes you money. And how well you market your product determines how much money. A good product puts you on the path to building a good business.

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 much does your market want this product?

6. How much volume of product will it take to meet demands?

7. What is the time period that the desire will be expressed?

8. What inventory is needed for the product to meet demands?

Once you've answered all the product questions, you're ready to consider the package questions.

Four Ps Of Marketing: 2. Your Package Can Help Sell Your Products

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?

Packaging can increase or decrease expenses so it affects the third P of marketing - Price.

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. 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 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 cheaply made. Ask yourself these questions:

13. Does the price of the product match the demand of the product?

14. Does the price of producing the product decrease as you produce more?

15. How will you determine how much it decreases in relation volume?

16. At what point does volume costs and volume discounts combine to set the most profitable price?

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 much do should you spend on different 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?

After you've answered these last four questions, you'll be ready to develop a 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.

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. You can also get marketing help with free Market Segmentation.

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