by Linda P. Morton
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.
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 will be out of business fast.
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 wants this product?
2. How well does its features provide target market members’ desired benefits?
3. Does your product have something that competing products do not?
4. Is this product in line with consumer trends?
5. Is the market strong enough to warrant producing your product?
6. Can the demand of the product meet the supply on hand?
7. What is the time period that the desire will be expressed?
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. 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?
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 your package weight and size appropriate for your product?
11. Does your package provide enough protection for your product?
12. Is the packaging too much or not enough for the product?
Now you’re ready to consider pricing your product.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your 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. What price do the forces of supply and demand dictate?
14. As supply increases, how much does cost per unit decrease?
15. How much does the price decrease with volume changes?
16. At what point does volume costs and volume discounts combine to set the most profitable price?
Now that you’ve answered the first 16 questions, you can start thinking about promoting your product.
Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions
To sell the product, you need to promote it. If you don’t promote it properly, you want benefit from the full volume of demand.
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 have you successfully marketed other products?
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?
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.