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Questions To Ask For The Four Ps of Marketing
By Linda P. Morton | June 25, 2008
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.
For that reason, this article provides questions on the four ps of marketing: product, package, price and promotion.
Four Ps Of Marketing: 1. Product Determines The Rest Of Your Marketing
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?
2. How well does its features provide target market members’ desired benefits?
3. How does your product compare with competing products?
4. Is this product in line with consumer trends?
5. How much does your market want this product?
6. Will enough people want this product to match the supply?
7. What’s the likely time frame for the most orders?
8. What inventory is needed for the product to meet demands?
When you know about your product, you’re ready to decide how to package it.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
Having the product is only the first part of the battle, now you need to sell the consumer on it, and the front lines of that battle is the packaging.
Packaging can increase or decrease expenses so it affects the third P of marketing - Price.
Ask yourself these questions before making your final packaging decisions:
9. Does your package offer a distinguishing characteristic?
10. Is the package’s size right for the product?
11. Does your package provide enough protection for your product?
12. Is there too much packaging or is it too bulky?
Now you’re ready to consider pricing your product.
Four Ps Of Marketing: 3. Your Price Must Match Your Market And Product
You’ll also need to answer four price questions before making a final price decision.
13. What price do the forces of supply and demand dictate?
14. As supply increases, how much does cost per unit decrease?
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?
Only after you’ve answered all the questions on product, package and price are you ready to consider what many small business owners consider “marketing.”
Four Ps Of Marketing: 4. Your Promotion Builds From Product, Package and Price
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. Is your promotion strategy and tactics appropriate for your product’s stage in the product life-cycle?
20. Is the promotion in line with what your customer’s want?
Now that you’ve answered the 20 questions, you have the information you need to develop your marketing plan.
Four Ps Of Marketing: Synopsis
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.
Topics: Business |