MARKETING MIX 4P’s – PRODUCT, PLACE, PRICE & PROMOTION
- 4 P’s of Marketing Mix
- · What the customer wants from the product or what need will it satisfy?
- · How and where will the customer use it?
- · Does it have the features required to meet customers’ demand?
- · Are there any extra unimportant features in it?
- · Have any necessary features been missed?
- · What is its name, how it looks and how is it differentiated from competing products?
- How much did making the product cost?
- What is its perceived value for the customer?
- Is the customer price sensitive or is a small increase in price going to be noticed?
- Will a small decrease in price help gain an extra market share?
- How does your price compare with your competitors?
#3. Placement –
Product placement or distribution is also a central element in the marketing mix. A product must be placed where it is easily accessible to the customers. Placing it before their eyes is good. You cannot position it behind their heads or your brand will be pillowed. Consequently, the marketers need to have a very deep understanding of their target market and its purchasing habits. The selection of distribution channels should be such that they touch the consumers directly. Here are some questions to help the marketers with the successful placement of their products:
- · Where do your customers look for your product or service?
- · Is it a special kind of store they visit to look for your product?
- · Do you need to sell in the regular stores or through the online channels?
- · How your distribution strategy differs from the competitors’?
- · Is there a need for a stronger sales force?
#4. Promotion –
- · Where and when can you send marketing messages to your potential buyers?
- · Can you reach your target market through television ads or is the social media a more effective channel?
- · How does your promotion strategy compare with your competitors?