Saturday, 7 March 2015

The 4Ps of Marketing ( Marketing Mix)



When you are looking at marketing, you will consider the ways by which you wish to push, sell and position your product or goods in the market. The 4Ps in marketing (price, product, promotion and place) are considered here.
1)      Product
Any product that will be pushed into the market must be able to answer the following questions;
a)      Will the product satisfy the needs of the customers?
b)      What type of product will it be?
c)       What will make that product stand out in the market?
d)      What special feature will the product have?
e)      What type of packaging will the product have?
f)        What is the product going to look like.
g)       What will you do in terms of the product that will be different from that of your competitors

2)      Price
This is a factor that says a lot about your product, whether it will sell in the market or not, or if it is of good quality and standard or not. This will determine the level of acceptability and sales that will be given to your product by the customers. You should be answer the following questions.
a)      What price are you looking at selling the product?
b)      How much will it cost to make the product?
c)       How much are you looking at making as profit?
d)      Are you fixing the price of your product in other to penetrate into the market, to have the upper hand in situations where competition exists in the market or to say something about your product to your customers?

3)      Place
This refers to where you want to choose to sell your products in. In other words, where or which  area or particular people are you looking at concentrating on.
Here you should be able to answer these questions when this is satisfied.
a)      Where is the product going to be sold?
b)      Which of the areas, regions are you concentrating on marketing your product in?
c)       What type of market strategy will be used in each of the areas?
d)      What type of distribution style will be used?
e)      Is it going to be a direct or indirect distribution method that will be used to push the product in the market in that area or location?

4)      Promotion
This has to do with the type of selling or marketing style or strategy to be used for the product.
You should be able to answer the following questions;
a)      Are you considering the use of social media to market or sell your product?
b)      Are you considering outbound style, where customers are called and the product is sold to them via the telephone?
c)       Are you choosing the print media (e.g newpapers, magazines) in selling your product?
d)      Will you rather choose to sell via the television and radio?
e)      Or will it be via word of mouth?
f)        Will it be via electronic media, using your company’s website?
How successful or the amount of money you will be able to make selling your product to your customers is dependent on the way these 4Ps are varied. Please add your comments, lets have your additions or your views generally.






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3 comments:

  1. Well written and engaging, especially with the writer's systematic use of questions to authenticate and accentuate fundamental points.

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