Marketing is a function of business that determines the needs of the consumer. It also identifies target markets as well as applies services and products to serve such markets. In addition, it involves the promotion of services and products within the marketplace.
Individuals who are planning to launch a business no matter how big or small should learn about marketing.
Marketing is crucial to the success of a business, with its main focus on customer satisfaction, quality, and consumer value. Marketing Mix is one of the most commonly used strategies. It blends integral variables together to come up with ideal results. It is composed of four variables referred to as the 4 Ps of Marketing:
A product is a good or service that a business owner provides for sale to his target market. When it comes to developing a product, the design, quality, packaging, features, after-sales service, and customer service should be considered.
If you want to start a business, you need to know what you are going to sell. The 4 Ps of Marketing may seem easy, but they can also be difficult. You may think that you can just sell any product that you think appeals to your target audience. However, you need to research and study the market before you can actually figure out what to sell.
You should think carefully of what you are going to offer. Do not forget to define the characteristics of your service and see to it that you meet the demands and needs of your customers. Keep in mind that warranty, service, and support are very important.
This is with regard to location, distribution, and ways of delivering the product to the customer. The place may include the location of your business, distributors, shop front, possible use of the Internet, and logistics.
It is important for you to have a good understanding of the strategy behind the positioning or place. You have to make it work for you, even if it means seeing through the mist of marketers who plan to fog up the minds of customers.
Take note that positioning is all about painting a beautiful picture of how you want your customers to view your product. You need to have a catchphrase that is simple, witty, and easy to remember. It should also satisfy your audience but not encourage them to look too closely and scrutinize your business.
The price is the amount of money that customers have to pay to purchase products or avail of services. There are several factors that you have to consider when it comes to price. These include discounting, price setting, credit collection, and cash and credit purchases.
Before you invest in a new venture, see to it that you have carefully defined the 4 Ps of Marketing. Otherwise, you will not be able to achieve stellar results. You should not forget to practice ethics in pricing either. You can have a poll or send out questionnaires to help you determine your price. Nonetheless, you should neither set your price too low nor too high.
If your price is too low, you may lose potential customers who are wary of bargain prices. If your price is too high, you may not attract customers who are on a budget. Hence, you should base your prices on the range of services that you offer as well as the level of your education and expertise. Do not forget to consider taxes and overhead among other important things.
Promotion is all about the act of communicating the values and benefits of your products to your customers. It involves the use of different methods, such as direct marketing, sales promotion, advertising, and personal selling to persuade customers to your business.
If you want to save money, you should consider self-promotion. Also, when it comes to creating a promotion for your business, you should motivate your target market. Put yourself in their shoes so you can find out how they view your business. Keep in mind that advertising, publicity, and public relations will keep your service or product out front and ahead of your competition. All these factors are integral parts of promotion.
These 4 Ps of Marketing are very helpful when it comes to starting a business. You need to have the necessary knowledge and skills in order to be successful in a certain venture. By learning about the 4 Ps of Marketing, you can avoid typical marketing pitfalls and have a successful business.