The Marketing Mix 4P's: Everything You Need to Know
If you have a business or are planning to establish one, then you may have heard about the 4 P’s of Marketing. If you haven’t, well, it’s never too late to learn about them—and you can do so starting now!
Understanding the marketing mix 4P’s prove to be essential with any business. One of the 4 is Product, which should be the first thing that comes to mind. After all, if you’re planning to establish a business, your plans should definitely include what you would like to offer your potential customers.
If you don’t have a certain product in mind, then why are you even thinking of coming up with a business? Listed below are some of the questions you should ask yourself to create the best products you can make!
- What is the product, and what would you call it?
- What does it look like? Be as specific as possible.
- How do you think your customers would appreciate this product? How would it make their lives better, and how would they benefit from it?
- What makes it different from its contemporaries in the market? What makes it extraordinary?
- How will you brand it? How will you advertise it?
Of course, price is also important. You have to keep in mind that everyone has different budgets, and within these budgets, they try to buy the best things they could. This could be tricky, but nothing that you wouldn’t be able to handle.
Hence, one of the things that you should remember after creating the product is how much you would sell it for. You have to think about the materials that you have used, and about your target demographic. Suppose you’ve used the most expensive materials out there, and you’re only trying to sell to the D & E crowd, do you think they would actually buy those products? Or, if you’ve created something affordable—but made with low quality materials—how do you think these would fare to the A & B crowd?
Aside from that, you also have to ask yourself the following questions:
- What’s your initial price in mind? Do you think this would be alright for the buyer?
- Do you think the product that you made is valuable enough to be priced with what you have in mind?
- Does the product you made suit your target demographic, and do you think they’d be able to pay for it, without any hassle whatsoever?
- Is there any established price range for your products, especially in the community?
- How will the price you have in mind fare with your contemporaries and competitors in the market?
- Do you think you’ll be able to offer discounts or freebies? If not today, would you be able to do so in the future?
- Are your customers price-sensitive? Or do you think they’ll be able to handle price increases, especially in the future?
So, you have a product and it already has a price. But, how will you sell it, then?
In the marketing mix 4P’s also include the place where you’re supposed to sell those products. Would you have a brick and mortar store, or would you sell those products online?
There are certain questions that you have to take into consideration before putting your products out there, and these questions are listed below.
- Where exactly would you sell those products, and how are you planning to put up your space? (Or your website, if you’re selling online)
- Describe the place and be as specific as possible. Would it be a store, a stall, a kiosk, or an aisle in the grocery, or the like? Or, if you’re planning to sell online, would you make your own website, or sell it on eBay or other websites?
- How will you—and your customers—be able to access the right distribution channels, so your products could really be “out there”?
- Think about where your competitors are selling in the market. What’s the biggest takeaway there? What have you learned and how will you incorporate it to your business?
- Do you think you need to attend events such as trade fairs? Do you need a sales force?
- Are you willing to hold your own trade fairs/events, and send samples to potential customers?
And finally, the last “P” of Marketing is all about Promotion.
Everyone knows how important promotion is to marketing. Just think of this: Without promoting a product, do you think it would be successful?
Sure, there’s a slight chance that by some sort of miracle, people would find and patronize it. But the thing is, you know you have to exert effort when it comes to promoting your products so that they would really be able to reach a wide range of audience. If you won’t do that, it’s like you’re already killing your project and your chances of being successful.
When it comes to promotion, here’s what you have to ask yourself:
- What are your plans when it comes to promoting your products?
- Do you have any online channels/accounts where you could easily spread the word out about your business?
- Which medium do you think your target audience would appreciate better? Will you do your promotions online? Or, do you think they’d like it better if you’d place ads on newspapers, or by means of flyers or banners? What about radio/TV ads?
- Do you have sufficient budget to fund the promotions that you have in mind? If not, how will you work for it?
- When would be the best time to promote your products?
Keep these things in mind and you’ll be able to market your products well—and get the success you deserve!