In order to ensure that a product will be successful in any distributed market; an organization must conduct a series of determinations: the product, its price, how it should be promoted or distributed. This is known as the marketing mix, or the 4 Ps of marketing.
This term stands for:
Getting the right combination of these components is crucial if a product is to satisfy the need of the customer and, ultimately, have success in the market. If the product does not meet the demand of the market, or if it is overpriced, or if it is distributed at the wrong area, or if it isn’t promoted in the correct manner, then it is likely to fail. Marketing mix is all about the balance art to create a framework to help achieve this.
Here are some ideas of what each P covers:
Product: Consider about what your product actually offers and why customers will want or need it. Be certain about the benefits it will bring and how it can let your customer achieve or avoid something. This is an important factor; as if this P is unclear to your target audience then your business is likely to struggle to define promising position in the market.
Price: To some extent this is self-explanatory, but how much are you going to charge for the product? Considering about the price’s difference between retail and wholesale, along with whether or not there will be any discounts offered for large-volume orders.
In addition, be aware of how you compare with competitors- too high and you risk pricing customers out, but too low and there is a chance your product won’t be taken seriously.
Promotion: How to engage with your audience. It is not only about the plan to advertise your product, but also how to sold, presented in brochures.
Packaging also places an important part in this P. Sometimes, how the product displayed on the shelf in front of the customer can be more effective of all form of promotion.
Place: Last but not least, think about where the product will be available. What kind of flat forms should be chosen to launch this product? What sort of retailers is likely to meet your target customer?
Though being trusted for over 45 years, the 4Ps analysis is now developed to a now-called 5Cs with the newest P referring to People. 7Cs analysis, a more complicated form, is considered in service business. For further understanding of the Marketing mix and matrix, visit CTS course here to executive your next plan more effectively.