Marketers are like cooks in a number of ways. To create a pleasant meal, he must have a right balance of the ingredients. A single carelessness leads to missing an ingredient and the entire meal is ruined. If we are in marketing, we too have the elementary ingredients to put together in a marketing plan. Those ingredients are called the 4 P’s of marketing and we need to carefully balance such ingredients in our marketing mix strategy. By ensuring the proper balance, we can make sure that we have noticeable products that are in demand or services that are modest in price and endorsed to the customers. The process of making marketing plan is called marketing mix that defines the choices of a particular business that are made while launching a new product to market. The primary elements that define the marketing mix are the four P’s that are Product, Price, Promotion, and Place.
The product is the imperative element in the marketing mix because in its absence nothing can be done and we surely cannot sell or promote something that doesn’t even exist or doesn’t have any demand. The products or services offered should be the core and essence of one’s business. Even if the product is intangible, such as any consulting service or insurance policy, it still stands out in the marketplace either because of its unique quality or because it endeavors to give better products than anything else in the market.
A product is something that is a tangible good or intangible service that satisfies consumers’ needs or demands. When we decide the strategy to market the product, it’s really needful to let users know exactly about the product and how is it different from the competitors’ offers. Following questions must be helpful to understand our plans more:
- What are the consumers’ needs from our product
- What needs does my product satisfy?
- What are the features of our product to meet the needs of consumers?
- What will be the efficient price of the product?
- What will be the title or name of the product?
- How is the product different from the competitors’ products?
Considering these questions will definitely help to ensure that the produced product will be bought by the potential consumers. It’ll also help to determine the best possible ways to promote the product highlighting its key features.
The major challenge in front of a marketer is to determine a suitable price which will tempt the consumers at the same time churning out the considerable profits for the company’s growth and reserves, be it amazon which offers Amazon Coupons to maximize the deals. Consider the following questions while deciding the price of a product:
- What is the worth of the product to the consumer?
- Is it possible that a small increase in price remains unnoticeable and increases the profit margin?
- What is the price of similar products in the market?
- If a small decrease in price can give the extra market share?
- What discounts should be offered to different segments of the market for a particular product?
- How is the price of a product comparable to the competitors’ prices?
Promotion includes certain major concepts to be considered such as brand awareness, social media marketing, stimulating, sponsoring and the interaction of a company with that of the consumer regarding informing them about the product. It is much wider and creative concept to be considered while deciding marketing mix. It includes public relations, advertising and sales promotions. While we are looking into our promotional activities we must consider the following questions:
- Where can a product be promoted?
- How do the competitors promote their products?
- When is the best time and season to promote the product?
- What are the wider issues that direct the best timing of product launch?
- Can a target consumer can be reached with the plan?
In marketing, we need to look where and how a customer is exposed to the product that is launched and what is the foundation for an effective marketing mix or strategy. In advanced days we experience things that bit more complicated. A product must be put up at a place where the potential customers can easily access it. While determining the place a product you must consider the following questions to understand the depth of the market:
- Do consumers look for similar products and where?
- What kind of store would be best for the product to do the best in? Either a boutique or a supermarket? Or Online store like walmart?
- Do a company need to take help of a sales team?
- What happens at trade shows?
- Where do the competitors of product sell their products?
- How can we differentiate the product placement?
After we have defined our marketing mix and strategy to promote the product using the four P’s, we can plan according to the customers’ point-of-view. Know if the product meets customers’ needs? Do customers think that the product is priced suitably? Will the communication about the product reach the potential consumers? And will the customers get our product from a place where they shop? Keeping these points in mind, we can conclude to a particular decision ensuring the success of our company and product.