Marketing. It is the art of putting the right product in the right place, at the right time and at the right price. It takes a lot of time and research to determine not only the product that you need to sell but also where you are putting it for sale. Then, you still need to evaluate the price at which you will sell it for and when it is going out for sale. When one of these four things fail, you won’t have a successful product and this can cost a lot of money for your company.
So, how can you make sure that you comply with all these 4 points?
The best thing that you can do is to use the marketing mix tool. This tool will help you understand the type of product or service that you should offer as well as how to plan for it to be successful. While there are multiple ways to use the marketing tool, the most commonly used is the 4 P’s of marketing.
#1: Product
Within the 4 P’s of marketing, the Product refers to a product or service that you want to ensure that meets your customer demands or needs.
One of the things that you need to keep in mind about the Product is that all products have their own life cycle. So, as you can imagine, it is extremely important that you understand it so you can better plan the different stages as well as you can address the different challenges.
To ensure that you are able to create a good product, it is important that you are well aware of all the product benefits and features and in what way it can help your customers. This will allow you to get to a unique selling proposition.
#2: Price
The Price is the amount that the consumer is willing to pay for your Product. The price is a very important factor since depending on it, you may have more or fewer sales.
One key aspect to keep in mind is the perceived value of the product. Most business owners tend to only consider the cost of the product for them. However, they should also consider this second factor when it is time to determine the price of the product. The truth is that if you price your product too high it won’t sell just like when you price it too low it won’t sell either.
#3: Promotion:
All the marketing techniques and strategies are included here. These may include public relations, special offers, sales promotions, and advertising.
No matter the advertising channel(s) that you decide to use, it is important that it is suitable for the product that you are selling as well as the price and potential buyer.
#4: Place:
The Place or placement is related to the way that your product will be provided to your customer. So, as you can imagine, distribution is a key factor of placement.