20 Questions To Determine Your Four Ps Of Marketing

20 Questions To Determine Your Four Ps Of Marketing
Determining your four ps of marketing can greatly boost your marketing. But many small business owners don't know how to start analyzing their four ps of marketing.

By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.

The four ps of marketing are product, package, price and promotion.

Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision

Creating or selecting your product is one of the most important decisions that you'll make in your business. It's dictates the type and amount of marketing that you'll need to make sales.

Because it is so important, there are twice as many questions about your product than about the other three ps.

1. Who wants this product?

Will this product satisfy the needs of your target market?

3. How does your product compare with competing products?

4. Is this product in line with consumer trends?

5. Is the market strong enough to warrant producing your product?

6. Can the demand of the product meet the supply on hand?

7. What is the time period that the desire will be expressed?

8. What is the amount of product that you need to meet demands?

Now that you know the marketing implications of your product, you need to think about the implications of packaging your product.

Four Ps Of Marketing: 2. Your Package Can Help Sell Your Products

How much thought do you put into packaging your product? Do you realize that your package can give your product a competitive advantage or disadvantage?

Your packaging contributes to cost. The right package can save you money in distribution and eliminate having to replace damaged products.

Asking yourself these questions will help:

9. Does your package offer a distinguishing characteristic?

10. Is your package weight and size appropriate for your product?

11. Does your package provide enough protection for your product?

12. Is the packaging too much or not enough for the product?

Now you're ready to consider pricing your product.

Four Ps Of Marketing: 3. Your Price Must Match Your Market And Product

The price of the product is important. It has a big influence on whether they buy it. Too high and they pass it over, too little and they buy it, but you don't make enough money. Ask yourself these questions:

13. Does the price of the product match the demand of the product?

14. As supply increases, how much does cost per unit decrease?

15. How does your price decrease as volume increases?

16. At what point does volume costs and volume discounts combine to set the most profitable price?

Now that you've answered the first 16 questions, you can start thinking about promoting your product.

Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions

Promoting or marketing your product will be much easier after you've succeeded in answering the first 16 questions. They form the base of your marketing.

The remaining four questions will then leverage your marketing strategy and tactics.

17. How should you distribute your promotion budget?

18. How well does your promotion mix match your business' other marketing practices?

19. How well does your promotion mix match your product, and its stage in the product life cycle?

20. Does your promotion match the needs and desires of the target consumer?

After you've answered these last four questions, you'll be ready to develop a marketing plan.

Four Ps Of Marketing: Conclusion

By answering these questions, you will be able to learn to get the product from conception to sold.

Your answers establish your marketing budget, generate your marketing strategy and reveal the best marketing tactics to jump start your marketing efforts.


four ps of marketing,product,price,packaging,promotion,marketing,small business,business
|