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.
This marketing principle has been used successfully for years, but still many business owners don't understand how it works or how it can benefit them.
For that reason, this article provides questions on the four ps of marketing: product, package, price and promotion.
Four Ps Of Marketing: 1. Product Determines The Rest Of Your Marketing
The product is what makes you money. And how well you market your product determines how much money. A good product puts you on the path to building a good business.
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?
2. How well does its features provide target market members' desired benefits?
3. How will your product compete with other products?
4. Is this product ahead, behind or with the consumer trends and times?
5. How much does your market want this product?
6. Will enough people want this product to match the supply?
7. What's the likely time frame for the most orders?
8. What inventory is needed for the product to meet demands?
When you know about your product, you're ready to decide how to package it.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
Once you know the product, how will you package it to the consumer? There is a saying that you don't judge a book by its cover, well people do and when the packaging of a product does not match what the consumer wants, they move on. It's the 10 second sale, and it has to be done right.
Packaging can increase or decrease expenses so it affects the third P of marketing - Price.
Ask yourself these questions before making your final packaging decisions:
9. Does the package provide any advantages over your competitors'?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is the packaging too much or not enough for the product?
By answering product and package questions, you'll be better prepared to consider price.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
You'll also need to answer four price questions before making a final price decision.
13. Does the price of the product match the demand of the product?
14. Does the price of producing the product decrease as you produce more?
15. How will you determine how much it decreases in relation volume?
16. What is the best price for the product?
Once you know the answers to questions 1-16, you're ready to consider promotion.
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.
You just have four more questions to complete your analysis of your four ps of marketing.
17. What percentage of your promotion budget should be advertising, sales, and other promotion tactics?
18. How well does your promotion mix match your business' other marketing practices?
19. How does the marketing of the product match its current life-stage?
20. Is the promotion in line with what your customer's want?
Now that you've answered the 20 questions, you have the information you need to develop your marketing plan.
Four Ps Of Marketing: Summary
The Four Ps of Marketing build from answering the 20 questions. Answer all of them before deciding on a product, pricing it, packaging it and selling it.
Knowing these questions and their answers, will translate into long-term success for your product and your company.
This marketing principle has been used successfully for years, but still many business owners don't understand how it works or how it can benefit them.
For that reason, this article provides questions on the four ps of marketing: product, package, price and promotion.
Four Ps Of Marketing: 1. Product Determines The Rest Of Your Marketing
The product is what makes you money. And how well you market your product determines how much money. A good product puts you on the path to building a good business.
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?
2. How well does its features provide target market members' desired benefits?
3. How will your product compete with other products?
4. Is this product ahead, behind or with the consumer trends and times?
5. How much does your market want this product?
6. Will enough people want this product to match the supply?
7. What's the likely time frame for the most orders?
8. What inventory is needed for the product to meet demands?
When you know about your product, you're ready to decide how to package it.
Four Ps Of Marketing: 2. Packaging Can Give Your A Marketing Advantage
Once you know the product, how will you package it to the consumer? There is a saying that you don't judge a book by its cover, well people do and when the packaging of a product does not match what the consumer wants, they move on. It's the 10 second sale, and it has to be done right.
Packaging can increase or decrease expenses so it affects the third P of marketing - Price.
Ask yourself these questions before making your final packaging decisions:
9. Does the package provide any advantages over your competitors'?
10. Is the package's size right for the product?
11. Will the package keep your product save during distribution and storage.
12. Is the packaging too much or not enough for the product?
By answering product and package questions, you'll be better prepared to consider price.
Four Ps Of Marketing: 3. Your Product, Packaging and Market Should Determine Your Price
You'll also need to answer four price questions before making a final price decision.
13. Does the price of the product match the demand of the product?
14. Does the price of producing the product decrease as you produce more?
15. How will you determine how much it decreases in relation volume?
16. What is the best price for the product?
Once you know the answers to questions 1-16, you're ready to consider promotion.
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.
You just have four more questions to complete your analysis of your four ps of marketing.
17. What percentage of your promotion budget should be advertising, sales, and other promotion tactics?
18. How well does your promotion mix match your business' other marketing practices?
19. How does the marketing of the product match its current life-stage?
20. Is the promotion in line with what your customer's want?
Now that you've answered the 20 questions, you have the information you need to develop your marketing plan.
Four Ps Of Marketing: Summary
The Four Ps of Marketing build from answering the 20 questions. Answer all of them before deciding on a product, pricing it, packaging it and selling it.
Knowing these questions and their answers, will translate into long-term success for your product and your company.
About the Author:
To read more about answering the 20 questions, see 4 P's of Marketing. And get your free Market Segmentation. Get a totally unique version of this article from our article submission service
