Know The Answers with the Four Ps of Marketing

The concept of marketing has evolved and changed over time, but there are certain strategies that are tried and true marketing principles. One such principle is the four ps of marketing approach.

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.

What are the four Ps? They are product, packaging, 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.

Your product is the most important part of your business. It partially determines your markeing and how much profit you get. Ask yourself these questions regarding your product:

1. Who is the target consumer?

Will this product satisfy the needs of your target market?

3. How will your product compete with other products?

4. Is this product in line with consumer trends?

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

6. Will enough people want this product to match the supply?

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

8. How much product needs to be in place at any time to meet the desire?

When you know about your product, you're ready to decide how to package it.

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

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.

Your package selection may be economical or elaborate. It may contribute to or detract from your business profits.

Asking yourself these questions will help:

9. Does your package offer a distinguishing characteristic?

10. Is the package's size right for the product?

11. Will the package keep your product save during distribution and storage.

12. Is your packaging excessive, requiring increased handling?

Now you're ready to consider pricing your product.

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. Is the price in line with demand?

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

Once you know the answers to questions 1-16, you're ready to consider promotion.

Four Ps Of Marketing: 4. The Final P Is Promotion

Promoting a product is how you sell it, so it has to be done right or you won't sell one product and your business will go under.

Ask yourself these questions:

17. How should you distribute your promotion budget?

18. Does the promotion match how you market your other products?

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

20. Is the promotion in line with what your customer's want?

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

Four Ps Of Marketing: Synopsis

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.

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

About the Author

To read more about answering the 20 questions, see 4 P's of Marketing. You can also get marketing help with free Market Segmentation. Grab a totally unique version of this article from the Uber Article Directory

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