4P In Marketing- The Foundation Of Marketing-Mix Strategies
You must be wondering why Marketing is developing to 7P, but I analyze 4P and 4P related issues in Marketing. In this article, Ngan will help you understand the core values and importance of 4P. Whether growing to 6P or 7P, everything still comes from 4P in Marketing.
The Nature Of Marketing
You understand simply, Marketing is to place the right product at the right place, at the right price and at the right time to make customers feel satisfied, satisfied with the business's marketing and ready to put money in their pocket to buy products. Your product is in business. It sounds simple. But not at all!
When it comes to products or services, there are many factors to consider. According to Ngan, Marketing-mix is a harmonious combination of these factors together. And if I assume I make a mistake in one factor, it can be considered a disaster in your marketing campaign. The four core elements that make up the essence of what can be called Marketing are product, price, distribution and marketing.
4P overview: Product, Price, Place, Promotion
I will help you to understand the influence these factors have. Let's think of the lamp product.
First, start with Produce. A very important question that marketers need to ask is "What are the needs and wants of the customer". And of course a lot of their needs can be warmth, natural light or something that warms them in winter. Above all, in the first P of this case we need to be able to answer the question. What gives the lamp that we make them want to buy? And where it is better than sunlight, especially its position in the market compared to other products.
Next, let's go to the 2nd P 2nd Place. Marketers need to think about where customers want to buy, before thinking about where to sell them. We will realize that there are 3 main channels that the first Product-P will be located, which are retail locations such as stores, wholesalers, retailers ... or maybe located where agents, distributors, even on online sales channels through advertisements.
I will lead you to the third P, which is Price. Are Produce and Price enough for them to buy your product? Our task is to find the right value of the product to give the correct price of the product. Above all, we need to understand how customers compare prices in the market. Customers will be willing to ignore the Place factor in order to obtain a lamp at a lower price. They are willing to bear the opportunity cost to get a good product at a lower price, especially the vast majority of us Vietnamese.
The last P is Promotion. Marketing needs the right marketing to attract customers. When do we need to define when we will convey the message to the customer? And what's outstanding to impress customers. In the case of this heating lamp, you try to ask the question: When is the time when the customer most aspires to have a lamp in his or her home? From there you will have the answer to your marketing message.
What Marketers Should Do When Doing Marketing-Mix
I usually solve a problem by asking questions to break the problem down. With marketing, too, we should ask questions to be able to see the problem more clearly and deeply. In addition, to be able to understand the concerns of customers, from which you will have the answer for your business.
Produce: Product / Service
What do customers want from products / services? What needs does it satisfy?
What features does it have to meet these needs?
Are there any features you missed?
Are you wasting money with unwanted customer features?
How and where will customers use it?
What does it look like? How will customers experience it?
Size (s) should be selected, color (s), etc.
What is it called?
How is it branded?
How is it differentiated from your competitors?
What is the highest possible cost to provide and still be profitable enough to sell?
Where do buyers look for your product or service?
If they look in a store, what kind? A dedicated store or in a supermarket, or both? Or online? Or directly, through somewhere?
How can you access the right distribution channels?
Do you need to use sales force? Or attend a trade fair? Or online? Or even send samples to catalog printing companies?
What do your competitors do, and how can you learn from that and / or distinguish?
What is the value of the product or service to the buyer?
Are there set prices for products or services in this area?
Are the customers price sensitive? Will the small discount help you gain more market share? Or would a small increase be imperceptible, and therefore, would you have more margins?
What discounts should be offered to commercial customers or for other specific segments of your market?
How will your prices compare to your competitors?
Where and when can you deliver your marketing message to your target market?
Will you reach your audience by advertising online, in the press, on TV, on the radio or on a billboard? Using direct marketing snapshots? Through PR? Online?
When is the best time to promote? Is there seasonality in the market? Are there any broad environmental issues that suggest or decide when to market or your next promotions?
How does your competitor run their promotion? And how does that affect your advertising choices?
Writer: Thu Ngann
See also: What is Online Marketing? Online Business Marketing Is Effective
4P Articles In Marketing- The Foundation Of Marketing-Mix Strategies first appeared on Content - Journey to conquer Content Creator.