In order to reach targeted audience, companies/organizations use the 4 Ps to create marketing plans and strategies to effectively market their brands. It’s fundamental that a company narrows down key marketing criteria that communicates well the product.
Product, Price Place and Promotion known as 4Ps are examples of tools and methodologies marketers use to achieve their marketing objectives. This helps the dynamic social and political realities of their time and target market.
Product: it is the goods or services produced and being marketed. Some successful products/services create demand due to the satisfaction offered to clients. While creating a product or service, it’s important to consider target audience by asking questions like what is your product, product use? Does the product fulfill intended needs? Once you answer these questions, you are on the right track.
Price: Consider target audience while pricing a commodity or service. Too high can limit purchases and too low can insinuate inferiority of the brand. Always know the purchasing power of the targeted audience by researching on a successful price. Find out your competitor’s price and general market price.
Place: it has to do with venues where sales are made/distribution points. The right place means increase in sales, encourage survey places that encourages brand awareness and sales in terms of population, consumer preference and brand awareness.
Promotion: Deals with brand awareness through advertisements that can translate into product sales. Create a marketing campaign either physical or digital or incorporate both depending on the product.
People: always know and connect with your clients. Keep sales records for future use.
2 Comments
How do I identify a good business location
I guess it depends on the type of business you want to start as well as the target market!