The most crucial thing to know about marketing is that it lives by the 4 P’s - product, place, price, promotion. These 4 P’s encompass the main aspects that companies need to cover or think about when creating their marketing plan for a product.They are the basic choices that need to be made before putting a product on the market. So what questions should a company ask to be able to decide each of the 4 P’s effectively?
Creating the right Product
These questions are guided toward answering aspects about the offering.
- What product do customers want?
- What need do customers need satisfied?
- How will customers interact with the product?
- What features should be added that would make the product more convenient for customers?
- Should it come in different colors and/or sizes? If so, what colors and/or sizes?
- What should de product be called?
- How will the product be differentiated from similar products?
Choosing the right Place
These questions should decide in what places the customer should find the product.
- How will customers try the product first?
- In what kinds of stores do your customers shop?
- Where will the product be placed in the store that weill ensure that the customer sees the product?
- What distribution channels should be used?
- What kinds of partners are needed?
- Will the product be available online or through an app?
These questions help determine the price point that matches the value the product creates for customers.
- What price would be representative of the value it provides to your customer?
- How sensitive are customers to changes in price?
- What is the range of prices similar products?
- How should the product be priced in relation to similar products?
- Will the product be priced the same everywhere it’s sold? If not, what should the prices be for the different places?
- Should prices be different for different customer groups? If so, how?
- Should there be discounts given? If so, when and how often?
- How will customers become aware of the product?
- What message should be conveyed to customers about the product that will spike their interest?
- Do you need an informational approach or transformational (emotional) approach?
- Depending on the customers’ behavior, how will the message be delivered? Through commercials? Social media? Word-of-mouth? All three?
- How will the communication mix interact?
- How will the promotional tactics cause customers to purchase the product?
Now that you know the 4 pillars of marketing - product, place, price, and promotion and have read the other posts about marketing on my blog, you can be sure you can create a basic marketing plan. Just remember the questions you should ask yourself within each P, and ensure you understand what efforts are successful in getting your customers to purchase your product. Enjoy marketing!
Source: http://www.creativeguerrillamarketing.com/what-is-guerrilla-marketing/
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