When you do your market research, you need to determine not only what your customers want to buy but also how much they’re willing to spend, where they will go to buy it and how they will find out about the product or service you offer. You can look at this as your marketing mix, or the four Ps of marketing – providing the right product at the right price in the right place with the right promotion.
Product
Your product refers to the total package of goods and services you provide. It’s not just your core product but everything your customer experiences whilst dealing with your business. It includes prompt and efficient service and the associated benefits to customers
Price
Price is everything your customer pays to purchase your product. It may reflect a cost plus profit approach; a percentage mark-up on wholesale prices; what your competitors are charging or what you think customers are willing to pay.
Place
Place is how you distribute your products to your customers; where your sales outlets are located; whether you manufacture or retail; the number of different businesses involved.
Promotion
Promotion includes everything you do to get attention for your business and what you are selling.
Promotion can include:
- Advertising
- Direct marketing
- Trade promotions
- Public relations
- Publicity
- Personal selling
- Sponsorship of sporting teams or cultural events
- Network marketing.
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