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How To Apply Marketing Mix In Your Business.
The 4P’s or Marketing mix is a model for improving the performance of your new product and services in the market. It can define all the aspects of any products and services like 4P’s (Product, Price, place, Promotion) as well.
Let understand about all these given above 4P’s and how it will help you in your business and grow performance in the market.
1. Product (Product & Services)
What does your customer really want in your product and also does your product & services really solve their problem and must check does it satisfy them ?
What features of your product & services have to meet their needs.
Are those feature have in your product ?
Are those feature included in the give cost or it will be available after extra paying for it ?
Where and how your customer will use your product ?
How it look a like or does it have unique look in the market ? Do this look like by your customers as wall or not ?
What about size, color, packaging are other factor in it at first sight ?
What about the name your product & services ? How you call it ?
Tell your customer that how it is to be branded ?
Tell your customer how your product & services different for your competitor ?
How it can be for profitable to your customer if they use your product & services in place of your competitor product & services ?
Where your customers can buy your product & services on which media like online or offline or in both medium ?
If your product & services is in store then what kind of store is it ? Like showrooms, retail unit etc.
How your customer can access the correct distribution way to get it ?
What kind of distributing channel you use to sell your product as well. like trade fair, Online submission, Sales force etc ?
What your competitor do and what you learn from it to do better ?
What price you want to sell your product & services to your customers which give good margin and good competition as well ?
The price you quote is establish in the market as per the market area ?
Have you think about price sensitivity ? Because a marginal price can decrease in your sales or divert your customer preference ?
What discount you give on your product & services and how frequently does these offer came in market for all kind of customers ?
How you compare your price to your competitor you must check also on this thing ?
When & where you start doing marketing on different channel of marketing to tag your target market ?
How do you reach to your targeted people by online, it may be by TV, Radio, Billboards ? or may be digital marketing is new form of marketing which is in trading now a days.
When is the best time to promote to sell your product & services you must know about your timing ?
You must know about how and what are the promotion activities did by your customers to promote to sell their product & services ?
I hope it will help you to do better business.