Questions To Ask For The Four Ps Of Marketing

Determining your four ps of marketing can greatly boost your marketing. But many small business owners don't know how to start analyzing their four ps of marketing.

By determining the answers to the 20 questions in this article, you can start discovering a tried and true approach that thousands of businesses have used successfully - the four ps of marketing.

The four ps of marketing are product, package, price and promotion.

Four Ps Of Marketing: 1. Your Product Is Your First Major Marketing Decision

The most important thing in your business is the product. Make a product that the customer wants and you will have a successful business. Make something they don't need and you will be out of business fast.

When you decide to design your product, you need to ask yourself several questions to ensure that it is successful.

1. Who is the target market for your product?

2. Will this product be what the consumer wants or needs?

3. How does your product compare with competing products?

4. How does your product compare with buying trends, experiences?

5. How intense is the desire for your product?

6. Will enough people want this product to match the supply?

7. What's the likely time frame for the most orders?

8. What inventory is needed for the product to meet demands?

When you know about your product, you're ready to decide how to package it.

Four Ps Of Marketing: 2. Packaging Is The Second Of The Four Ps

How much thought do you put into packaging your product? Do you realize that your package can give your product a competitive advantage or disadvantage?

Your package selection may be economical or elaborate. It may contribute to or detract from your business profits.

So give your package some thought by answering the next four questions.

9. Does the package provide any advantages over your competitors'?

10. Is your package weight and size appropriate for your product?

11. Does your package provide enough protection for your product?

12. Is the packaging too much or not enough for the product?

Now you're ready to consider pricing your product.

Four Ps Of Marketing: 3. Consider Your Questions on Product and Package To Select A Price

You'll also need to answer four price questions before making a final price decision.

13. Does the price of the product match the demand of the product?

14. As supply increases, how much does cost per unit decrease?

15. How does your price decrease as volume increases?

16. What is the best price for the product?

Only after you've answered all the questions on product, package and price are you ready to consider what many small business owners consider "marketing."

Four Ps Of Marketing: 4. Promotion Decisions Base on All Your Prior Decisions

Promoting a product is how you sell it, so it has to be done right or you won't sell one product and your business will go under.

The remaining four questions will then leverage your marketing strategy and tactics.

17. How should you distribute your promotion budget?

18. How well does your promotion mix match your business' other marketing practices?

19. Is your promotion strategy and tactics appropriate for your product's stage in the product life-cycle?

20. Is the promotion in line with what your customer's want?

Once you've answered all 20 questions, you know enough to create a marketing plan.

Four Ps Of Marketing: Summary

Your answers to all 20 questions ground your marketing and maximize your ability to create a strategic marketing plan. Just going through the process of answering them enables you to diagnose potential problems, to see opportunities, and to develop a marketing goal.

Knowing these questions and their answers, will translate into long-term success for your product and your company.