It is essential to research the target market and customers of your company or service. This will help in deciding on the four P's of marketing and help to increase traffic and profit.
The Four P's of marketing make up what is called the marketing mix. The four P's are: Product, Price, Place and Promotion.
Product: Product consists of the different aspects and qualities of a product or service such as:
-Quality
-Design
-Brand
-Packaging
-Features
Price: Includes not only the physical price but the credit terms, discounts, allowances and incentives used to help sell the service or product.
Place: Refers to the different market segments, target markets and market qualities that make up the area in which a product or service will be marketed and ultimately sold.
Promotion: Refers to promoting and advertising a product to the target customers. It includes the different channels, bundling, advertisements, promotions and pricing to attract customers and ultimately sell a product.
Knowing the customers better help you make decisions regarding these key areas.
No comments:
Post a Comment