There are 4 main factors that we should think of when marketing a product or service. Although there are many ways to implement that marketing, the below 4 concepts should always be the main focus:
- Product or Service
- Price
- Place
- Promotion
These four concepts work together and should be considered equally important when designing a marketing plan. One should not take priority over another. Let’s look at why these factors are all important ones to consider.
- Product or Service.
A product is any item or service you sell to serve a customer’s need or want. This includes a targeted audience and should be a need that is currently not being met or needs improvement in the marketplace. When working on your product/service, it is important to consider:
- What it does
- How it meets a need to your targeted audience
- How your product is different than what is currently out on the market
- Price
Price should be taken very seriously when marketing a product or service. There are numerous factors to think about however, pricing can have a substantial impact on the success of your product. If the price is too high for your target audience, then your chances of individuals purchasing them decrease. On the other side, if you set the price too low, you run the risk of consumers fearing the quality.
- Place
Place is not only where you sell the product or service but also the distribution channels in which you use to get it to your customers. Finding the right place to market is a key factor in reaching your target audience. Questions to consider include:
- Where will you sell your product or service?
- Where would your target audience shop?
- What distribution channels would best help you reach your target audience?
- Promotion
Promotion would be how you advertise your product or service. How you get the word out plays a key role in your success. With today’s technology, there are so many ways to promote your business, get creative and have fun with it.
