Get the right combination of place, price, product, and promotion in your business.
1. Define your products and services.
What does your customer want/need? Which features are required? Are costly features really used/beneficial?
2. Define essential places.
Where do the buyers look for your product? If in a store: what are the right distribution channels? Do you need a sales force? Trade fairs? Online marketing? Send sample catalogues to companies? What do the competitors do? – learn from them.
3. Rethink the price.
What is the product value for the buyer/user? Have you established price points? Is the customer price-sensitive? Will a lower price increase market share? Specific discounts for trade customers or in specific market segment? Competitors’ prices?
4. Define your promotion strategy.
What are the channels to get your message across – press, TV, radio, billboards etc.? When do you promote – seasonal, environmental? What do your competitors do?
Before going to the market, after defining a pricing strategy.
The 4 Ps will help you to define important elements for your market positioning.
Know your product and customers.
Gain insights into your market strategy from multiple perspectives.
Think of a brand.