What are the keys to marketing? Of course each industry has its own special environment where different techniques can be used an some general rules will not apply. But, straight from your business school textbook, the “marketing matrix” consists of product, price, place, and promotion. The are also known as the 4 P’s.
You have to know your product. What is it? Why do people need it or want it? What needs to be improved or changed? The service industry sells the intangible product of service. The same principals can apply to service as well as tangible products.
Price. Of course the price of your product should be pinpointed to allow for maximum profit AND affordability for customers. Market share and completion can also be significant factors in the pricing of your good or services.
The place refers to where your goods can be purchases. A retail store would have a much heavier influence with place than an online store would. Still, place is an important factor for any company’s marketing efforts.
Promotion is essentially the communication methods used by marketers to reach their target markets in the marketplace.
Take all these factors into consideration when trying to reach your customer and target market. The four P’s are used in many different ways and each industry will need to adjust to fit their current economic situation. For example, an asset tracking company who primarily does business on the internet would not direct its efforts in the same way that a local restaurant would. Take it all into account and plan out the best form of attack.
0 comments:
Post a Comment