While the forms of marketing are almost as varied as the products themselves, there is evidence that there are some universal rules that are applicable to successful marketing in the retail and some service industries. Studies have found that some of the characteristics affecting consumer behavior that marketers must take into account, due to the influence on consumer purchases are product, pricing, positioning, and placement. What is known in marketing circles as the four p’s.
i. Product is the goods or service you create or obtain to sell to consumers that you can make a profit suppling to consumers. In order to grow or maintain continued profit, this product must be able to attract new customers.
ii. Pricing is the actual fee you intend to charge for the product or service to your target consumer group for profit. When setting prices, always remember that profits are always affected by any discounts and or allowances you may coose to offer in the future, and be sure that you are setting profits within the legal limits of the law. Many great business plans have failed simply because no one took the time to consider the legal side of planning.
iii. Positioning is positioning the product in your target consumer groups minds. A right positioning strategy has to be in place as a foundation, along with a product that follows through on a promise. A positioning strategy is always aimed at your target group. Some positioning options are as follows, you may position against a competitor, by claiming lower prices, or you may emphasize a distinctive benefit such as “twenty years in the same location”. You may also affiliate yourself with something the customer values such as,”the only one recognized by the american business agency” or the like.
iv. Placement is the advertising factor of a business ask yourself “how will you advertise”? Will it be television, print ads, or the internet? Most advertising media can be used to the advantage of a business, so remember to consider which would be the most cost effective to you.
It is important to keep in mind the four P’s when planning your campaigns in the competitive world of marketing.