In developing the right product, you will need to answer the following questions:
What does the customer want or need?
How does my product satisfy their desire or need? Do I have what it takes or vietnam telegram do I need to improve/change something?
How will you use it?
Where will you use it?
What sizes or colors are available?
How do you differentiate yourself from your competitors' products?
What does the product look like?
2. Price
The price of the product is the amount of money a customer pays to obtain it.
Price is a very important component in defining the marketing mix and also in the profitability and survival of the company.
Adjusting the price of the product has a huge impact on the entire marketing strategy as well as on the sales and demand of the product.
This is a delicate topic. If a company is new to the market and has not made a name for itself, its target audience is unlikely to be willing to pay a high price.
Although they may be willing to hand over large sums of money in the future, it is difficult to gain their trust during the early stages of a business.
Price helps shape how consumers perceive your product. Generally speaking, a low price can be associated with lower quality; but a high price will cause the cost to outweigh the benefit received, and will drive consumers away.
Marketing Mix Strategies for Pricing
When thinking about your pricing strategy, be sure to look at the numbers your competitors are running and act on your goals.
There are three main pricing strategies and these are:
Market penetration.
Market.
Neutrals.
Here are some of the important questions you should ask yourself when you are pricing your product:
How much does it cost you to produce the product and get it into the hands of buyers?
What is the value perceived by customers?
Do you think that slightly lowering prices could increase your market share?
Can the current price of the product keep up with your competitors?
3. Square or Place
Distribution or place is a fundamental part of the marketing mix, since it involves placing the product in a place accessible to potential buyers.
This requires knowing your target market. How and where do they buy? Which distribution channels are most efficient for your product?
Place or Location Marketing Mix Strategies
Among the distribution strategies, we mention:
Intensive distribution.
Exclusive distribution.
Selective distribution.
Franchise.
Here are some of the questions you need to answer when developing your distribution strategy:
Where do people search for your service or product?
What type of stores do potential customers go to? Do they shop at a mall, a regular store, a supermarket, or online?
How do they access distribution channels?
How does your distribution strategy differ from that of your competitors?
Do you need a strong sales force?
Do you need an online store?
4. Promotion
Promotion is a crucial component of the marketing mix as it can increase brand awareness and sales. It comprises elements such as sales organization, public relations, and advertising.