We understand a lot more about marketing than we used to. An important part of the marketing process is identifying and analyzing your target customer.
After this point, the marketing process involves creating your first product and deciding on a price. Once you’ve set your price, you need to find ways to distribute it and promote it.
Marketing professionals use a tool called the marketing mix to help build their businesses and organize products.
The marketing mix is sometimes referred to as the ‘Four P Model’. But what are the ‘four P’s?
The first P is product. What kind of product is your target customer going to be interested in? For example, if you own a fragrance brand, consider the different aromas that people enjoy in each area of your target demographic. Different fragrances will be popular in different countries and even within the different regions of each country.
The important thing is to understand your customer and develop a product that’s going to appeal to them.
The second P is price. It’s not only important to have a product that is going to appeal to your target customer, but you have to have a product that your target customer can afford.
Make sure the price matches the product. Take a look at what kind of products are sold by other companies and compare them to your product. You can use this comparison to determine your price. Set your price so that it is accessible to your customers but will also provide you with a profit so you can grow a successful business.
The third P is called place or placement. You might also hear marketers call this distribution. This involves finding a place to sell your product, whether that’s in a brick-and-mortar store or online.
The final P is promotion. This involves communication and advertising to let your customers know about your product.
