Importance Of Proper Marketing For Your Business
Marketing your products properly is one of the most basic elements in ensuring the success of your business. When it comes to marketing, there is basically 4 elements that should be decided with extreme care for your products to be successful. These elements are known as the 4 Ps
The product itself is a very important element. Your product needs to feature what is actually required by the customers. You will need to ensure that the product’s life cycle is extended for it to keep going. The product will need to have timely updates, changes and feature additions for the product to keep being a successful one. You always need to ens
ure that the product is either a star or a cash cow according to the BCG Matrix.
When it comes to fixing the price of a product there are many tools that will enable you to decide on the best price. For instance, the price will need to be first positioned using a positioning map to identify the market segment that the product will be targeting. You can also choose between price skimming and price penetration for the introductory pricing method. Whatever the product that you are trying to sell, even something like shear blades or a household product you need to carefully analyze it before setting the price.
The place is another aspect of the marketing mix elements that you will need to decide on. Where you are going to make your product available is again a very important decision to make. You will need to ensure that you make the product available at the right places for your intended target group. You will also need to ensure that the place you choose is one that is accessible to all your target customers. For instance, if you are targeting printing shops with wash up blades then you need to make sure that your product is located in close proximity of such shops. View more by visiting https://www.davisandjenkins.com.au/.
Finally the promotion mix has the biggest impact on all the above elements. Unless you are able to carry out a successful promotional campaign your products will end up to be a failure. The right kind of promotion needs to be decided by carefully analysing the market segment. For every market segment the promotional mix will be different. Therefore, when deciding the promotional mix every other marketing element should also be taken into consideration. Keep in mind that when carrying out promotional activities you need to calculate how successful it is on a timely basis. And make necessary changes as and when required.