Consider these Points while Writing Four Ps of Marketing
You may often be asked to explain 4 Ps of marketing while pursuing a degree course in the field of management. It could be explained well if you consider some crucial points. Hence, in this write-up, we will try to give you an idea of the same.
First of all, you need to realize what product or service you are going to offer to the market. You have to you have to give a thought to what type of product could entice the customers. To get a clear idea of that you should consider these points while writing your marketing management assignment.
- You should consider what your customers want from the product and is your product good enough to satisfy their needs.
- You should know the features of the product and find out the features you have missed out on.
- It is a must for you to know how and where a customer could use the product.
- Knowing the size and the color of the product is a must as well.
- You should also give a name to the product and should also find out how your product is different from the competitors.
- Calculating the manufacturing cost and profit margins is a must as well.
knowing the best place to sell your product is crucial. It could help you in reaching the needy customers in an effective way. You should keep these points in mind while finding out the suitable place to offer your product.
- You should find out where the customers look for the product your are going to offer. It could be a supermarket, a special shop or online.
- Having a proper idea of best possible distribution method is a must as well.
- You should also know the strategy of your competitors and should learn from them.
You should make sure to remember these points while deciding the price of the product.
- You should find out whether the customers will be able to afford your product or vice versa.
- Consider whether you can gain good profits by decreasing the price or sticking to the normal market price would be better.
- You should also try to know how offering discounts could affect your sale.
- Comparing your product price with the competitors is a must.
Promotion plays a key role in introducing your product to the market.
- While writing this section in the MBA assignment, you should make sure to know the ideal way to promote the product; it could be TV and radio advertising, billboards or internet.
- You should give a thought to the best time to promote your product. If you are offering a seasonal product, it should be promoted in a particular season and so on.
- Knowing the competitors’ promotional strategy could also help you much.