The 4 p’s of marketing are product, package, price and promotion.

This series provides 20 questions to help you determine your best options concerning the 4 p’s of marketing. This first post on the 4 p’s of marketing answers the first four questions about your product:

• Who is the target market for your product?
• How well does your product’s features provide target market members’ the benefits they desire?
• How does your product compare with competing products?
• How does your product compare with buying trends, experiences?

4 P’s Of Marketing Product
Who Is The Target Market
For Your Product?

You’ll want to answer this first question with your best potential customers (target market) in mind.

First design your product to give your target market members what they want and need. Then build your marketing strategy and tactics to meet those wants and needs.

This requires that you learn everything you can about your target market members so that you can use that knowledge to make your marketing decisions.

4 P’s Of Marketing Product How Well Does Your Product’s Features Provide Target Market Members The Benefits They Desire?

Once you know your target market well, you’ll know what benefits they want in a product like yours. Then you incorporate those benefits into your product. But if you’ve already created your product, knowing your target market will enable you to determine which features to highlight in your marketing.

4 P’s Of Marketing Product How Does Your Product Compare With Competing Products?

You can read how to do such a comparison on another of my posts: The Effect Of Competition On Pricing Strategy You can access other posts related to competing products starting with the one below: Competitor Intelligence Statistics Then each post links to the next one in the series.

4 P’s Of Marketing Product How Does Your Product Compare With Buying Trends and Experiences?

You’ll want to know:

• the types of products that your target market buys,
• how well other products like yours have sold in the past, and
• sales statistics for competitive products.

This information will tell you approximately how well your product will sell. You can access the next post on the 4 p’ of marketing at 4 P’s Of Marketing: Product 2.

Would you like to learn marketing from one of the biggest names in marketing, Dan Kennedy? Dan’s offering loads of marketing tools in his Magnetic Marketing System.

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Posted 6-9-08:
4 P’s Of Marketing:
Product 1

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This entry was posted on Monday, June 9th, 2008 at 7:24 am and is filed under Marketing Mix. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.