“Putting the right product in the right place, at the right price, at the right time.” Sounds simple! But getting everything right at the same time is the difficult task.
If you get just one element wrong, it can spell disaster. You could be promoting a car with amazing power & pick-up in our country, where there are more potholes than the road; or publishing a textbook after the start of the new school year, or promoting an amazing Ad for cold creams, during summers.
A good way to understand the 4Ps is by asking yourself these questions.
Product / Service:
What are the Features of your Product??
Why should the customers buy your product??
In all, we must define the Feature, Advantages & Benefits i.e (FAB) of the Product
Eg. A Shirt can be defined as: Linen Fabric, Regular Fit, Sweat Absorption in Summers, Comfortable Feel, Rich Look along with some offers on the same.
Where do buyers look for your product or service?
How can you access the right distribution channels?
Exhibitions / Online Stores / Brick & Mortar Stores / Catalogues / Designer Studio etc
Eg.: For ethnic wear stores, “Overseas Online Sales” is a huge market & growing 35-40% year-on-year.
Is the customer price sensitive? Will a small decrease in price gain you extra market share?
Will a small increase be acceptable, and so gain you extra profit margin?
What should discounts/ offers/ loyalty programs be offered to your customers?
Have you compared your price with your competitors?
Eg: On shopping for 5000/-, you get a Membership Card. You may avail 5% on all your purchases on Membership Card.
Which is your target market?
Will you reach your audience by advertising in the newspaper, or on TV, or radio, or on Facebook or Email? When is the best time/ season to promote your product?
How do your competitors do their promotions?
(Eg. For a brand which targets lower middle-class segment, Radio & Hoardings can be the best source of Marketing)
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YRC is an “Expert Service Division” of Mind-A-Mend Consultancy Pvt. Ltd.