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When it comes to designing a marketing strategy, a series of methodologies are often used to obtain positive results. One of the most common marketing tools is four variables that we can control, which have been called the 4Ps of Marketing.
With the help of the product, we understand any good, service, or notion that is offered to the marketplace. In short, it is the means that is used to satisfy the needs of the consumer.
This concept should not focus solely on the characteristics or internal attributes of the product, but on the benefits it brings, the emotions it generates both at the time of purchase and during its use.
Likewise, we not only have to see the product as the good or service that the customer acquires, for example, buying an iPhone, but we will have to take into account the formal aspects that surround the product, and in the case of the iPhone, it would be the customer service, specialized stores found in each city, warranty policies ...
And it is that the product is both the basic product, as the formal aspects of it, and all this is what will condition its offer.
Therefore, before marketing a product, it is compulsory to perform the following paces:
- Generate a brand around the product: Fostering a brand around the product, allows us to better identify our products and, in turn, differentiate them from the competition.
- Create related services: Here, we will have to evaluate whether our product includes its installation, technical aid, maintenance, and procurement financing.
- Assess the life cycle of the product: Assess the phases through which the product passes, the loss of efficiency in it from its launch to its withdrawal, is an imperative aspect because depending on the loss of productivity it will be significant to bring together the new purchase incitements in market.
- Eliminate old products and introduce new: Well, depending on the life cycles of the products, and the implementation of improvements at a technological and functional level, it will be necessary to withdraw old products and introduce new ones, so that our brand does not lose value, and in turn generate new needs in the market.
Regarding the price, we do not have to value the price of a product by its monetary value, but we will have to introduce the following in said variable:
Monetary Value + Time Spent To Buy the Product + Effort And /Or Inconvenience To Obtain It = Price
The main mission of this variable is to make our product available to the consumer, to satisfy the consumer's need, but at the same time, to do so in a way that stimulates said need.
It is important that, when selecting the means of distribution of our product, in addition to the distributor's price, the distributor's ability to adapt to changes in the market and its control is valued.
The distribution includes not only the channels that will be used to make the product available to the consumer but also studies the activities that will be carried out to stimulate the purchase of the product (merchandising), promote the direct distribution, and study the distribution logistics.
What or what are the means that you are going to use to publicize your products? Have you considered which medium is more profitable?
These questions are the ones that are resolved in this phase, how the different promotional instruments are combined will depend on the characteristics of the product, the market we are targeting, and the existing competition in it.
- Direct Marketing: The use of direct communication means with our consumers, to study the market segments that are most suitable for the different segments that we have defined.
- Advertising: Activities that normally seek to achieve a favorable image for the company's product, promoting its purchase and/or, in turn, improving its social acceptance.
- Sales Promotion: Activities that are aimed at attracting consumers, but not through the means defined in the marketing section, but rather actions aimed at wholesalers, sellers, influence, where this type of public obtains a benefit, usually a discount or a free product, and they take care of promoting it to the target audience.
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