Turning a Business Product into a Brand by Proper Marketing
For any business to claim that it is successful, there are steps that have to be followed for it to be able to pay its liabilities, breakeven and eventually be termed as successful. There is a lot of effort that is usually put in for a business to stay in the market and protect its brand. Business marketing is defined as being out there to customers and letting them know what a business has to offer to the market.
Marketing simply entails thinking about the business in terms of customer satisfaction as well as their needs. As a way of promoting a product in the market, the process of marketing entails four strategies also known as the four P’s of marketing. The first P represents the product. This is where the product is identified, selected and then developed.
The second P in marketing is about Pricing. It is within this second stage whereby after the product has been developed that its price is determined. This is the stage where one will look at their competitors and compare the price they have set so as to know how well to price their product. It is also at this stage where the business gets to be competitive enough by setting a price that is not too low and not too high.
The third marketing strategy in marketing is all about place. This P is all about how a business has to choose a channel of distribution mainly trying to reach out to their potential customers. The place or location where a business is set is quite important as it is the determiner since being in the wrong place means that a business will end up losing. An example of bad product placement is setting a butchery in a location which is full of vegetarians. This is simply because there will be no demand for their product. This third stage is important for marketers and therefore, there is the need for them to know how well to place a business.
Promotion of a product is represented by the fourth P and this is the promotion done on the ready product. It is at this stage where businesses have to know how to share the proper information about a product so as to simply outline the differences that are there between its product and that of competitors. It is at this stage where the right promotion channels have to be used such as use of adverts, social media marketing, public relations, as well as search engine marketing among other ways. Once this stage is properly executed, a business can be assured that they are ready to face off competitors and this is the only way that they can turn a product into a brand.