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. It is in marketing where the business gets to know its customers and also show what it has for them.
Marketing simply entails thinking about the business in terms of customer satisfaction as well as their needs. So as to properly introduce a product into the market, the process involves the use of four strategies simply known as the four P’s of marketing. The product is represented by the first P. During this stage, the product is identified and selected and then it becomes developed.
The second P in marketing is about Pricing. During this stage, care has to be exercised as it is where the product owners get to determine the price of their product. The owners of a product will also compare pricing of their product with that of competitors so as to know the price range of such a 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 P 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. Location is very important because setting a product in the wrong place is simply bad for business. An example of bad product placement is setting a butchery in a location which is full of vegetarians. This would mean no sales as there is no demand for the said product. This is a critical stage in marketing and marketers ought to be careful on how to well place their brand.
The last P in marketing entails the promotion of the said product that is being introduced in the market. 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.