For example, if a product is overpriced, only a few consumers will purchase it. Price points play a vital role in making a product successful. While some businesses might lower the price to compete with the market, others might inflate it - especially if they are promoting a luxury brand.Įxample. Price can fluctuate based on the supply and demand and the product's sales cycle. During product marketing, it is important to set a price that reflects the current market trends and is affordable for consumers, yet at the same time is profitable for the business. Price is the cost of the product that the consumer pays. The marketing mix consists of the four key elements of a marketing strategy: product, price, place and promotion. What differentiates the product from the competition?.

Who are the target customers for the product?.

Does the product fulfill a need or provide a unique experience?.The following are some questions to answer before developing a product: This includes discovering details about the target audience and its preferences. Before marketing a product, it is important to understand it intimately. The way Apple marketed its product compelled people to simplify their lives by carrying a smartphone that could also serve as a GPS, calendar, search engine, flashlight, weather guide and calculator. Before the iPhone was launched, most consumers did not realize the need for a phone that would let them access everything at their fingertips. A successful product either fills a void in the marketplace or offers a unique experience that spikes demand.Įxample.

A product can be tangible, such as a vehicle or a piece of clothing, or intangible, such as a cruise or house cleaning service. Products are commodities and services that solve problems and satisfy the needs of consumers. The following is a breakdown of each P with examples. While various marketing concepts have been developed over time, the four P's are the basis for every successful marketing strategy. The four P's are linked and work together. Understanding the 4 P's: Examples and considerations

Define timely fashion