6p of Marketing

Defining The 6 P’s

1. Products - Simply put, a product is anything, good or service, that is needed in the market. All products can be broken down in to three components. The core product is defined as the end benefit for the customer. For example, a person who buys a pair of shoes is buying comfort and foot protection. The next component is the formal products which refers to the actual item and includes it’s physical and psychological aspects. That same person who buys a pair of shoes is buying a brand name because they view it as best. The last component is the augmented product which refers to the entire service or good including any additional support items like a warranty, service, or delivery. As a business owner you must take into consideration all aspects of a product because they each play an important role in whether or not customers choose your product over other products.

2. Place – Place is all about how your customers can get a product. It is incredibly important that business owners think about where their customers are, and how they will get their product to those customers. Positioning your business in the right place so that it is convenient for both your customers and from your manufacture’s standpoint is a great idea. The place also takes into consideration how the product will get to customers, meaning whether you will sell it directly or through a retailer or online.

3. Pricing Strategy - The price at which you sell your product depends on a number of factors. You must set a price that allows you to make a profit while also meeting your competitors’ prices or beating them. It also has to be the right amount to allow you to maintain and increase your customer base. To figure this out, you have to know how much it costs to get your product to a consumer including all costs, not just that of your raw materials. You will also have to do research to find out what your competition charges and what price consumers will pay.

4. Promotion...