When dealing with the marketing mix, the four P’s of marketing include product, place, price, and promotion. The product is one of the most important items in the four P’s of marketing. This is what you are actually selling. It is important to know what the product will give the customer, and what the customer wants from it. Place is where the consumer will look for your product or service. If the product or service is in a store, it should be in an area related to the product. It could be in a specialist store, on the internet, or in a boutique. Price is the value of the product or service to the consumer. Price is a very important segment, because if the product is priced inappropriately, the consumer may not purchase it. If the product is priced too low, the consumer may question the value of the product, but if it is placed too high, the customer may choose a competitor’s product instead. It is important to understand if a price increase or decrease can make the product more profitable. Promotion is how you will market your product. You need to determine where and how you will get the marketing messages across to potential buyers, and the best method to promote. Advertising online, through billboards, on television, or word of mouth can all be effective. Market segmentation is crucial when marketing a product. If you do not position your product at the target market, it will more than likely not succeed. For example, if you are selling wedding items, you will want to target bridal and wedding related stores. If you only place the items in regular retail stores, you will not get as many buyers. Market segmentation and product differentiation are keys in marketing success.
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