Streetsmart insurance Blog
Competitions may or may not be healthy for a business. This case will depend on how the company positions itself in the market. It is okay whether they choose to stay far from the competitors or pool with them in the same area. Businesses should not forget that the consumers are where the competitors are. It is essential to include these 4Ps of marketing for a more effective strategic planning.
Product Is The Business’ Pillar
Products can either be goods or services that aim to satisfy the consumers. It is what sets the business in the market and identifies them from the competitors. The way the brand gets introduced to the public will lead to customers and sales. The business product will serve as the foundation of your marketing mix chain. The product will also be the basis of innovation when the company decides to expand or diversified its mass production.
Price Determines The Sales
The price of the product is one of the base points of consumers if they will buy it or not. If customers think that the product costs too much more than its actual value, they might not buy it. However, if the business already established a good name for guaranteed quality, consumers are ready to accept the price. Prices will also depend on the distribution schemes and promotional tactics. It also has something to do with how the competitors set up their product to the public.
Promotion Sets Marketing Plans
Promotion is part of the marketing function of how the business advertises, promotes, and offers its products to its target consumers. It is vital for the company to know how the products help a specific group of people, so they know how to reach them properly. The promotion also involves public relations. This is where the company can prove how well they think of the community’s welfare. The promotion gives justice to the product and its price.
Placement Settles The Marketing Mix
If the promotion is how the business delivers its product, the place is where you should distribute the commodity. It is imperative to strategize how accessible the store is to the public. With the help of technology, placing the product out there seems easier. However, social media has been what everyone else is doing. The product should be situated to where its price is reasonable, and promotion is highlighted.
The marketing mix secures good data analysis for product development. Though, it is also best to make the company more reliable through insurance. At StreetSmart Insurance, we take pride in making sure that our clients are well-protected at prices they can afford. To learn more about how we can help you, please contact our agency at (732) 462-8343 or Click Here to request a free quote.