The marketing mix describes the choices your business makes during the process of bringing a new product to market. The primary elements that define your marketing mix are the four P’s: Product, Price, Promotion, and Place.
Your product is a tangible good or intangible service that addresses consumers’ needs or demands. When you’re deciding how to market your product, it’s important to know exactly what it is and what makes it stand out from your competitors.
When you’re determining how to best present your product to consumers, consider the following questions:
What do consumers want from my product?
How and where will consumers use my product?
What needs does my product satisfy?
What features does my product include to meet those needs?
Have I missed any features?
Am I including any costly features that consumers won’t use or don’t want?
What will my product be called?
How is my product different than my competitors’ products?
These questions will help you ensure that you’re creating a product that consumers will want to buy. They’ll also help you determine the best way to present your product to highlight its key features.
The price of your product determines your company’s profitability.
When you’re deciding how to price your product to be competitive (but also profitable), consider these questions: