Marketing is all about getting your product or service in front of the right people at the right time with the right message. It’s about making sure potential customers know about your offerings, understand their benefits and are ready to take action. In other words, it’s all about making sure your product or service is positioned for success.Marketing has evolved over the years as more and more companies recognize the importance of getting the word out about their products or services. As a result, the term “marketing” has become a bit of a buzzword. Everyone is expected to know something about marketing and do marketing activities. The unfortunate result is that the average person has a fuzzy understanding of what marketing actually is and what it entails. Marketing is frequently reduced to a long list of things that you should or must do, as if there were no underlying principles or theory behind any of these activities. There’s no doubt that knowing about these aspects is important, but being able to apply them in real life situations is even more critical if you want your marketing efforts to be successful.
The four Ps are Product, Price, Place and Promotion. They are the cornerstones of marketing. If you understand these principles and put them into practice, you will be well on your way to marketing success. Let’s take a closer look at what they mean and how they can help you make your product or service more visible to customers.Product - The product is what your company actually sells, whether it’s a physical product or a service. The product is the thing that customers will actually be buying. If you produce a smartphone, that’s your product. If you offer web design services, that’s your product. The product is the only thing that will ever be the same in every instance of that product, no matter how you package it or how much you change the product name.Product can also be described as the features and attributes of your product, how it performs and what it costs. If you sell a smartphone, it will have a list of its particular features and the cost of the smartphone will vary depending on the features it has. In general, the product is the most important aspect of your marketing efforts. For example, if you sell laptops, the laptop itself is your product, while the company that makes the laptop is your supplier. If you sell furniture, the furniture is your product, while the furniture manufacturer is your supplier. A product is something that customers actually pay for. A product doesn’t just refer to the items your company sells but also extends to things like the quality of those items, the way they’re presented to customers and the way they’re priced.
The product life cycle is a model that describes the different stages of a product’s existence. It’s a great way to visualize the entire marketing process. The product life cycle is a model that can be applied to almost any type of product, whether it’s a physical product or a service. The product life cycle contains five stages: Introduction, Growth, Maturity, Decline, and End of Life. Let’s take a closer look at each stage:
The introduction stage is the first part of the product life cycle. This is when a company creates a new product or service idea and starts thinking about how it will be packaged, priced and distributed. The goal of this stage is to introduce the product or service to the marketplace.The introduction stage can be broken down into two sub-phases: The research and development phase and the initial public announcement phase. During the research and development phase, a company will do everything it can to make sure the product or service is both effective and safe. This includes conducting experiments to determine how customers will react to the product or service, conducting surveys and focus groups to learn what customers want from a product of this type, and analyzing the strengths and weaknesses of the product or service. Once the product or service has been perfected, the company will announce the new product or service in a press release. Once the product or service has been announced, the company moves into the initial public announcement phase.
The growth stage is the second part of the product life cycle. The growth stage is the part of the cycle where the product or service is being introduced. This is when the product or service makes its way into the marketplace and is being sold. The goal of the growth stage is to let customers know about the product or service and get them interested in buying it.The growth stage can be broken down into two sub-phases: The initial sales stage and the continued sales stage. During the initial sales stage, the product or service has only been on the market for a short period of time. This is also referred to as the “honeymoon” phase because businesses often report that their products are selling so fast and efficiently that they’re almost like a “honeymoon couple.” During this period, the company will do everything in their power to get their product or service in the hands of customers. The continued sales stage is what happens after the initial sales stage. This is when the product or service has been on the market for a longer period of time and sales are beginning to slow down. The continued sales stage is when the product or service has to fight for its existence in the marketplace.
The maturity stage is the third part of the product life cycle. The maturity stage is when the product or service has been on the market for a long period of time and has developed a loyal customer base. The goal of the maturity stage is to maintain the sales of the product or service and let customers know that they can depend on the product or service to be reliable.During the maturity stage, a company has the advantage of being able to make changes to their product or service if needed. This is because customers have already become familiar with the product or service and are likely to remain loyal to the company if they experience some issues with the product or service. A company won’t be able to make as many changes to their product or service during this phase because they will have to maintain the quality of the product or service or risk losing customers. At the same time, a company shouldn’t make too many changes because they could negatively affect the quality of the product or service.
The decline stage is the fourth and final part of the product life cycle. The decline stage is when the product or service is no longer being sold. The goal of the decline stage is to minimize losses for the company and help them find a buyer for the product or service.During the decline stage, a company should try to get the product or service off their hands as quickly as possible. The product or service should be in the best condition it can be in when it’s sold. The best way to do this is to make sure the product or service is being properly maintained and that it’s being properly disposed of when it’s no longer needed.