8 Product Marketing Mix Tips-2. These eight Ps assist marketers in gaining a new perspective and identifying new marketing mix opportunities. Product, price, promotion, place, positioning, people, packaging, and partnership.
Place refers to where you sell your products and services. It can be a physical place such as a retail store or online website, or an abstract place such as an event or through sales agents or distributors.
The place that you choose may be dictated by many different factors: customer convenience, price, sales rep relationship, etc.
The place is also affected by promotional efforts because the promotion can point people to where they can buy or learn more about what you are selling.
Are there enough prospects to support a brick-and-mortar location? If not, should you sell online? Who sells for you? Are there other ways for them to learn about your product?
o they need your product information in a different format (such as video)? If so, how can you deliver it? What are the best places for your product/service/idea? Are there other ways to reach people at their places (such as social media)? What are those places?
Place deals with how you deliver your product/service/idea and includes delivery methods and locations such as shipping, shipping agencies (such as UPS), warehouses, distribution centers, etc. When choosing a place for delivery there are several factors that need to be considered:
product volume, the delivery time frame required by customers (standard overnight delivery vs 3 day delivery vs 6 day delivery vs custom delivery requirements), cost of shipping (standard UPS charges vs discounted custom shipping programs offered by some companies), quality of customer service provided by shippers (delivery confirmation vs insurance on shipments), etc.
Positioning involves defining who your target market is and where they are in relation to your company in terms of the price range, demographics (age range), and psychographics (what interests them).
The positioning also involves knowing what you want to say to your target market, how you want to say it, and where you want them to find it. What do they need to know about your company? What do they currently think about your company?
There are many things that go into positioning that may cross over into other areas such as packaging and/or product development. Take some time and list out what you know about who your target customers are and where they are located.
List out what they want from you and from others in the industry. List out what motivates them to buy from you at this time (such as price or quality) and what motivates them not to buy from you at this time (such as lack of product availability).
Product packaging is everything that the product comes in or on. It’s all the materials, images, text, and everything else that you see when you look at the product.
Packaging is important because it helps to build brand recognition and it helps to differentiate your product from others in the same market. It also helps to communicate who your target audience is by appealing to their interests and tastes.
Many companies spend lots of time and money on packaging because they know that it helps sales.
The type of paper used for packaging, the colors of the packaging, the font of the text on the package, the materials used for the package itself (plastic vs paper vs metal vs glass), etc.
They all have an effect on how your product looks and how people will think about your product when they see it. What does your packaging say about your company? Is there a balance between quality and cost?
8 Product Marketing Mix Tips-2
Will it cost more to have better packaging? Can you use recycled materials or biodegradable products? Does it fit with your company’s mission or green initiative? Are you able to change packaging easily when there are changes in your marketing strategy?
How will competitors react if you change your packaging? Will they do something similar or different or try to capitalize on any negative press that may be generated by you changing things up?