Understanding four P’s :
The students of marketing are taught about four P’s which is fundamentally in the reverse order . The four P’s namely :
Place : First comes place it’s somewhat not the traditional marketing approach but who can say what came first chicken or egg ? With real estate sky rocketing and the law of uncertainty dominating the world it has become expensive to look for a suitable place for your product so whatever place is available just go with it and if not available scout for a place as per you pocket . Remember you have to invest in the manufacturing or procuring of the product as well which will come later .
Price : Price your product in competition to the other similar products available in the market but make sure you do not price your soap at par with a diamond . It should be enough expensive or say slightly more than the competitive similar products available in the market . And remember the sale of the product will ensure income till then everything is only expense . Income has to be more than expenses if you want to sustain the business organization and pay your employees a salary !
Positioning : Pricing the product helps positioning . Well put a fancy label and weave a fantasy around your product to match the price and voila ! you have positioned your product in the market . People admire expensive products and do word of mouth campaigning which is free advertisement . Well bad name is better than no name ! If still not sure , design your label in similar color and design like the hottest competing product in the market . It’s called inspiration and not copying in today’s world .
Product : As an organization you should make a product that you are capable , competent of making , manufacturing , …If hundreds of other products are selling so will yours . You will make a place for yourself if not at top maybe somewhere in between . Well you are obviously not mixing cotton seed oil in coconut oil to reserve the bottom most rank of the strata .
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