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It's Time To Redesign the 4 P's Of Marketing

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When it comes to marketing your company there are many different elements involved. You need to make sure you are taking the time to do your research and to know what type of things your customers will respond to and what type of things they commonly avoid. If you can take the time to check around your target market you can easily find out what type of marketing elements your customers expect from you and what type of things are not working. You have to consider the 4 P's of marketing as they have been the basic elements of marketing for many years. The difference now is that the 4 P's have needed to adjust and grow over time. Here are some of the elements to the 4 P's of marketing that you need to look at and how you can adjust them differently for your organizations needs.

Product
Let's begin with defining what your product is. Perhaps you have multiple products that are all within the same elements or maybe you do just have a few products. You need to make a list of the product and the different attributes of the product. Use surveys to help you ask the customers to rank the importance of the product attributes. This will help you to see what is important to them so you can figure out what you need to change in the way that you market. Sometimes your customers may appreciate having some combined offers to work with as it helps them to justify their purchase. When you ask the customers about your products you will be able to find that the information is highly beneficial in giving you an advantage in your market.

Price
With the economy in shambles price is everything to customers right now. Customers need to see that prices are affordable. Knowing their economic situations can help you to market to them in a new way. You have to look at how much you are charging your customers and to see how it relates to the rest of the industry. You do not want to be guilt of price gouging your customers or it can lead to customer uproar. Prices are something that will have to change as the year goes on. At different times of the year customers have more money and at other times they have less. You need to focus on understating the fluctuation of pricing so you can easily price at an affordable level to your customers and also to ensure you are making a nice profit and not just breaking even.

Place
What does place mean to your company exactly? Place is an element of marketing as it is the way in which you will sell the product. Are you selling your products in another store or are you selling them online. The way in which the product is distributed to the customers can have a large impact on how well it will be received by the customers and how well you are able to keep your presence in your market.

Promotion
Now lets get to the marketing aspect of your product. What are the methods you are using to promote your products? Are you using the internet to help you with promotion? What about advertising using different methods of things like price reductions or promotional offers that customers cannot refuse? If you have been doing the same thing for many years and you are not seeing a difference in the products being sold and other things than it may be time to adjust your marketing strategy. Look for different ways to promote that are new to the customers and can expose you to a new audience.

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