Selling is a difficult and unique art. After all nobody will spend his hard-earned money without any good reason. The most challenging task is to sell something that no one is willing to buy. In the present market scenario, each product and service has countless substitutes which makes the task of selling further tough and complicated. In order to sell your product or service, you have to go for a perfect marketing mix. The marketing mix is a term which is used to describe the various decisions that a company takes in the entire process of placing a product or service in the market. Marketing mix mainly consists of 4 P’s i.e Product, Place, Price and Promotion. A prefect marketing mix can sell any product or service and ensures profit for any firm.
Make the perfect Marketing mix:
You can sell anything by making best possible use of the 4 P’s of marketing.
Product: The first and foremost thing that you should do in order to make a sale, is to present an attractive product or service to customers.
You have to decide certain things for developing a purchase worthy product:
- Which need of customers does your product or service satisfies?
- What features does your product has to ensure costumer’s satisfaction?
- When, where and how the customer would require this product?
- How attractive the product would be? What would be the shape, color or size of the product?
- How it will be different from other competitors’ similar products?
- What will be the name of your product?
Each of the above mentioned questions should be decided smartly for selling a product in the market.
Place: Place is about the distribution, location and where one can get your product. This P of marketing mix aims at deciding the availability area of the product. Deciding the right place to sell a product is very important. It includes questions like where the buyers will look for your product or service? Malls or stores? If stores then what kind of stores? Online? Supermarkets? Or through catalogue? Do you need to go to trade fairs? Or make online submissions?
The main purpose is to deliver the product at the place where it is desired.
Price: The cost that a customer has to pay for getting your product or service. Various factors should be kept in mind while deciding the price of a product like the prices offered by the competitors, target economical class(lower, middle or high class), etc. It involves questions like:
- What is the value of your product?
- What discounts are you going to offer?
- What is your profit margin ?
- Whether the target audience is very much price sensitive?
- Nature of the market,( monopoly, oligopoly, perfect competition, etc.)
Pricing is one of the prime factor of marketing mix.
Promotion: Promotion is related to the methods of distributing your marketing message among your target audience. It is very important to develop a desire in the buyer’s mind for selling anything. You have to choose correct promotional mediums like online marketing, print media, PR, events, TV, radio, outdoor media, etc. which you think will help you to reach your target market effectively. Promotion serves mainly three major purposes:
- Brand awareness
- Product differentiation
- Increase in product demand
You have to disseminate information about your product and its benefits to develop an urge of buying among the target audience.
These four P’s of the marketing mix can increase your sales and can help you to sell even if nobody is actually planning to make a purchase.