Every product has to be targeted so that it reaches the right category of customers. All consumables are analyzed on the basis of four P’s (product, place, price and promotion). The marketing manager of the company uses the product factor to decide a category. This category also highlights the description of the product, color combination, size and weight. Once the product factor is completed, the marketing manager has to assess the product according to the place parameter.
Which geographical location would the product be suitable for? A cold cream can be taken as an example. There is no point in promoting cold creams in high temperature countries. The next parameter is the price of the product. The price of the product is decided according to the financial scaling of the targeted audience. Are you targeting the upper class, middle class or lower middle class? Usually, marketing leaders study the price plan of their rival products. In addition to that, they analyze the features offered in a certain price.
The last P is for promotion. What kind of promotional activities will be used to create an impressive image? Would the key marketing activities include ATL (Above the line) or BTL (Below the line) marketing processes. Usually, companies plan a combination of both. In this way, consumers see the product through television commercials, stalls, bill boards and internet advertisements.